Business Interaction of the Caribbean Countries and EECO Institutes


The interaction of the business and humanitarian cooperation of the countries of the Caribbean Community (CARICOM) and Eurasian Economic Cooperation Organization (EECO) institutes was discussed at a meeting in Moscow by Vladimir Piskurev, EECO Secretary General and His Excellency Oleg Firer, Ambassador Extraordinary and Plenipotentiary of Grenada.

During the meeting, parties discussed mutual interests of cooperation in the trade, economic, cultural and humanitarian spheres.

Vladimir Piskurev noted that the EECO highly appreciates the friendly relations that are developing today at the level of non-governmental, economic and humanitarian dialogue, as part of contacts between various organizations in the educational, cultural, humanitarian and tourist fields, both with partners from Grenada and with partners from the countries of the Caribbean Community (CARICOM). “Today we note the presence of good prospects for increasing economic and humanitarian cooperation. We hope to establish and open EECO trade and economic representation in Grenada and the countries of the Caribbean Community in the near future,” noted EECO Secretary General Vladimir Piskurev.

His Excellency Ambassador Extraordinary and Plenipotentiary of Grenada Oleg Firer noted that one of the most important components of our relations are cultural, humanitarian, and of course economic contacts. Mr. Firer presented the economic and investment potential of Grenada, spoke about international and foreign economic relations. “We have a great interest in enhancing cooperation in the private sector, which is an important mechanism to help develop people-to-people contacts,” noted Mr. Firer.

The parties outlined ways to enhance bilateral cooperation in various fields, as well as interaction in the international arena, deepening cultural and humanitarian exchanges and contacts between people. The parties adhere to similar approaches on key issues of international cooperation, including problems of sustainable development, as well as on such basic principles of economic and humanitarian dialogue as multilateralism, respect for international law, a collective search for answers to the many challenges and threats of our time.

The particular importance of joint and consistent coordinated work of specialized nongovernmental institutions in promoting the export of the parties in order to strengthen the position of national producers and remove barriers to goods and services was emphasized.

The parties agreed to continue cooperation in the field of trade, economic and investment cooperation, including in the field of tourism, medicine, education and innovation, expansion of interregional relations, increasing contacts and projects in the cultural and humanitarian sphere.

The Caribbean Community and Common Market (CARICOM) consists of twenty countries. Fifteen of these countries are full-fledged members of the community while five of them only retain associate member status. The fifteen full-time countries are Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, Saint Kits and Nevis, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago. The associate members are Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Turks and Caicos. Associate members retain part-time privileges.

These nations have collectively joined together to expand their trade and economic relations internationally, including further development of activity in international markets.

CARICOM was formed on July 4, 1973 after the founders had enacted the Treaty of Chaguaramas. The Caribbean Community and Common Market was established to replace the Caribbean Free Trade Association that existed since 1968.

The community was created to “coordinate the economic and political activities of the Caribbean countries.” The organization’s tasks also included joint trade and industrial policy and technical and financial assistance programs for its less-developed members.

Within the community, economic cooperation of member countries is developing, foreign policy is being coordinated; cooperation has been established in such areas as healthcare, education, culture, science and technology, and taxation. Within the framework of the common market, the following measures are being implemented: the introduction of a unified external tariff; pursuing a unified protectionist policy; strengthening the coordination of foreign trade policy; harmonization of tax incentives for industry and other activities.


V Annual International Macroeconomic Seminar

A delegation of the Embassy of Grenada composed of the Ambassador and the First Secretary, participated in the V International Macroeconomic Seminar

On November 23, the V International Macroeconomic Seminar “Can Coordinated Macroeconomic Policy Help to Avoid Trade Confrontations and Wars?”, Organized by the Eurasian Economic Commission (EEC) together with the UN Conference on Trade and Development (UNCTAD) and the Interstate Bank.

Welcoming words to the participants and guests of the seminar were addressed by the Member of the Board (Minister) of the EEC on integration and macroeconomics, Tatiana Valovaya and President of the Interstate Bank Igor Suvorov.

Igor Paunovich, head of the UNCTAD Globalization and Development Strategies Division, made a presentation on the trade and development report in 2018. He stressed that 10 years after the 2008 crisis, the situation in the global economy had not changed much. “Trade wars are a symptom of a deeper economic illness. Substantial changes are necessary in view of the redistribution of resources and capital to labor,” said Mr. Paunovich.

Gabriel Di Bella, Resident Representative of the IMF, presented the “Overview of Global Trends and the Economy of the Russian Federation – 2018”. He noted that the macroeconomic situation in Russia is now stable, but the country is subject to geopolitical pressure and that in the Russian Federation an economic growth of 1.5-1.8% is predicted for the year. The report also said that the current trade wars add tension to the markets, and if they are not stopped, this will be a significant blow to the entire global economy.

A video report from Bangkok heard a report from Mia Mikis, heads of the ESCAP Trade, Investment and Innovation Division. She spoke about trade and investment in the Asia-Pacific region in 2018. Mia Mikis said: “Russia and Kazakhstan received the most direct foreign investment in new projects among the states of Central and North Asia. They amounted to 7% and 3%, respectively, of all foreign direct investment in new projects in the Asia-Pacific region.”

