BELMOPAN, Belize, CMC -Prime Minister John Briceno says the present cost of living crisis is arguably the region’s most significant challenge and can only be overcome when like-minded and progressive leaders work together.
In a virtual address to the Anti-Inflation and Food Security Summit in Mexico, Briceno said the event provides an opportunity to engage and work constructively on the many trade and industry development issues requiring collective and dedicated attention and action.
“We, like others in our region, have been dealt a stark reminder that the diversification of our productive base and trading partners is key to building true economic resilience,” Briceno said, adding that his government has worked diligently to lead a historic rebound in Belize from near economic and social collapse brought on by the COVID-19 pandemic, the conflict in Ukraine, and the climate crisis.
“But our people have been unable to feel sustained economic relief as their spending power continues to be eroded by this generational cost of living crisis. The present cost-of-living problem is arguably the most significant challenge facing our region today, one that can only be overcome when like-minded and progressive leaders work together.
“Therefore, we welcome this opportunity. At the same time, we call for an extension of the May 16th Presidential Decree, which will complement the New Anti-Inflation Initiatives.”
The summit brought together regional leaders to discuss efforts to curb the impacts of inflation in the region. Prime Minister tanked the Mexican President, Andrés Manuel López Obrador, for the invitation and opportunity to address the summit.
Briceno said that in In building productive capacity, it is Belize’s goal to advance several critical sustainable development goals like reducing poverty, promoting decent work for economic growth, and modernizing industry and infrastructure.
“It is not lost on us that significant work will be done among this 11-nation alliance. Our countries vary significantly in size and productive capacity and maintain various longstanding trade and economic integration relationships that must be accounted for when engineering our new reality.
“As we seek to deepen ties, Belize renews its commitment to our shared goals of promoting the development and integration of our region. We have an opportunity to reduce barriers to trade for an agreed basket of essential goods for our people. “
Prime Minister Briceno also said this could be accomplished by strengthening the region’s economic cooperation mechanisms that enhance trade facilitation and increase regional agricultural productivity to attain strategic autonomy in the selected food and services sectors.
“A collective and broad development strategy will ultimately promote regional specialization, economies of scale, and mutual economic interdependence of the group of countries participating in the alliance.”
He said that all should embrace the proposal by Mexico for countries to agree on a facilitation mechanism to combat inflationary forces and grow intra-regional trade.
“Belize recommends a renewed focus on an industrial policy framework that gives meaningful support and incentives to enable investments targeting value-addition and access to established value chains or those to be created.
“Investments should be prioritized in science and technology to support the growth and resilience of the agricultural sector, thereby improving the production of food and insulating the region’s economies from the adverse impacts of global crises, including pandemics.”
Briceno said clearly, there is an urgent need to increase the availability of financing accessible by the private sector, adding that Belize will continue to benefit significantly from Mexico’s generosity and leadership under the Sembrando Vida project.
“This project can drive improvements in sustainable agricultural processes and practices, leading to increased productivity, penetration of export markets, and financial inclusion. Sembrando Vida captures the spirit of the type of trade and economic cooperation that should define our ambition.
“We want to lead a region where our economies become more resilient and adaptable. Let us be decisive in our actions but considerate in our deliberations as we seek ways to enhance our relations,” Briceno told the summit.
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