PHILIPSBURG--The St. Maarten Chamber of Commerce and Industry (COCI) said on Tuesday that it welcomes what it referred to as “the proactive initiative” by Finance Minister Marinka Gumbs towards forming a dedicated task force to assess and mitigate the impact of the pending US tariffs on global trade.
“Recognising the potential economic challenges these tariffs may pose to our island, COCI stands in full support of strategic efforts to safeguard local businesses and ensure economic stability,” the Chamber said in a press release.
“As a key advocate for business resilience and growth, COCI has already taken proactive measures to strengthen regional trade ties and explore new market opportunities within the Caribbean and Latin America. These initiatives aim to reduce reliance on traditional markets and provide alternative avenues for trade, ensuring that local businesses remain competitive despite global trade shifts,” COCI said.
COCI said it recently had organised and hosted a trade mission in collaboration with the Trinidad and Tobago Manufacturers Association (TTMA). “This initiative has yielded positive outcomes for local distributors and retail outlets, facilitating valuable business partnerships and supply chain diversification.”
COCI said it also had expanded its trade outreach by exploring business opportunities in Panama, fostering connections that could open doors for local businesses seeking alternative trading partners. In addition, COCI is currently preparing for a business trade mission to Colombia, offering local enterprises the opportunity to engage with new suppliers and service providers.
This mission will take place during the months of May and July. People or businesses interested in joining this mission can contact the Chamber and register. In the month of May, the mission will be primarily for the entities in the construction sector, while the mission in July will be open to all sectors.
COCI has also engaged stakeholders in the logistics industry with the goal of achieving increased and improved connectivity within the region and in South America to further facilitate cargo movement from the new markets to country St. Maarten. This initiative is especially critical as businesses seek alternatives to the US market in light of anticipated price increases due to pending trade policies.
COCI said it remains committed to supporting local enterprises by fostering international trade relationships, advocating for economic resilience, and collaborating with government entities to navigate the challenges posed by evolving global trade dynamics. “We commend the Minister of Finance for taking decisive action and look forward to contributing to the task force’s efforts in ensuring a sustainable and diversified economic future for our island,” COCI said.
https://www.thedailyherald.sx/islands/coci-welcomes-finance-minister-s-initiative-to-combat-tariffs-impact
