THE EDITOR, Sir:
MINISTER OF Foreign Affairs and Foreign Trade, K.D. Knight has expressed concern that local businesses have not maximised opportunities available under existing free trade agreements and is urging them to fully exploit these new market places. He cited bilateral agreements forged with CARICOM and Cuba, Costa Rica and Colombia as arrangements under which Jamaica's trade performance is anything but impressive.
According to Mr. Knight, the trade data shows that in 2002, exports to Cuba valued US$3.2 million whereas imports valued US$4 million. In terms of Colombia, Jamaica exported US$3.9 million in goods to that country over the period 2000-2003 while we imported US$83.1 million over the same period. In relation to Costa Rica, he observed that for the period 2000 to 2003, the overall value of exports was US$486,066.46 and the overall value of imports was US$83.1 million.
"What is emerging from a review is that these agreements have not resulted in Jamaica penetrating those market places and reversing the negative balance of trade. We need to do the necessary research to determine the goods and services which we can provide to these countries and take advantage of the opportunities," he stressed.
Minister Knight was addressing a workshop organised by JAMPRO to explore export opportunities in Cuba, Costa Rica and Colombia.
He noted that whilst he has confidence in the acumen of the private sector, business people need to become more aggressive and innovative in not just accessing new markets but penetrating them. In this regard, he implored the private sector to look to these non-traditional markets and regard them as important.
I am etc.
ANNEKE ROUSSEAU
annmrmfaja@cwjamaica.com
