CTO deputy director of marketing for UK and Europe Jo Spalburg, who heads the London office, said the move had been triggered simply by the lack of any previous review.
'Most companies have reviews every now and then. This review is nothing special,' he said.
The account has been held by BGB & Associates throughout that time and Spalburg believes a review is 'well overdue'.
He said the relationship between the CTO and BGB had 'had its ups and downs', although he declined to elaborate.
Spalburg said more than ten PR firms - both travel specialists and generalist firms - had indicated an interest in the brief.
BGB is in the running and Spalburg insisted the agency had as much chance as any other of securing a new contract, which will run from 1 January 2003.
BGB runs the CTO's press office and undertakes proactive media relations work.
Set up in 1989, the CTO aims to promote the diversity of the Caribbean region.
The organisation represents 33 countries, including French, English, Spanish and Dutch-speaking islands. Its membership is also drawn from tour operators and small hoteliers and hotel chains.
The CTO rebranded all advertising and press materials with the strapline 'Caribbean - Everything You Want It To Be', at the start of this year.