IDB Fosters Trade Policy Dialogue Among Countries in the Caribbean

Aid for Trade meeting today in Barbados helped identify trade constraints.

The Inter-American Development Bank (IDB) led today a meeting in Barbados to identify binding constraints and to establish priorities for Caribbean countries to be able to benefit from liberalized trade and increased market access.

The event -- "Caribbean Sub-Regional Meeting on Aid for Trade" – is part of the IDB’s efforts to promote a policy dialogue among governments and relevant stakeholders in the Caribbean.

The event was organized in the context of the IDB Regional Policy Dialogue Initiative and as an initial meeting towards the organization of the 2009 IDB WTO Regional Review on Aid for Trade in Latin American and the Caribbean to take place during the spring 2009.

The recent signing of the European Partnership Agreement (EPA) between Cariforum countries and the European Union, as well as other on-going and planned initiatives, provide a key opportunity for the region to play an increased role in the global trading system and to use trade as an instrument for growth and poverty alleviation.

Participants reviewed the objectives of the WTO Aid for Trade Roadmap for 2008 and discussed ways to increase developing country participation in the IDB Aid for Trade program. Last mo nth, the Bank announced the creation of a new Aid for Trade Strategic Thematic Fund to help the public and private sectors in Latin American and the Caribbean to integrate into the global economy.

The Bank’s Vice-presidency of Sectors and Knowledge through its Integration and Trade Sector organized the event.

In the closing session, Antoni Estevadeordal, Manager of the Integration and Trade Sector emphasized the need to strengthen regional and national institutions tasked with the implementation of trade agreements. He also stressed the need to innovate diagnostics methodologies, strengthen monitoring and evaluation mechanisms and, in the spirit of the Paris Declaration on Aid Effectiveness, to promote donors coordination.