India-CARICOM Economic & Commercial Cooperation
- Institutional Dialogue Mechanism: India and CARICOM established a Standing Joint Commission on Consultation, Cooperation and Coordination in November 2003. The first meeting of the Joint Commission took place in 2015 and its 2nd meeting was held virtually on 6 November 2024. The Joint Commission provides an institutional mechanism framework for both sides to explore and further strengthen cooperation and partnership between India and CARICOM region.
- Capacity Building: A training programme on capacity building in Strategic Planning, Project Management and Monitoring & Evaluation was conducted by two experts from the Entrepreneurship Development Institute of India, Ahmadabad from 10-20 July 2017 at the CARICOM Secretariat in Georgetown. A special training programme for mid-level CARICOM diplomats was conducted from 13-24 November 2017 at Foreign Service Institute in New Delhi in which 25 diplomats from the CARICOM participated. 2nd Special Programme was held in August 2019 with the participation of 23 diplomats from 10 countries. Two CARICOM officers attended the G20 Conference titled "Crime and Security in the age of NFTs, AI and Metaverse" on 13-14 July 2023.
- Trade & Investment: The total bilateral trade between India and CARICOM in 2023-24 stood at US$ 986.86 million with Indian exports of US$ 627.66 million and Indian imports of US$ 359.20 million. Guyana, Trinidad, Haiti, Jamaica and Suriname are the major trading partners for India in the region. CARICOM’s major imports from India include pharmaceutical products, surgical instruments, iron and steel, articles of iron & steel, clothing and accessories, articles of plastic, articles of rubber, tea, coffee, spices, fabrics, textiles, carpets, yarn, twine, tobacco products, organic and miscellaneous chemicals, dairy products, appliances and parts, vehicle parts and accessories, ceramic products, electronic goods, etc. CARICOM’s top exports to India include mineral fuels, mineral oils and products, bituminous substances, aluminium ores and concentrates, wood and wood products, essential oils, copper scrap, cast iron scrap, aluminium scrap, other metal scraps and batteries scrap etc.
- Development Cooperation: During the third India-CARICOM Ministerial Meeting in September 2017, India offered emergency aid of US$ 200,000/- to the worst affected CARICOM countries (US$ 100,000 each to Antigua and Barbuda and Dominica) and additional US$ 2 million from the India-UN Partnership Fund for South-South Cooperation for rehabilitation projects in CARICOM. In the first India-CARICOM Summit held in 2019, India offered US$ 14 million Grant (US$ 1million per CARICOM member state) for quick impact community development projects; US$ 150 million Line of Credit (US$ 10 million per CARICOM member state) for solar energy and climate change related projects; and special capacity building courses, training and deputation of experts based on CARICOM requirements.
During the India-CARICOM Foreign Ministerial Meeting held in Georgetown in April 2023, India offered US$ 1 million Grant and five Quick Impact Development Projects for US$ 50,000 in a year to CARICOM Member States to support small and medium-scale enterprises and socio-economic development and social infrastructure.
In the 2nd India-CARICOM Summit held on 20 November 2024 in Georgetown, Guyana, Hon’ble Prime Minister of India offered assistance to CARICOM countries in seven key areas, i.e. capacity building, agriculture and food security, renewable energy and climate change, innovation, technology and trade, cricket and culture, ocean economy and maritime security, medicine and healthcare.
ICT Centres have been established in Grenada and Guyana. Under ITEC Programme, an Indian fisheries expert/scientist Dr. Pranaya Kumar Parida, was deputed to the Caribbean Regional Fisheries Mechanism in St. Vincent and the Grenadines from December 2022 to January 2025 for assisting with fisheries assessment/statistical analysis/development plan formulation activities for CARICOM.
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