Caribbean Export OUTLOOK 3rd Edition

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Pulse of the Caribbean

impact on virtually every facet of the region’s economic development. It would result in increased foreign exchange earnings, lower production costs, increased levels of employment, internal growth, downstreamservice industries supporting the booming manufacturing and alternative energy sectors, ultimately leading to more stable economies. 2. Blue Economy The Caribbean was designated an archipelago by the United Nations Conference on the Law Of The Sea and enshrined in Articles 46 to 48 of the Law Of The Sea Convention. This was a hard fought and visionary battle waged by Caribbean leaders at the time because they understood the value of the “Blue Economy” decades before it became “de rigeur” and the latest economic savior to be pursued. The leaders instinctively understood that despite the small size of our individual land masses the water that connected and surrounded us, constituting 80 times our collective land mass, was far more valuable a resource and would be invaluable in future international trading deliberations. Time has vindicated their shared wisdom and prescience. The Blue Economy represents a new frontier which can catapult Caribbean economies into new dimensions of economic growth and development. Once again, however, the policy decisions and implementation parameters must be put in place to ensure that the exploitation of this resource is carefully managed and protects the long term viability of our oceans and marine life 3. NewAgriculture The Caribbean region has had a tumultuous relationship with agriculture over the last 4 decades particularly in the context of the post-independence movement. But today’s agriculture is fundamentally different and presents an opportunity to recast this critical sector in a 21 st century context. The “Caribbean Brand” remains one of the most powerful and widely recognized brands in the world and is even more so when juxtaposed against our extremely small size. Our ability to leverage this brand is probably greatest in the era of non-GMO organic foods. The organic food market is worth US$49.7 billion with a sales increase by double digits on an annual basis, far surpassing the rate of growth for all other food markets. In fact, there is a new study that links economic health to organic agriculture showing an increasing household median income and lowering poverty rates. The Caribbean, given its history and brand recognition, can effectively exploit this explosive market in unprecedented ways allowing the region to enter at higher price points which mitigate the higher production costs attributable to small size and supply side constraints. 4. E-Commerce Perhaps the greatest vacuum now existent in the regional trading arena and which has served to extensively retard export growth in a globalized market place, has been the

Hydroponic farming.

absence of a coherent, viable e-commerce facility to drive intra and extra-regional commerce. The ability to enter the marketplace virtually and to transact business and make purchases without leaving home has revolutionized the way consumers interact with goods and services. The era of touching the product in a physical market is long past and while there are still those arenas in which such an engagement can still occur, the minute size of the Caribbean footprint should propel the region to more effectively utilize the opportunities presented by e-commerce to level the playing field and provide market entry without leaving our shores. This is the power inherent in embracing e-commerce as an intricate weapon in the arsenal of new and innovative methods of engaging the rapidly changing and dynamic global trading arena. The Caribbean is on the cusp of breaking old paradigms that no longer serve the region in the 21 st century. It is critical that the region grasp the emerging trends and more deliberately assume its space in the new world economy. The “Caribbean Brand” remains one of the most powerful and widely recognized brands in the world...