Strong
Caricom, stronger T&T
Trinidad Guardian
Port Spain
Petroleumworldtt.com
07 08 07
The importance and relevance of the Caribbean Community
(Caricom) can never be overemphasised. Like all
other trading blocks, this arrangement among the
15 Caribbean States has had to affect compromises in order to move the region
forward.
Following the demise of the Federation, the integration
process restarted with the establishment of the
Caribbean Free Trade Area (Carifta), which developed
into the Common Market in the 1970s and to the
implementation today of the Caricom Single Market
(CSM) component of the Caricom Single Market and
Economy (CSME); Caricom has certainly come a long
way.
The
People’s National Movement (PNM) has
always supported regional integration and this
sentiment is enshrined in the Constitution of the
PNM under item 12 of Article 2 – Aims and
Objectives, which states:
“Economic
integration of and cultural collaboration among
the various countries of the Caribbean in
the interest of the political dignity, economic
development and social being of its peoples.”
Therefore, from its inception to the present,
in and out of government, the PNM has always proposed
policies and given support to make Caricom more
effective in its representation of the peoples
of the Caribbean.
This
has been acknowledged time and time again and
even more recently at the Heads of Government
Meeting in Barbados by no lesser person than Dr
Ralph Gonzalves, the Prime Minister of St Vincent
and the Grenadines who has described Trinidad & Tobago
as the prime mover in the integration process and
praised our leader, Prime Minister Patrick Manning,
for leading the way.
Common concerns
You
will recall that in 2005, one year ahead of the
scheduled implementation date, T&T was
one of the first three Member States to have in
place the basic infrastructure for Single Market
compliance.
This
is indeed commendable given the need for the
CSME and this government’s historical
commitment and support of it.
The
need for the creation of an enlarged economic
space was imperative when we take into consideration
the fact that many Caricom Member States are being
buffeted by external economic decision making over
which we have no control, resulting in a decline
in international market share for their exports,
trade in services accounts for a growing percentage
of Member States’ GDP; many Caricom nationals
are constrained to seek employment opportunities
outside the region even as Caribbean businesses
continue to undergo structural changes to better
prepare them to exist in a fiercely competitive
international business environment.
T&T
is a small, open economy with a population of
about 1.3 million people.
Most
of our non-energy exports enter Caricom countries,
which make up our second largest market, accounting
for 85 per cent of intra-regional trade. T&T
recognises the importance of Caricom to our growth
and development.
Trade is essential to our growth either we trade
or we perish and with trade barriers falling due
to globalisation and our protected markets eroding,
our exports now face increased competition from
world markets.
The CSME helps to address these common Caribbean
concerns by allowing for the free movement of goods,
services, people, capital and the right of business
establishment.
These five pillars of this initiative will:
* encourage the trade in and production of Caricom
goods (especially agriculture, which can lead to
reduced prices at the supermarket);
* enable service providers to easily offer their
particular service to places where a shortage in
those skills may exist;
* provide regional opportunities for skilled Caricom
nationals;
* increase intra-regional investment; and
* ease the process of establishing businesses
in the region.
The
establishment of the Caricom Single Market component
of the CSME in 2006 is indeed a milestone
in our region’s history.
It brings to fruition 16 years of visionary planning
and individual and collective diligence by the
12 participating Member States of Antigua and Barbuda;
Barbados; Belize; Dominica; Grenada; Guyana; Jamaica;
St Kitts and Nevis; St Lucia; St Vincent and the
Grenadines; Suriname and Trinidad and Tobago.
The CSME is the natural evolution of Caricom.
Even though the single economy, our ultimate goal,
is to be fully implemented by 2015, the single
market is expected to result in a more integrated
regional group.
This PNM administration has invested substantial
resources to make us more competitive both in Caricom
and in the wider world markets. The Government
has:
* improved our business competitiveness;
* facilitated research and development investment
in business enterprises;
* increased the number of new business, particularly
in Caricom;
* increased productivity per worker; and
* streamlined the regulatory procedures for establishing
business
This
administration has also realised from this party’s
vast experience of over 41 years in government
that businesses flourish in an environment
that is conducive to their growth and development
and enhances their competitive edge.
Therefore, this government in its wisdom has put
all the above in place and has embarked on a sustained
training programme to get its people fully geared
up to compete in the regional and foreign markets.
Business climate
Today,
T&T is at the helm of intra regional
trade, a fact noted most recently by Rt Honourable
Owen Arthur, Prime Minister of Barbados who called
for the establishment of the Regional Competition
Commission by the end of this year to oversee regional
trade and T&T welcomes this suggestion.
To
recognise T&T’s dominant position
in the CSME is great praise indeed, but it is important
for Member States to recognise that this was not
done by luck or sudden flight, but rather through
foresight and proper planning, which this PNM administration
has used to ensure that the CSME is a success.
This Government is cognisant that it is businesses
that compete, not countries and has recognised
that stability and predictability are essential
elements in a supportive business climate.
In this regard the Government has simplified and
broadened the tax base, created a stable macroeconomic
environment, implemented flexible labour legislation
and developed an investment policy and export strategy
all of which place us favourably to continue to
successfully operate in the CSME and receive our
just rewards.
Magnum est PNM
et praevelebit
May God bless our Nation.
www. pnm.org.tt
Trinidad Guardian
Sunday 8th July, 2007
Guardian Express
Tuesday, July 3rd 2007
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©2007 Trinidad Publishing Company Limited
. All Rights Reserved.
