Global financial situation high on CARICOM Bureau’s agenda

Nov 19, 2008 News

As individual member states assess the implications of the current financial situation, the Bureau of Heads of Government of the Caribbean Community (CARICOM) will consider the global economic and financial crisis at its Twenty-Fourth Meeting on Saturday.
The Bureau, which comprises the current, incoming and outgoing chairmen of the Community and the CARICOM Secretary-General, will hold discussions in St John’s Antigua and Barbuda on the global situation, with specific reference to tourism, the price of oil, remittances, and foreign direct investment, among other areas.
While the price for oil has dropped, there are indications that remittance flows to the Region and Foreign Direct Investment will likely decrease. Member States of CARICOM have already begun to sound the warning that the tourism industry faces stiff challenges in light of the situation.
In addition to the global crisis, the Heads of Government will consider as well the impact of the new political situation in the United States of America following the election of a new president early in November.
Disasters in the Region are also an agenda item of the Bureau Meeting which is being held against the background of recent catastrophes in the Region including hurricanes and the collapse of a school in Haiti which resulted in 91 deaths.
The implementation of the recently signed Economic Partnership Agreement (EPA) between the Caribbean Forum of African Caribbean and Pacific States (CARIFORUM) and the European Commission (EC), will be among the issues discussed at the Meeting.
In October 2008, fourteen members of CARIFORUM signed the agreement, which replaces the trade elements of the Cotonou Agreement. Haiti, which did not sign the agreement, has asked for time given the fact that its new government has been battling the effects of four consecutive hurricanes, leaving the recently appointed government little time to consider the Agreement.
Among the other issues for deliberations at the Bureau Meeting are preparations for negotiations of a CARICOM-Canada Trade and Development Agreement, and the governance of the Caribbean Regional Negotiating Machinery.
The Heads of Government will also focus on upcoming important fora including Summit Meetings in Cuba and Brazil next month, the Twentieth Inter-Sessional Meeting of the Conference of Heads of Government scheduled for the first quarter of 2009 and the Fifth Summit of the Americas.
Other agenda items include the troubles facing the Caribbean Media Corporation.

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Global financial situation high on CARICOM Bureau’s agenda

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