Businessmen meet to boost trade

A report which indicates that despite a 4 per cent growth in this country’s total export revenue, the income from goods exported has remained stagnant, while services revenue has increased.{{more}}

The figures, along with other aspects of trade, has caused the SVG Chamber of Industry and Commerce to call stakeholders in the goods and services industry into dialogue, to discuss ways and means in which to stimulate trade.

The meeting was co hosted by the Caribbean Regional Negotiating Machinery (CNRM), in consultation with the Ministry of Foreign Affairs, Commerce and Trade.

Representative of the CRNM Lincoln Price, in his presentation to the businessmen, explained some key features associated with regional and international trade deals, especially the recently tabled Economic Partnership Agreement (EPA), and how they may or may not assist trade.

Following his presentation, questions and concerns were raised, with possible solutions suggested.

The session was also addressed by Chamber of Industry and Commerce President Jerry George, along with Minister Conrad Sayers, representing the Ministry of Foreign Affairs, Industry and Trade.

According to the CRNM report, of the US $211.1 million dollar revenue generated in export by St. Vincent and the Grenadines in 2006, $173 million was generated from exports of commercial services (i.e travel and tourism).

The major exports included bananas, wheat/meslin flour, arrowroot, rice, animal feed and non alcoholic beverages.

The most dynamic exports between 2002- 2006 included animal feed, arrowroot, and women’s clothing, while declining exports included bananas, brown rice and wheat bran.

65 per cent of this country’s export was focused on CARICOM, and 25 per cent went to Europe.