China-Caribbean Economic Cooperation conference concludes with key trade discussions

The fourth China-Caribbean Economic and Trade Cooperation, held from 12th to 14th September, concluded with discussions on crucial measures to enhance economic trade. The event was held over the span of three days in the Hainan province of China and witnessed the presence of several Caribbean delegates. 

The annual event welcomed the leaders to discuss potential growth in trade, emerging sectors, and the new opportunities to be brought by green carbon development and digital technologies to China Caribbean Cooperation. 

The representative of Dominica and the Minister for Foreign Affairs, International business, Trade, and Energy, Dr Vince Henderson highlighted that the meeting was all about discussing important measures to frame the trade agreements between China and the Caribbean. 

The conference highlighted a key initiative, the implementation of a 100% duty-free quota for Caribbean products in China’s market. Henderson noted this initiative to be of significant importance for the region. 

“This initiative is important for us, as it means our goods can enter China duty-free, with no duties, taxes, or tariffs imposed on Dominican and Caribbean products,” he said. 

However, he pointed out that the authorities are still working to make this work as it would create implications for existing arrangements. 

“During my discussion with the Minister of Commerce of Vice Minister of Commerce of China, Minster Wang, and the assistant Secretary General of CARICOM, we explored options that would be considered to benefit both Chinese sites and Caribbean member states,” he mentioned. 

This year's meeting focused on a distinct discussion, solely relying on enhancing multilateral ties to China, rather than fostering bilateral relations. They said that this would increase the overall economic growth across the region creating a wider economic boost and opportunities. 

Notably, the China-Caribbean trade has grown to an annual average rate of more than 13% in the last 20 years. This also marks one of the highest overall foreign trade growths for China during the same period. 

The new initiatives will however create better economic opportunities for the citizens of the Caribbean through increased exports leading to employment opportunities and stronger economic growth. 

On the other hand, it will also benefit China as it will lower consumer prices, and create business opportunities, ultimately improving diplomatic relations between both countries. 

The collaboration in the future will also see improved trade opportunities through introducing inclusive practices of using technology, e-commerce, and other digital platforms. This will provide a platform for the trading goods and services to be displayed and provide wider exposure.