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Caricom member states could save over US$1.3 billion a year by reducing their heavy reliance on US imports, according to the Caricom Private Sector Organisation (CPSO).
This finding was presented on Tuesday during a hybrid forum hosted in collaboration with the Eastern Caribbean Central Bank (ECCB) at its headquarters in St Kitts and Nevis.
The CPSO study, which analysed over 1,200 product lines valued at US$9.1 billion, reveals that nearly 70 per cent of final goods imported into Caricom come from the United States. That level of dependence, according to CPSO CEO and technical director Dr Patrick Antoine, not only limits the region’s economic flexibility but also increases vulnerability to trade policy shifts and inflationary pressures.
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