Caribbean Export and Martinique explore new business opportunities. On Friday February 21, 2025, the Honorable Serge Letchimy, President of the Executive Council of Martinique, visited the Caribbean Export Development Agency in Barbados. The visit coincided with Martinique’s signing of an accession agreement to become an associate member of the Caribbean Community (CARICOM) at the 48th regular meeting of the CARICOM Conference of Heads of Government.
Strengthening Martinique's integration into the Caribbean market
During discussions at Caribbean Export, President Letchimy presented a comprehensive framework for strengthening Martinique’s integration into the Caribbean market. He emphasized Martinique’s dual identity, both European and Caribbean, and the island’s strategic position as a bridge between the European Union and CARICOM member states.
Towards greater cooperation between the outermost regions and CARICOM
Exploring relations between the African, Caribbean and Pacific (ACP) countries and the outermost regions of the European Union was one of the focal points of the meeting. President Letchimy proposed the development of fiscal standards and the reduction of trade barriers, including the elimination of customs duties, to facilitate the free movement of goods. He also called for joint programming of funds and improved logistical, digital, air and maritime connectivity to support regional trade.
Caribbean export's impact on regional trade
Historically, freight assistance was mainly allocated to raw materials imported from Europe. President Letchimy suggested revisiting this approach to extend benefits to regional trade, thereby reducing costs for Caribbean entrepreneurs. He stressed the importance of working with CARIFORUM to harmonize efforts, seeing Martinique’s membership of CARICOM as a crucial step in legitimizing direct negotiations and promoting independent trade agreements.
New opportunities for Martinique companies
The President pointed to existing programs, such as the Martinique Initiative and Développement Martinique, as potential platforms for cooperation. He was enthusiastic about the idea of increasing trade between Martinique and other Caribbean companies, pointing out that the island’s strategic location is advantageous for regional trade.
Caribbean export and the commitment of Martinican companies
Damie Sinanan, on behalf of Caribbean Export, congratulated Martinique on its imminent membership of CARICOM and welcomed the opportunity to strengthen partnerships with Martinican companies. Damie Sinanan of Caribbean Export acknowledged the long-standing collaboration with the French Caribbean Outermost Regions (FCOR) to support trade, and emphasized the agency’s commitment to facilitating greater participation by Martinican companies in regional economic initiatives.
In particular, Caribbean Export is delighted to engage Martinique companies in projects such as the EU-LAC Digital Accelerator, which encourages digital transformation and innovation among Latin American, Caribbean and European Union companies.
Caribbean Export also stressed the importance of taking advantage of Martinique ‘s membership of CARICOM to create synergies in trade, investment and capacity-building programs. By integrating into regional frameworks, Martinican companies will have better access to support mechanisms that enhance their competitiveness and expand market opportunities.
A historic milestone for Martinique and CARICOM
Martinique’s decade-long journey towards CARICOM membership culminated in the recent signing of the accession agreement. This move should strengthen regional cooperation in a variety of sectors, including economic development, healthcare, education, transport and disaster risk management. As an integral part of the European Union, Martinique’s inclusion offers a unique opportunity to bring Caribbean nations closer to European markets.
Finalization of Martinique’s associate membership awaits ratification by the French National Assembly, which must approve the protocol on privileges and immunities. Once this step has been completed, Martinique will join the ranks of CARICOM associate members, reinforcing its commitment to regional integration and cooperation.
This development represents a historic moment for Martinique and CARICOM, and promises to strengthen economic diversification, cultural exchanges and collective resilience to address common challenges in the Caribbean region.
Author : JOELLEN LARYEA from Caribbean Export
