The Trade Export Promotion Agency (TEPA) and the Barbados Investment and Development Corporation (BIDC) has taken a step towards integration and further formalised trade through the signing of a Memorandum of Understanding (MOU). The purpose of the MOU is to set up close co-operation and relations between the Agencies for the delivery of services and activities geared towards the development and advancement of trade for business development and growth between the two islands.
The parties agreed to collaborate on a myriad of areas including:
- Encourage co-operation and joint action between business enterprises in Saint Lucia and Barbados;
- Sharing of information on projects and matters of mutual interest
- Create proper communication mechanisms to periodically allow them to exchange information about the priorities of development, policies, instruments and mechanisms related to their respective capabilities.
- Promote and improve trade between the two (2) countries
- Arrange business meetings for persons seeking to do business in the partnering country and requested by either of the two contracting parties
- Facilitate the smooth entry and departure of business clients endorsed by the agencies
- Facilitate participation in trade fairs, missions and exhibitions as well as organising business events, seminars, workshops and conferences, among others, with the participation of companies that come from the countries to which the Parties belong, as well as official representatives of the same.
TEPA’s CEO, Jacqueline Emmanuel-Flood, said that “This agreement will provide the perfect opportunity for each Agency to glean on the expertise and experience of the other. This will perpetuate growth of Agency and Country and open-up the Saint Lucian market to Barbadian goods and services and the Barbadian market to Saint Lucian goods and services. A win-win situation”.