Access to information is vital to trade
Dear Editor,
It is without doubt that the novel coronavirus pandemic has negatively impacted the economic progress of most, if not all, countries around the world.
Jamaica, like many other countries, is grappling with its share of social and economic setbacks. Our gross domestic product (GDP), which is heavily reliant on tourism, declined by approximately 9.9 per cent in 2020, in comparison to a recorded growth of 0.9 per cent in 2019; this is undoubtedly the largest economic setback in Jamaica’s history.
The Jamaican economy is highly trade-oriented, with exports and imports of goods and services representing approximately 90 per cent of GDP. It is, therefore, critical that trade takes centre stage as we reopen our economy.
However, cognisance must be taken of the significant changes occurring in the way we trade as a consequence of the lessons being learnt from trading in the context of a pandemic. Key features of this change are the accelerated digitisation of how we trade as well as the changing demand for the types of goods and services traded. Undoubtedly, in this new context, information is king, and successful traders, both exporters and importers, are finding that trade data and information related to market intelligence, market access, and trade agreements are vital to success.
In this regard, the Trade Board Limited was early out of the blocks with the launch of the Jamaica Trade Information Portal (JTIP) in May 2019. This is an informational portal and is the only one of its kind in the English-speaking Caribbean. JTIP was launched by the Trade Board Limited in partnership with the World Bank and several other government entities that are custodians of the information shared on the portal.
The establishment of JTIP further signified Jamaica’s fulfilment of its commitment to the World Trade Organization (WTO) Trade Facilitation Agreement, under article I, which speaks to making information available through the Internet to all traders, domestic and foreign. Additionally, JTIP is critical to improvement in Jamaica’s competitiveness through our ranking on the Global Competitive Index, and is, therefore, a means of stimulating social and economic growth.
As we continue to navigate these unprecedented times, plans are well advanced to make JTIP even more relevant and to consistently add value to traders. The dynamic trade environment in which we operate requires us to be innovative and to be strategic in the way we harvest, interpret, and disseminate trade-related information and data. JTIP, therefore, needs to be a well-organised and efficient source of current and relevant information that is expansive and easily accessible.
We are, therefore, pleased to inform you that plans are afoot to update and expand the scope and reach of the portal through the presentation of its content in English, French, and Spanish, and of significant importance, to include trade in services (TIS) in addition to trade in goods.
Increasingly, all sectors of the economy are recognising TIS as an area of trade with huge potential for recovery and further growth in the Jamaican economy. TIS already makes up approximately one-third of the total GDP of Jamaica and is an important focus in Jamaica’s bilateral, regional, and international trade agreements. Its inclusion in JTIP will therefore be of significant importance in our economic recovery and future growth.
The Trade Board Limited is committed to the best possible trade facilitation in export and import through the provision of vital information to traders and achieving the necessary changes in the way we do business without any major disruption in the services we provide.
Visit the JTIP portal today via www.jamaciatradeportal.gov.jm for your information needs.
Dr (Maj) Hugh Blake
Trade administrator and CEO The Trade Board Limited hblake@tradeboard.gov.jm