Karib One aims to provide stakeholders engaged in Caribbean trade the opportunity to benefit from an one-stop-shop solution – a true e-commerce marketplace – that provides the prospective participant with information on trade and services from jurisdictions in the region. The Caribbean region has developed platforms to facilitate import-export trade, reflecting the area’s dynamic market and strategic position in global trade networks. However, these platforms have been largely informational but only focus on specific aspects of the import-export sector. For example, the Caribbean Exporter Gateway – CARIBGATE – which was initiated by CARICOM around 2020 is a prime example, intending to offer comprehensive information on market access conditions for products traded within the CARICOM Single Market and Economy (CSME) and for products from CARICOM Member States entering Cuba, Costa Rica, or the Dominican Republic. That platform provides data on tariffs, rules of origin, and non-tariff measures, etc. which are crucial for businesses navigating the complexities of international trade.
Karib One intends to provide similar information but also provides access to customs services providers and other market providers. Another platform that attempts to improve regional trade, is the Exporters Toolkit, which is an initiative from the Caribbean Export, an entity that supports private sector development. The toolkit serves as a guide for businesses looking to embark on export ventures by providing resources to assess business health, secure funding, and find buyers. There are others, such as the World Bank’s WITS Data and Jamaica’s Single Window for Trade (JSWIFT). These platforms highlight the Caribbean’s commitment to enhancing trade facilitation and economic integration, positioning the region as a competitive player in the global economy.
Globally, marketplaces have fundamentally changed how people shop and there is a significant focus on B2C chains. For example, in Europe, as at 2023 approximately 85% of all retail web traffic flows through marketplaces which now account for 62% of the region’s leading 100 retailers by category. The proliferation of third-party marketplaces has grown five-fold since 2007 and it is anticipated that by 2027, almost 60% of all online sales will occur on such platforms.
Don’t miss out on the opportunity to connect with top suppliers, buyers and other import-export stakeholders in the Caribbean region!
- 2024-09-09