Trade Agreements – Turning Negatives into Positives

In our last issue, we spoke about the CARICOM  Single Market & Economy (CSME).  One of the important aspects was the free movement of people.  Following the Heads of Government meeting in Jamaica last July, there has been a recommitment to making this happen quickly so we all need to be vocal in demanding that this happens as our very survival could depend on this.

The recent US action which now prohibits persons without US visas being in transit poses further restrictions to trade, as most flights connecting Central, South America and the Caribbean are routed through Miami.  So the person without a visa may only have limited access.  This you might think would definitely have a negative effect on trade.  However an analysis of the issue suggests that this offers an opportunity for regional airlines to turn this around in their favour.  For example, an agreement of co-operation between Air Jamaica, BWIA and Caribbean Star could effectively service more of these routes, reducing the necessity for persons to connect through the US.

But what has our company been doing regarding our mandate to expand overseas?  In spite of what persons may consider as restrictions, the Grace, Kennedy Group is finding ways to expand throughout in the Caribbean.

In October 2002, through our Financial Services Division, we launched the Caribbean’s first US dollar fixed income fund, in the Cayman Islands. Earlier this year we launched the Fund in Trinidad & Tobago. We are also seeking to cover the Turks and Caicos Islands as Jamaica International Insurance Company has applied for a licence to conduct business there.

In July, 2003 Grace, Kennedy Remittance Services, in collaboration with Julian's Supermarket (one of the largest supermarket chains in St. Lucia), began its bill payment service – Bill Express - in that country.  And we have strengthened our relationship with the Western Union operators in Haiti.

From there we will find more opportunities to expand and create joint ventures beyond the Caribbean.

So what of all the negatives? Well, no doctor ever made money treating people who weren’t sick.  In the same way, no business person makes money in areas where there are no needs to be met.  So let us look at every negative as being an opportunity for us to make money by offering an effective solution.  This is where the employees of a company can make a difference.  We all read a variety of newspapers and magazines, and we listen to reports on radio and television daily. 

How can you help?  First, by identifying any problems/negativity, which could be a business opportunity for our group of companies and communicating this directly to your Chief Operating Officer or to us in Corporate Affairs.  Secondly if you have a proposed solution, communicate that also.