1. S ervices O f the CA ribbean SOCA Creating the conditions for greater services trade between CARICOM and the USA Members:……………..

2. Outline  Overview  Regional Services  Work Plan  US Services Regime and Agreements  US in GATS  The Way Forward 2

3. Overview  Aim: To advance new trade and investment opportunities between the US and CARICOM service sectors and industries  Launched November 20, 2013 in Washington, DC.  Focus: - CBI Enhancement - Trade Facilitation 3

4. Rationale  CARICOM countries only CBI beneficiaries with goods-based preference regime with the US  CARICOM region has become a services- dominated economy  US-CARICOM trade policy and business discourse should be expanded to reflect services  US involvement in TiSA negotiations means CARICOM will face a more competitive services trade environment 4

5. Regional Services  CARICOM Services Trade with the world (2012) -Exports: $9.6 billion -Imports: $6.6 billion  Services sector fastest growing sector in CARICOM.  Services accounts for more than 60% GDP of CARICOM countries 5

6. CARICOM Exports of Services to the World 2008 – 2012 (US$,000) Exporters20082009201020112012 CARICOM10,828,9679,854,03710,169,54215,072,6309,596,552 Bahamas2,533,9202,350,8502,493,5802,606,1552,740,680 Barbados1,822,4801,502,8291,638,1501,762,5101,801,308 Belize386,479344,382353,837340,152412,990 Guyana211,880170,305248,049 6 Sources: ITC, UNCTAD, WTO joint dataset

7. CARICOM Exports of Services to the World 2008 – 2012 (US$,000) Exporters20082009201020112012 Haiti399,450378,870239,010249,160278,086 Jamaica2,795,2202,650,5602,634,0202,620,2102,673,780 OECS (CARICOM) 1,559,2381,404,7411,447,2961,481,3841,514,386 Suriname284,600286,700241,400200,825175,322 Trinidad and Tobago 935,700764,800874,2005,812,234 7

8. CARICOM Imports of Services from the World 2008 – 2012 (US$,000) Importers20082009201020112012 CARICOM7,395,5126,452,0956,965,41411,978,4036,625,911 Bahamas1,402,9001,196,0601,181,1001,292,4191,537,661 Barbados736,019710,627733,044569,957391,661 Belize169,575161,747162,391171,083187,805 Guyana323,112272,421343,834 8 Sources: ITC, UNCTAD, WTO joint dataset

9. CARICOM Imports of Services from the World 2008 – 2012 (US$,000) Importers20082009201020112012 Haiti756,640772,1001,277,2601,140,1601,089,949 Jamaica2,367,1201,880,6401,824,4001,946,0402,034,880 OECS (CARICOM) 916,046883,919797,785792,226789,836 Suriname398,100285,300259,000562,518594,119 Trinidad and Tobago 326,000383,100386,6005,504,000 9

10. Work Plan  Legislative initiatives in US Congress to address CBI expansion: -CBI goods preferences are unilateral, as per US law. Providing similar services preferences can be proposed and secured in a unilateral manner per act of Congress -Service incentives in US market access for CBI CARICOM firms would enhance their ability to participate in the US services market -To date, discussions have taken place with trade- related Committees in Congress with request for specific proposals to be advanced to Congress 10

11. Work Plan  Executive action via the 2013 US-CARICOM Trade and Investment Framework Agreement (TIFA) -TIFA can encourage more investment in region in services growth -TIFA agenda and work plan for 2014 is currently being discussed and SOCA initiative can fit in the discussion -Room for growth, for example the US-Uruguay TIC/TIFA 2007 where preference arrangements for services, e-commerce and ICT, and investment, resulted in doubling US-Uruguay trade and investment flows to $2.2 billion in 2013 11

12. Work Plan  Business-to-Business (B2B) Partnerships -Can stimulate US services investment and trade across the region -Areas such as education, medical services, and ICTs have a real market need for stimulating and supporting new business efforts between US and regional firms -Discussions to advance services focus on CBI CARICOM markets to their US services member companies already underway by groups such as the US Chamber of Commerce and the Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) 12

13. US Services Regime and Agreements  US FTAs are reciprocal and binding  US services trade highly competitive. Example: ICT, Express Delivery Services, Professional Services, Financial Services  US market contains few barriers to services imports  US trade surplus in services is 25% higher with trade agreement partners than with other countries therefore FTA alternatives should be priority for accessing services market 13

14. US in WTO GATS  No specific commitments: -Medical and dental services -Maritime transportation  Conditional commitments: -Services auxiliary to financial administration -Movement of natural persons -Services auxiliary to insurance and pension funding -Offshore banking 14

15. Constraints  Dearth of services data in region -International agencies do not track small country services data -Hinders specific sector focus -Collaborate with regional governments as per their priority 15

16. Possible services preferences focus  Financial and Insurance Services  Education and Training Services; including Medical and Nursing  Health / Medical Tourism and Sports-Fitness Services  Entertainment and Film/Music/Audiovisual and Creative Industries Services  Tourism and Travel Services 16

17. Possible services preferences focus  ICT and Telecommunications Services  BPO/Call Centres and e-commerce Services  Energy Services  Logistics and Transportation Services 17

18. THANK YOU 18

19. Contact SOCA Secretariat c/o Trinidad and Tobago Coalition of Services Industries 45 Cornelio Street, Woodbrook Port of Spain Trinidad and Tobago Tele: (868) 622-9229 ; Fax: (868) 622-8985 Email: info@ttcsi.org ; Website: www.ttcsi.orginfo@ttcsi.orgwww.ttcsi.org 19