CSME:
T&T dominating trade
By
Roxanne Stapleton
Trinidad
Express
Port
Spain
Petroleumworld.com
07 23 06
HEAD
OF the Caribbean Single Market and Economy (CSME)
Unit, Ambassador Jerry Narace said last week that
though timelines of 2006 and 2008 have been scheduled
for the implementation of the Single Market and
Single Economy components of the CSME, aspects of
the Single Market have already been in operation.
"Our
regional manufacturers have been operating in a
single market since the 1970s, to the extent that
the value of intra-regional domestic exports among
Caricom member states increased from EC$2.2 billion
in 1996 to EC$3.2 billion by 2003.
"Trinidad
and Tobago in particular commands 80 per cent of
that trade," Narace said last week.
In
late March he revealed that there were approximately
2,000 applications for certificates of recognition.
Narace
said then: "The correct number of skills certificates
issued by Trinidad and Tobago to all the various
member states at last count was 719 - Antigua and
Barbuda 13; Barbados 71; Belize 2; Dominica 33;
Grenada 26; Guyana 114; Jamaica 191; St Kitts and
Nevis 7; St Lucia 46; St Vincent and the Grenadines
29; Suriname 19 and Trinidad and Tobago 168."
Speaking
last week he noted further: "Capital is moving
freely, services are being traded on the principles
of national and most favoured nation treatment.
"Caricom
nationals have been accessing benefits and exercising
their rights under the Social Security Arrangement
and Double Taxation Agreement and Caricom Regional
Organisation for Standards and Quality (CROSQ) is
working with national standards bodies throughout
the region.
"Further,
the economic performances of some of our member
states, while owing to the pursuit of sound economic
policies, demonstrate the successful functioning
of the Single Market.
"Barbados
has been enjoying growth rates in tourism, manufacturing,
construction and services at an average rate of
some four to 4.5 per cent per annum since 2004,
with an unemployment rate down to nine per cent
- all indicators for 2006 point to the same trend
continuing."
Jamaica
he said, has experienced recovery in agriculture
and growth in the agro-processing and construction
industry, together with a 12 per cent growth in
the tourism sector for 2005.
Turning
to Trinidad and Tobago he reiterated that the twin
isle state is experiencing its 12th successive year
of positive economic growth and healthy trade surpluses
with our major trading partners leading to an accumulation
of external reserves of US$3.8 billion.
And
on the Single Economy he purported that "some
work has started and in some instances completed"
to have in place a framework within which it can
be developed.
Narace
continued: "A regional plan for sustainable
tourism has been developed and approved by Heads
of Government; a common strategic plan for regional
agriculture and a regional transformation programme
for agriculture to put the sector on a more competitive
footing has already been presented to and approved
by Heads of Government.
"A
regional plan for the development of services was
started in 2002 and elements of the proposed programme
have been submitted for the consideration of member
states and a task force on a regional energy policy
has been created and is developing recommendations
to support regional initiatives in this crucial
area."
He
stressed that the sector specific works are intended
to give direction, coherence and impetus to the
main elements of the Single Economy.
Of
the benefits, Narace said that "prospects for
social and economic development are phenomenal".
"Drawing
on the experience of other integration arrangements
and based on statistical evidence, the European
Union, the only other economic grouping to rival
the CSME, has shown a marked increase in economic
activity among member states.
"Indeed,
intra-regional trade rose by 41 per cent in the
first 10 years of the Eurpoean Union, 17 per cent
in the first seven years of NAFTA, 67 per cent in
the first nine years of Mercosur's existence and
the anticipated benefits of deeper integration across
ASEAN member states should be in the order of 10
per cent of this regional economy.
"While
some commentators contemplate that benefits will
not accrue to the less developed, experience from
other regional trade blocs suggests that these less
developed countries have the most to gain from integration."
Giving
an example, Narace said: "In the European Union,
GDP growth has been far higher in Ireland, Portugal
and Spain, which were largely agricultural when
they joined, than for Britain, France and Germany.
"Similarly,
in NAFTA, Mexico has grown faster since integration,
than the US or Canada - indeed, merchandise exports
from Mexico to other members increased by more than
500 per cent from 1990 to 2004, in an environment
where intra-regional trade among members grew by
300 per cent during the same period.
"It
stands to reason therefore, that a similar trend
could be experienced in Caricom."
And
now that nurses and teachers have been added to
university graduates, sports persons, media personnel,
artistes and musicians, as professionals granted
free movement for work, once granted a Certificate
of Recognition of Caribbean Community Skills Qualification,
Narace said the region would fare much better in
the global environment.
He
added that there is a commitment by the Community
to remove the "elitist stigma" attached
to the categories of persons eligible for free movement
within the region.
Narace
spoke at a conference jointly hosted by the CSME
Unit and the Trinidad and Tobago Manufacturers Association,
at the Association's Barataria headquarters.
Trinidad Express
Wednesday, July 19th 2006
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©2006 Trinidad Express . All Rights Reserved.
