Trade and Development - the Caribbean Perspective

  Nearshoring. That old concept which has attracted renewed focus and attention. In the present Covid-19 ravaged global economy, there is renewed discussions on this concept -  particularly for strategic industries such as food and medicine.  Given this, what exactly does the concept mean? What are its implications? What is the Caribbean context in this conversation? Stick around if you are interested in my responses to these questions. Nearshoring is where a country's imports or a company's purchases are sourced from geographically-closer suppliers. For example, if the Caribbean changes its supplier for medical equipment from those in the US to those in Barbados, it has engaged in nearshoring. The implications of this can include first, lower probabilities of disruption to supply chains. This is because shorter geographical distances generates lower possibilities of unexpected developments and a less complex transportation route. Second, changes in purchasing price. If ...