Caribbean countries must integrate says U.S. ambassador

Friday, October 10, 2003

PORT-OF-SPAIN, Trinidad: Caricom countries must integrate their markets if they are to survive in a liberalised trading environment. That's the word from U.S. Ambassador, Dr Roy Austin who on Wednesday addressed the Caribbean Latin American Action Forum entitled "Financial Integration - One Regional Capital Market."

The Trinidad Guardian quoted Ambassador Austin as saying the integration of the region's markets must be a joint effort of the public and private sectors. 

"Small economies are disadvantaged when they compete in the globalised market. Limited production capacity and restricted access to capital make it difficult to compete against much larger countries or economic blocks," the paper quoted Mr. Austin as saying. "To survive in the global market place, integration is vital. Therefore, for small markets, progress means accepting the necessity for integration. Then these markets must develop a strategy to promote integration." 

Speaking just after the forum's luncheon, Mr. Austin noted while Caribbean states have been working together to remove market limitations, they can do more to increase access to open markets. 

He acknowledged the process of integrating capital markets is not easy it reaps monetary and social rewards as well.
"Capital market integration fosters mutual prosperity," added the U.S. ambassador. "Growth which results from efficient and liberalised economies, increases the pool of wealth and gives everybody a chance to prosper."

Those who participated at the CLAA forum, held at the Hilton Trinidad, included Central Bank Governor, Mr. Ewart Williams, Republic Bank Chairman, Mr. Ronald Harford, First Citizen's Bank Chief Executive Officer, Mr. Larry Howai and RBTT Financial Holdings Ltd., Director, Mr. Philip Marshall 

  Back...

  Printable version