Many benefits for Caribbean nationals from the CSME, says Grenada Ambassador

by Kishawn Thomas
Caribbean Net News Grenada Correspondent

Monday, May 9, 2005

ST. GEORGE’S, Grenada: The overall objectives of implementing the CSME are economic integration, foreign policy coordination and functional cooperation. “The economic integration process has as its goal, a Single Market and Economy,” according to Dr Patrick Antoine Ambassador and Permanent Representative to the WTO and Strategic Trade Policy Advisor to the Government of Grenada.

Speaking on the backdrop of the CARICOM Single Market and Economy Dr. Antoine said that all participating countries within the OECS member states must cooperate and coordinate in the strengthening, coordination and regulation of the economic and trade relations among member States to promote their accelerated harmonious and balanced development; the sustained expansion and continuing integration of economic activities, the benefits of which shall be equitably shared, and; the achievement of a greater measure of economic independence and effectiveness of its member states.

Dr. Antoine said that with the CSME Caribbean nationals will be exposed to a wide range of benefits and opportunities. He said that the CSME in full swing will allow businesses to grow and small developing countries to expand to new horizons. “The participating countries should focus on the positives of the CSME and remedy the negatives, so that the problematic areas will not be a deterrent,” said Dr. Antoine.

“Some other principal issues on CARICOM’s agenda for the CSME include: advancing the interest of the region in the context of the emergence of external trade arrangements such as the World Trade Organisation (WTO) the Free Trade Area of the Americas (FTAA) and the North American Free Trade Area (NAFTA); strengthening of relations with the wider Caribbean through the establishment of trade and economic agreements with Venezuela, Colombia, Cuba, Dominican Republic, and the wider Caribbean, the Association of Caribbean States(ACS); CARICOM also concerns itself with other issues of importance such as security, combating narco-trafficking, protecting the environment and preserving democracy as evidenced by its role to resolve the Haitian crisis,” he said.

Former Prime Minister of St. Lucia and Professor, International Relations of the Caribbean Institute of International Relations University of the West Indies, Trinidad Dr. Vaughan Lewis said that CSME member countries must recognize that globalization and liberalization have important implications for international competitiveness. “We must be determined to enhance the effectiveness of decision making and implementation processes of the CSME”, he said.

One must be cognizant of the fact that that a fully integrated liberalized internal market will create favourable for sustained, market-led production of good and services on an internationally competitive basis.

It was also affirmed that the original jurisdiction of the Caribbean Court of Justice is essential for the successful operations of the CSME.

The Single Market and Economy in a nutshell:

The Single Market: - on becoming a reality will allow CARICOM goods, services, people and capital to move throughout the Caribbean Community without tariffs/barriers and without restrictions so as to create a single large economic space, and to provide for a harmonious economic and trade policy for all CARICOM States;

The Single Economy: - will facilitate the coordination and harmonization of inter alia foreign exchange and interest rate policies, tax regimes, laws and common currency, among other things so as to achieve more homogenous economic performance across CARICOM member states. Both arrangements should lead to greater efficiency for the benefit of the region.

The CSME will bring it a number of job opportunities. Barbados, Jamaica and Trinidad and Tobago have already implemented the CSME and the remaining countries are expected to do the same in January of 2006.

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