In 2008, the European Union (EU) and 14 Caribbean countries signed an Economic Partnership Agreement (EPA) geared towards strengthening trade and investment relations and promoting regional integration between the Parties and CARIFORUM countries. The EU has commissioned a series of sectoral reports to raise awareness of the economic opportunities related to the CARIFORUM-EU EPA to enable the EU private sector to foster valuable business partnerships in the region.
The Maritime, Ports and Logistics Report is the fifth of the series. The Caribbean region is at the heart of the maritime corridor between the Panama Canal and The Bahamas, making it a strategic location for transhipment services and the global shipping industry. The Latin American and Caribbean (LAC) region handles about 17% of global maritime trade and 6.5% of total global container port traffic. CARIFORUM countries are actively seeking to promote development in the Maritime Services, Ports and Logistics sectors given their reliance on sea transportation for trade. These sectors are fundamental for propelling economic growth and enhancing the region’s competitiveness. At present, these sectors are characterised by varying levels of development and are often marred by constraints such as high costs, lack of technical capacity, and underinvestment. Against this background, European companies can offer solutions for maritime and ports infrastructure development and management, mainstreaming climate resilience, leveraging innovative technologies and best practices.Â
International Economics, in consortium with GOPA Worldwide Consultants and Policy and Management Consulting Group (PMCG) hosted a webinar on November 28 with industry experts, to validate and discuss the findings of the study, whilst informing stakeholders of the critical next steps for effectively tapping into the benefits of the CARIFORUM-EU EPA.Â
The webinar recording, presentations and brochure can be accessed on the links below: