NAME OF FEATURE | THE GLEANER | SUNDAY, JANUARY 29, 2023 27 CUSTOMS WEEK 2023 JAMAICA HAS been grappling with an unfavourable balance of tradegap for thegreater part of a century, and this highly unfavourable and unsustainable situation persists. At the end of 2021, Jamaica recorded importsvaluedatUS$5.975billion, and exportedUS$1.441billion, resulting in a tradedeficit of US$4.534billion.This level of deficit is extremely alarming and demands that every Jamaican come into the realisation of the impending danger this situation poses to this andsucceedinggenerations of Jamaica’s socio-economicwell-being. Thereare several strategies that can contribute to closing our trade gap. Among the much-talked about are import substitution, and the curbing our appetite for imported goods, etc. However, undoubtedly, themost effectivewayof narrowing the tradegap is increasingour export anddeveloping a bias for imports of goods and services that will contribute togrowth in exports.Theprovenexport-ledgrowth hypothesis (ELGH) postulated that export expansion is one of the main determinants of economic growth. It is therefore, imperative that Jamaica seeks export growth. There are numerous countries that have adopted export-led growth strategies and are reaping thebenefits, countries suchas China, Ireland, SouthKorea, Singapore, HongKong,Vietnam, andmanyother emergingexport-orientedeconomies. TheMinistryof Industry, Investment, and Commerce (MIIC), dubbed, ‘The Jamaica’sBusinessMinistry’, is theparent to the Trade Board Limited (TBL). MIIC under the leadership of Senator Aubyn Hill, Minister of Industry, Investment, and Commerce, is fully cognisant of the need for Jamaica to achieve sustainable growth based on an export-oriented economy. The Trade Board Limited is therefore redoubling its effort to support exports. WHAT IS THE TBL DOING? As a trade facilitatory and regulatory entity, the TBL continues to contribute to a simplification of the export process. More importantly, the TBL provides the necessary trade-related information and know how to make export an easier understood process for our businesses. There are several initiatives that are in progress and at varying stages of development. The following are among the main developments: STEP-UP EXPORT INITIATIVE: This initiative is improving existing and potential exporters’knowledge about the benefits of the nineTrade Agreements, comprising bilateral, regional, andmultilateral agreements for which the TBL has custody. This involves sending expert teams into the field to interact directly with potential and existing exporters, and to offer hand-holding services where necessary. To date, over 70 companies have been visited by our team with encouraging feedbacks. ESTABLISHMENT OF AN EXPORT ACADEMY The TBL’s interaction with manufacturers revealed that there are businesses who could export, but refrain from doing so because they do not have the requisite knowledge. The TBL is in the process of establishing an online Export Academy to bridge the knowledge gap that will reduce the uncertainty about how to export and to give businesses the tools and confidence to seek out export opportunities globally. The Export Academy will be accessible as a free online service and is scheduled to be completed by July 2023. PROVISION OF GLOBAL MARKET INTELLIGENCE AND COMPLIANCE INFORMATION TheTBL is alsoworkingon a project that will providemarket intelligence and trade compliance information for markets around the world. At the completion of the project in the second quarter of the 2023/24 financial year, through the TBL, Jamaican businesses that register with theTBL for the service will be able to go online and identify target markets for their products and services, access relevant market intelligence and compliance information necessary. In addition, industry specific information will be accessible, as well as assistance in finding new business opportunities and counterparts. REFORMING FOR GREATER EFFICIENCY The TBL is also striving for greater operational efficiency through Export expansion, key to Jamaica’s economic growth Jamaica’s export status at a glance PLEASE SEE GROWTH, 29
RkJQdWJsaXNoZXIy MTUzNTI=