Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

EXECUTIVE SUMMARY

The Caribbean Forum, which consists of 15 states namely: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Dominican Republic, Haiti, Grenada, Guyana, Jamaica, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago, had a total GDP of US$ 160 billion, with a population of 29 million 1 , in 2020. Apart from rich endowments of minerals and commodities, the countries in this region are endowed with scenic beauty, including excellent beaches ample sunshine, and are thus, big tourist attractions. The economic disruptions due to the COVID-19 pandemic has impacted the CARIFORUM economies on twin fronts. First, the collapse of international commodity prices has left the commodities dependent economies 2 in deep trouble. Second, because of travel restrictions and lockdowns the tourism sector has taken one of the biggest hits ever. The disruption in the global demand and prices has severely hit commodity dependent economies in the CARIFORUM where the energy sector is an important source of income, fiscal revenues, and foreign exchange earnings. However, the economies in the CARIFORUM have promptly come into action and have implemented emergency fiscal and monetary measures, in order to mitigate the adverse impact of the pandemic. International Trade of CARIFORUM Countries The Caribbean Forum economies are characterized by high openness to trade as it is virtually impossible for small island economies to produce everything on their own, thus, they are

1 IMF WEO- October 2021 2 Belize, Guyana, Suriname, and Trinidad and Tobago

Executive Summary

1