On Friday, February 21, 2025, the Honourable Serge Letchimy, President of the Executive Council of Martinique, visited the Caribbean Export Development Agency in Barbados. This visit coincided with Martinique’s significant milestone of signing an accession agreement to become an associate member of the Caribbean Community (CARICOM) during the 48th Regular Meeting of the Conference of Heads of Government of CARICOM.
During discussions at Caribbean Export, President Letchimy outlined a comprehensive framework aimed at deepening Martinique’s integration into the Caribbean market. He outlined the dual identity of Martinique as both European and Caribbean, highlighting the island’s strategic position to serve as a bridge between the European Union and CARICOM member states.
A focal point of the meeting was the exploration of relationships between African, Caribbean, and Pacific (ACP) countries and the European Union’s outermost regions. President Letchimy proposed the development of fiscal norms and the reduction of trade barriers, including the elimination of duties, to facilitate the free circulation of goods. He also advocated for joint programming of funds and the enhancement of logistical, digital, air, and maritime connectivity to bolster regional trade.
Historically, freight aid was predominantly allocated for raw materials imported from Europe. President Letchimy suggested revising this approach to extend benefits to regional trade, thereby reducing costs for Caribbean entrepreneurs. He underscored the importance of collaboration with CARIFORUM to harmonize efforts, viewing Martinique’s accession to CARICOM as a pivotal step in legitimizing direct negotiations and fostering independent trade agreements.
The President highlighted existing programmes, such as the Martinique Initiative and Development Martinique, as potential platforms for cooperation. He expressed enthusiasm for increased business exchanges between Martinique and other Caribbean firms, noting the island’s strategic location as advantageous for regional commerce.
Executive Director, Dr. Damie Sinanan on behalf of Caribbean Export extended congratulations to Martinique on its impending CARICOM membership and welcomed the opportunity to strengthen partnerships with Martiniquan firms. Dr. Sinanan acknowledged its longstanding collaboration with French Caribbean Outermost Regions (FCORs) to support trade and emphasized the agency’s commitment to facilitating greater participation of Martiniquan businesses in regional economic initiatives. Notably, Caribbean Export looks forward to engaging Martiniquan firms in projects such as the EU-LAC Digital Accelerator, which fosters digital transformation and innovation among businesses in Latin America, the Caribbean, and the European Union.
The agency also underscored the importance of leveraging Martinique’s accession to CARICOM to create synergies in trade, investment, and capacity-building programmes. By integrating into regional frameworks, Martiniquan businesses will have greater access to support mechanisms that enhance their competitiveness and expand market opportunities.
Martinique’s journey toward CARICOM membership has been a decade-long endeavour, culminating in the recent signing of the accession agreement. This move is anticipated to strengthen regional cooperation across various 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 bridge Caribbean nations with European markets.
The finalization of Martinique’s associate membership awaits ratification by the French National Assembly, which must approve the Protocol on Privileges and Immunities. Once completed, Martinique will join the ranks of CARICOM’s associate members, further solidifying its commitment to regional integration and cooperation.
This development signifies a historic moment for both Martinique and CARICOM, promising to enhance economic diversification, cultural exchange, and collective resilience in addressing shared challenges within the Caribbean region.
