UK buoys Caribbean trade through CDB trust fund

The United Kingdom (UK) has given tangible expression of its continued commitment to supporting Carib-bean trade and integration through the £10-million Caribbean Aid for Trade and Regional Integration Trust Fund (CARTFund) at the Caribbean Development Bank (CDB).

This was among the messages shared at a high-level press briefing highlighting work on the CARTFund held at CDB on October 12. Among those attending were Dr Warren Smith, CDB president, and Alan Duncan, the UK's minister of state for international development, as well as Percival Marie and Pamela Coke-Hamilton representing the CARICOM Secretariat and the Caribbean Export Development Agency, respectively.

The CARTFund was established with £10 million of funding from the UK's Department for International Development (DFID).

The fund is managed by CDB and overseen by a steering committee comprising representatives from DFID, CARICOM and CARIFORUM.

CARTFund supports the implementation of the Caricom Single Market and Economy (CSME) and the Economic Partnership Agreement (EPA) between CARIFORUM and the EU, with the aim of increasing trade within the region and with Europe, and ultimately providing more jobs and increased incomes for Caribbean people.

CDB President Dr Warren Smith confirmed that as the Caribbean's own bank, the CDB, had been pleased to facilitate the flow of UK aid to the region through CARTFund, consistent with the bank's mandate.

"The objectives of the CARTFund to boost growth, reduce poverty and increase member countries' participation in the CSME are directly aligned with the bank's commitment to supporting regional cooperation and regional integration," he said.

"We are extremely pleased with the operations of the CARTFund to date, and this is testament to the successful partnership between the UK and CARICOM. The bank remains fully committed to working with its partners to ensure that our member countries realise the full benefits that the potential for expansion in trade intra-regionally, with Europe and the rest of the world offers."

Giving a UK perspective, Duncan stated that "the Caribbean must increase exports by taking advantage of its enhanced access to European markets. More exports means improved growth, investment and job creation. So I am delighted that we have been able to support the Caribbean through CARTFund to fully exploit these export opportunities."