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Int’l trade expert puzzled by regional trade figures
2012-11-15 07:51:21 | (0 Comments)
An international trade expert has said he is surprised that Jamaica has not been benefitting more from trade within the region.
There has been debate about whether Jamaica has been reaping as many benefits as it should from its membership in CARICOM.
Secretary General of the United Nations Conference on Trade and Development (UNCTAD), Dr. Supachai Panitchpakdi has noted that Europe, Canada and the United States continue to be Jamaica’s main markets, while regional markets are mostly ignored.
He made the comment at yesterday’s opening of a two-day conference looking at Jamaica’s involvement in foreign trade since 1962.
Dr. Supachai noted that south-south trade now accounts for 50 per cent of global trade and said Jamaica needed to be concentrating more on trading with its close neighbours.
The UNCTAD secretary general also says it’s surprising Jamaica’s share in global trade has been declining given what he sees as Jamaica’s competitive advantage in several areas.
Dr. Supachai argues that south-south trade could be the answer for the marketing of those goods in which Jamaica has an advantage.
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Source: The Gleaner/Power 106 News
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