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October 2020, Over 35 Million Confirmed Cases and More Than 1 Million Deaths Have Been Reported Worldwide

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October 2020, Over 35 Million Confirmed Cases and More Than 1 Million Deaths Have Been Reported Worldwide The Shridath Ramphal Centre Policy Document | October 2020 Trading Our Way to Recovery During COVID-19: Recommendations for CARICOM Countries The Shridath Ramphal Centre for International Trade Law, Policy & Services Prepared by Chelcee Brathwaite, Alicia Nicholls & Dr. Jan Yves Remy 2 TABLE OF CONTENTS ABOUT THE SHRIDATH RAMPHAL CENTRE _________________________________________________________________________3 ACKNOWLEDGEMENTS ________________________________________________________________________________________________4 FOREWORD _____________________________________________________________________________________________________________5 LIST OF ABBREVIATIONS ______________________________________________________________________________________________6 EXECUTIVE SUMMARY _________________________________________________________________________________________________9 INTRODUCTION _______________________________________________________________________________________________________ 11 References _______________________________________________________________________________________________________________________________ 12 CHAPTER 1: CARICOM’S ECONOMIC, INVESTMENT & TRADE PROFILES ________________________________________ 13 About CARICOM _________________________________________________________________________________________________________________________ 13 CARICOM’s Economic Profile ___________________________________________________________________________________________________________ 13 CARICOM Investment Profile ___________________________________________________________________________________________________________ 15 CARICOM’s Trade Profile _______________________________________________________________________________________________________________ 18 References _______________________________________________________________________________________________________________________________ 25 CHAPTER 2: INNOVATION & INDUSTRIAL POLICY ________________________________________________________________ 27 Pre-COVID-19 Caribbean Industrial Policy ____________________________________________________________________________________________ 27 The Impact of COVID-19 on Caribbean Industrial Policy _____________________________________________________________________________ 29 SRC Policy Recommendations __________________________________________________________________________________________________________ 31 References _______________________________________________________________________________________________________________________________ 35 CHAPTER 3: AGRICULTURAL DEVELOPMENT & FOOD SECURITY _______________________________________________ 37 Pre-COVID-19 Caribbean Agriculture __________________________________________________________________________________________________ 37 The Impact of COVID-19 on Regional Agriculture ____________________________________________________________________________________ 41 SRC Policy Recommendations __________________________________________________________________________________________________________ 43 Annex _____________________________________________________________________________________________________________________________________ 49 References _______________________________________________________________________________________________________________________________ 50 CHAPTER 4: E-COMMERCE __________________________________________________________________________________________ 53 Pre-COVID-19 E-commerce in the Caribbean _________________________________________________________________________________________ 53 The Impact of COVID-19 on E-commerce in the Caribbean __________________________________________________________________________ 57 SRC Policy Recommendations __________________________________________________________________________________________________________ 60 References _______________________________________________________________________________________________________________________________ 65 CHAPTER 5: PROMOTION OF MSME DEVELOPMENT & EXPORT ACTIVITY _____________________________________ 68 Pre-COVID-19 Caribbean MSME Export Activity ______________________________________________________________________________________ 68 The Impact of COVID-19 on MSME Export Activity ___________________________________________________________________________________ 72 SRC Policy Recommendations __________________________________________________________________________________________________________ 76 References _______________________________________________________________________________________________________________________________ 81 CHAPTER 6: Investment Facilitation for Development ____________________________________________________________ 84 Pre-COVID-19 Caribbean Investment Facilitation ____________________________________________________________________________________ 84 The Impact of COVID-19 on Investment Promotion & Facilitation __________________________________________________________________ 88 SRC Policy Recommendations __________________________________________________________________________________________________________ 89 References _______________________________________________________________________________________________________________________________ 93 3 ABOUT THE SHRIDATH RAMPHAL CENTRE The Shridath Ramphal Centre for International Trade Law, Policy and Services (SRC) is the Caribbean’s premier trade policy training, research and outreach institution. Based at The University of the West Indies, Cave Hill Campus, Barbados (The UWI Cave Hill), we offer a range of services including: Training Our programmes include: a 12-month Master of Science in International Trade Policy Programme (MITP), a 3-month Post-Graduate Diploma in International Trade Policy Programme (PGITP), short courses and more. Research Our research areas include regional integration, the WTO and ongoing trade negotiations, investment law and policy, women and trade, the blue and green economy, e-commerce, food security, China’s Belt and Road Initiative, and more. Outreach Our outreach initiatives bring public awareness to trade issues affecting the Caribbean, through our SRC Policy Documents and Working Papers, SRC Trading Thoughts, SRC Lunchtime Chats, SRC monthly newsletters and other initiatives. Consultancies We specialize in the provision of trade-related technical inputs and advice for both the public and private sectors, with local, regional and international clients. To learn more about the SRC Visit: www.shridathramphalcentre.com Email us at: [email protected] 4 ACKNOWLEDGEMENTS This SRC Policy Document is the latest in the SRC’s COVID-19 initiatives and is the SRC’s unique contribution to the Caribbean’s response to the pandemic that has so shaken the world. Since the commencement of the COVID-19 outbreak, the SRC has been chronicling its trade impact on the Caribbean through an SRC database of COVID-19 policy measures, Quick Guides on COVID-19 Trade Implications, and various think pieces created for our local and regional audience. For access to these documents click here, or visit the SRC’s website at: www.shridathramphalcentre.com. This Document is the product of dedicated and thorough research conducted by the SRC Research team, comprising Ms. Chelcee Brathwaite and Ms. Alicia Nicholls, under the supervision and direction of myself, Dr. Jan Yves Remy. We hope that this work will find an appreciative, but searching, audience in the corridors of trade policy and decision- making across the Caribbean region, in international organizations concerned with development, in the boardrooms of business and commerce, and in conversations and classrooms where CARICOM’s trade response to COVID-19 is being debated and contemplated. This is a crucial point in time for our region and we can use it most effectively if we think strategically and creatively, believing in the collective wisdom and good will of our people and leaders. We thank Mr. Neil Paul, Dr. Lystra Fletcher-Paul, Dr. Antonio Alleyne, Mr. Joel Richards, Ms. Michele Marius, Mr. Nick Ashton-Hart, Dr. Patrick Low and Professor Karl Sauvant for their technical expertise and peer review of draft Chapters. The SRC remains responsible for any errors and omissions. Dr. Jan Yves Remy Deputy Director SRC 5 FOREWORD As the world struggles to manage the COVID-19 pandemic, the recurring question is, will things ever go back to normal? And that is not an unreasonable concern as humans seem not to like change too much. Clearly, all indications are that things might very well not be the same after COVID-19. If we only take the time to look around at the developments, it will be clear that a new normal is emerging, that is not a “one size fits all”. Remote working and the use of technology to manage our affairs are the new normal. In all spheres of life, we see the use of technology through Apps to get our shopping done; in the medical context, to fill and administer prescriptions; and in learning institutions, through new approaches to teaching and grading. Things certainly have changed and here in the Caribbean it is no different. For the longest while, we in the Caribbean seem to have been lagging behind the rest of the developed world; in a sense, swimming against the tide, holding on to the old, tested and tried, and resisting the lure of technology. The COVID-19 pandemic certainly has thrown us headlong into the technological stream, and it appears that so far, we are swimming
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