Virtual Agri-Food Trade Mission eyeing US$1.5 billion in trade for over 200 companies

AGENCIES and agri-food businesses involved in a recent trade mission are projecting a sum of $US1.5 billion in intra-regional and extra-regional agri-trade.

Word of this came from the Inter-American Institute for Cooperation in Agriculture (IICA), which said that after five successive years of regional trade missions, it led since 2021, Caribbean agri–food companies are better poised for intra-regional trade with other companies in the region, as well as extra-regional trade with Central America, North America, and South America.

Two hundred and thirteen companies, 95% of them from the Caribbean, are targeting US$1.5 million in new trade, potentially bolstering food security in the region and globally, during the last edition of the Caribbean Virtual Agri-Food Trade Mission.

“With this flagship business activity having been held for the fifth consecutive year, we’re seeing growing interest from Caribbean companies, while expanding the range of potential buyers across our region and beyond. The virtual trade missions have helped to bridge a persistent gap that previously constrained Caribbean trade. We are very encouraged by the sustained interest in the missions and the business opportunities that have emerged as a result,” IICA Representative in Barbados, Allister Glean is reported as stating.

By promoting buyer-seller connections across 19 agri-food sectors, this initiative fostered 193 meetings of entities from 29 countries. Most of the participants came from Trinidad and Tobago (25%), Guyana (15%), Jamaica (15%), and St Vincent and the Grenadines (7%). Women-led businesses accounted for 58% of the participants in the virtual trade mission.

“This was my first experience, and the fair is a simple and effective way to connect with trade companies in the region,” said Haidy Aroma of Arom Amora, Suriname.

IICA said it initiated this intervention to promote intra-regional trade and respond to the challenges arising from the COVID-19 pandemic. The virtual trade missions have been held each year since 2021, with support from the Central American Economic Integration Secretariat (Spanish acronym, SIECA), through its platform: the Central American Trade Network (Spanish acronym, REDCA).

IICA sponsors the missions annually, with the collective contribution of the Caribbean Community (CARICOM); Secretariat,

the Committee Linking Entrepreneurship-Agriculture- Development (COLEAD); the CARICOM Private Sector Organization (CPSO); and the Food and Agriculture Organization of the United Nations (FAO).

Ahead of the three-day trade mission, IICA said it convened three preparatory sensitization sessions to enhance participation across the region. The partners also facilitated capacity building to ensure that participating companies could better leverage the opportunities provided via the trade mission.

“The virtual trade mission continues to hit the mark by fulfilling its intended purpose: facilitating trade of fresh and processed goods from the Caribbean’s agricultural sector.

“Buyers and sellers were most interested in trading vegetables (18%), fruits (17%), sauces and condiments (13%), and food preparations used in processed products (11%). Some companies also explored opportunities for packaging and distribution arrangements,” the IICA release also stated.

It said a great majority of the companies that participated in the 5th Caribbean Virtual Agri-Food Trade Mission had also participated in previous missions. These events continue to strengthen business connections across the Caribbean as well as with other regions within the hemisphere, thereby helping to both consolidate and diversify export markets. Future iterations of the Caribbean Virtual Agri-Food Trade Mission could help to further expand the economical supply chain and stimulate foreign direct investment.

“IICA looks forward to continuing to build on the positive results achieved to date. We hope to host another edition of the Caribbean Virtual Agri-Food Trade Mission this year, contributing to the shared objective of CARICOM Ministers of Agriculture and Heads of Government to reduce the region’s dependence on extra-regional imports,” the release noted.

“ These business exchanges are even more vital in light of the emerging economic challenges currently facing the region,” Manager of the IICA International Trade and Regional Integration Programme, Daniel Rodriguez, stated.