Also, representatives of the UN Economic Commission for Africa – Shamnaaz Sufrah and Batanay Chikven made a video presentation on the presentation of the “African continental free trade zone”. They stressed that the integrated pan-African market will take effect from 2019 and this will attract large investments from outside the region and minimize migration flows.

Further reports were presented by Steward Lawson, EY Senior Advisor on servicing financial institutions and participation in government projects in Russia and the CIS, Violetta Tayar from the Institute of Latin American Studies, Russian Academy of Sciences and Art Franchek from the American Chamber of Commerce.

The general theme of the presentations was devoted to economic relations and trade policies of countries in the context of sanctions.

“The countries of Latin America did not join the sanctions imposed by the West against Russia in 2014-2016, which allowed to intensify trade, economic and investment cooperation with the region of Latin America. The anti-sanction policy has a limited policy; it is extremely difficult to protect oneself from financial and other consequences,” said Ms. Tayar.

Steward Lawson in his report noted that sanctions affect the cost structure, efficiency of banks and introduce uncertainty, and Art Franchek said that the commodity market began to decline and, as he suggests, this will be the most important issue at the next G20 meeting.

At the end of the seminar, a report was made by the Deputy Department of Macroeconomic Policy of the EEC S. Urustemova: “EAEU – Current macroeconomic trends and challenges.”

Mr. Urustemov said that the quality of macroeconomic policy is improving in the EAEU, there is an increase in the correlation of macroeconomic indicators, inflationary processes are being synchronized.

“In September 2018, for the first time since 2012, inflation in all countries of the EAEU was below the level established by the EAEU Treaty,” said Mr. Urustemov. He also highlighted the following risks for the EEU countries: the growth of protectionism, the tightening of the global financial market, the decline in world commodity prices, low long-term economic growth and other specific country risks.

The seminar participants, from among the academic circles, took an active part in the discussion of global issues of economy, trade, investment and development of countries. 

The largest agrarian exhibition of Russia “YUGAGRO” opened in Krasnodar

On November 20, the International Exhibition of Agricultural Machinery, Equipment and Materials for Crop Production “YUGAGRO” opened in Krasnodar, in the exhibition and congress hall “Expograd Yug”. This year it is held for the 25th time. The organizer of this event is the ITE Group of Companies, the leader in the organization of exhibitions in Russia.

The opening ceremony was attended by Krasnodar Region Governor Veniamin Kondratyev, Chairman of the Krasnodar Region Legislative Assembly Yury Burlachko, First Deputy Chairman of the Federation Council Committee on Agrarian and Food Policy and Environmental Management Sergey Lisovsky, Extraordinary and Plenipotentiary Ambassador of the Kingdom of the Netherlands in the Russian Federation, Ms. René Jones-Bos Ambassador Extraordinary and Plenipotentiary of Grenada to the Russian Federation, Mr. Firer, Minister Plenipotentiary, Economic and Trade Advisor skim the Embassy of the People’s Republic of China in the Russian Federation, Mr. Li Tszinyuan and other honored guests.

This year, more than 650 companies from 35 countries of the world take part in the YUGAGRO exhibition, the total area of ​​the exposition exceeds 65,000 m2, more than 100 companies are new participants.

“Companies from the Netherlands, Spain, Canada, India, China and many others present their products. But it is fundamentally important for us that among the foreign partners in the fields of the exhibition are 40 regions of our country, including 100 companies from the Krasnodar region,” said Veniamin Kondratiev in his welcoming speech. The governor of Kuban also noted that the site of the international exhibition of agricultural machinery is a unique opportunity to learn and learn from the experience of partners and competitors.

Yakip Burlachko, Speaker of the Land Legislative Assembly, noted with satisfaction that more than 20 years ago the exhibition was a more regional agricultural fair. At this stage, YUGAGRO has become a solid international platform, he pointed out.

At the end of the solemn ceremony, the Governor and the guests of honor viewed the expositions of the companies CLAAS, Rostselmash, KUHN and other exhibitors.

The 25th international exhibition is divided into four thematic clusters: equipment for storage and processing, spare parts and agricultural machinery, agricultural chemistry and seeds, equipment for irrigation and greenhouses.

The exhibition “YUGAGRO – 2018” is accompanied by a rich program for visitors: conferences, business meetings and round tables, in total more than 30 events, which will feature 80 speakers.

On the opening day of the exhibition, a plenary session “Food Exports: Strategy, Tactics and Realities” was held. Sergey Lisovsky, First Deputy Chairman of the Federation Council Committee on Agrarian and Food Policy and Environmental Management, Andrey Korobka, Deputy Governor of the Krasnodar Territory, Andrey Korobka, General Director of Rosagroleasing, Pavel Kosov, Russian Grain Union, Sergey Kremenetsky, Deputy General Director of the South Group Russ and other experts.

The exhibition will continue its work until November 23.