The Caribbean Private Sector Organisation (CPSO) is leading efforts to de-risk imports and broaden sourcing options beyond traditional markets. This focus emerged during a lengthy webinar hosted by CPSO and the Eastern Caribbean Central Bank (ECCB), titled “De-Risking CSME Imports: Examining the scope for goods market fulfilment from non-traditional sources.” Regional experts emphasized diversifying trade relationships, strengthening resilience, and lowering costs for businesses and consumers. CPSO Chair E. Gervase Warner noted the organization’s readiness to explore viable alternatives to the region’s reliance on the United States in light of tariff actions.

CPSO’s research provides practical options for policymakers and private sector players to mitigate rising import costs, relieve consumer burden, and enhance competitiveness. Dr. Patrick Antoine, CPSO CEO and Technical Director, described the current global environment as unusual, arguing that conventional approaches won’t suffice; the focus is on import diversification, with export growth, intra-regional trade, and stronger supply chains also being crucial. He warned against fragile or over-concentrated sourcing patterns. ECCB Governor Timothy Antoine stressed the need for decisive follow-through, referencing the Caribbean’s food security target of reducing imports by 25% by 2025, now slipping and extended to 2030.

Pragmatism regarding reliability, quality, and cost of imports is necessary, and the CPSO study offers insights to inform these decisions. Antoine argued that regional unity and collective action are essential, calling regional collaboration the Caribbean’s greatest asset and a superpower for small states. Integrating policy responses can advance resilience, reduce living costs, diversify logistics, and boost competitiveness. CPSO’s findings should catalyze coordinated policy responses to strengthen resilience, lower consumer costs, diversify trade logistics, and build a more competitive Caribbean economy. Finding non-traditional import sources is presented as imperative requiring collaboration to become a reality. The path forward involves developing concrete policy options and investment guidelines to accelerate import diversification, formulating regional projects to improve supply chains and quality control, and implementing a timeline with milestones and measurable targets to achieve food security and import-reduction goals. (Guyanachronicle)