A high-level virtual summit scheduled to take place next Wednesday is expected to increase trade and investment opportunities between the United Kingdom and some 14 regional states of the Caribbean Forum (CARIFORUM).

The Caribbean Export Development Agency (Caribbean Export) has partnered with the UK Department of International Trade to host the summit with the aim of bringing together businesses, investors and trade promotion experts to explore doing business under the CARIFORUM-UK EPA (Economic Partnership Agreement).

“This event marks the beginning of a new chapter in the trade and investment relationship between the Caribbean and the UK. The agreement offers huge opportunities for businesses on both sides of the Atlantic and will help create jobs,” said Deodat Maharaj, executive director of Caribbean Export.

“Caribbean Export, as the lead regional institution for promoting Caribbean trade globally and steering investments, is pleased to support this initiative and excited with the high interest shown by the private sector across our region. We are committed to building on this foundation,” he added.

The CARIFORUM-UK EPA, which came into effect on January 1, 2020, secures continuity for trade and preservation of market access between CARIFORUM and the UK, providing predictability and vital assurance to businesses, consumers and investors. With a bilateral trading relationship of £2.9 billion in 2020, the new EPA provides a platform to deepen and forge even closer trade ties between UK and Caribbean businesses.

According to Johnathan Knott, Her Majesty’s trade commissioner for Latin America and the Caribbean, the summit signals another milestone in implementing the EPA and as the UK moves to strengthen its trade and investment relationship with regional partners.

“We want to make this a living trade agreement for exporters and investors, increasing business-to-business connections, and setting the stage for a modern and prosperous trading relationship with the Caribbean region. The UK looks forward to continue working with our Caribbean partners. We may be separated by thousands of miles, but we are united in our shared trade aspirations, values and friendship,” he stated.

During the summit Caribbean Export will present findings of a recent study on CARIFORUM-UK trade trends and opportunities while the CARIFORUM directorate and the UK Department for International Trade will provide an update on the implementation of the EPA for trade-related growth and development. UK business leaders are also expected to discuss trading goods and services, under the new agreement, in key sectors. Presentations are lined up to come from the Prime Minister of Barbados Mia Amor Mottley, UK Minister for International Trade Ranil Jayawardena and Jonathan Knott.