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Regional Trade Ministers converge at Princess Hotel

Mar 29, 2012 News

 

…to discuss CARICOM’s response to current oil crisis

CARICOM’s Council for Trade and Economic Development (COTED) will from today examine recommendations to ease the effects of the rising cost of fuel and commodities on the Region’s economies.
This matter was first raised at COTED in May last year at the height of the crisis in North Africa which had triggered an increase in the prices of fuel which in turn caused a hike in the cost of other commodities.
The discussions will take place at the 34th Meeting of COTED at Princess Hotel, Providence, and end tomorrow, a CARICOM statement said yesterday.
On Monday morning at the CARICOM Secretariat, trade officials began their deliberations ahead of the two-day Ministerial Meeting.
The Ministers will also look at regional consumer protection and the recommendations from the report on the full integration of Belize and the OECS into the CARICOM Single Market and Economy (CSME).
With respect to external economic trade relations, discussions will focus on the CARICOM- Canada Trade and Development Agreement, and the implementation of the Economic Partnership Agreement (EPA) signed between CARIFORUM/ACP States and the European Union (EU).
Ministers will also consider preparations for re-engaging the Dominican Republic on the implementation of the CARICOM-Dominican Republic Free Trade Agreement, as well as re-engagement with the United States in the CARICOM-US Trade and Investment Council (TIC).
Discussions will also centre on trade matters with other third states including China, Costa Rica and Panama.
The lengthy COTED agenda also includes discussion on the CARICOM body’s input with respect to restructuring its Secretariat.
The Secretariat’s restructuring was the subject of a report by independent consultant, Landell Mills Ltd.
Heads of Government had mandated the assessment of the Community’s institutions beginning with the Principal Administrative Organ, the Secretariat, and received the report – `Turning CARICOM Around: Proposals to Restructure the Secretariat – at their just-concluded Inter-Sessional meeting in Paramaribo, Suriname.

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