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CARICOM challenged to grasp opportunities from financial crisis

May 18, 2009 News

CARICOM nations have been challenged to grasp the opportunities that may present themselves as a result of the global financial and economic crisis.
This is according to Deputy Prime Minister and Minister of Foreign Affairs of Jamaica, Dr. Kenneth Baugh, during a press conference at the Buddy’s Princess Hotel just before the conclusion of the 27th meeting of the Council for Trade and Economic Development (COTED).  “We need to turn the crisis into opportunity,” Dr. Baugh said.  At the two-day meeting, the Caricom Secretariat provided a report on the impact of the crisis on the community.
St Lucia’s Minister of Commerce, Industry and Consumer Affairs Charlotte Tessa Mangal, who chaired the meeting, said member states had recorded a downturn in several sectors including tourism and services, as well as a decrease in remittances.
The Caricom-Canada negotiations for a Trade and Development Agreement were also discussed at the meeting and according to Mangal, the talks at the political level could begin as early as next month.
Those discussions are also geared towards arriving at an agreed position on the development dimensions to be included in the agreement.
At the Council Meeting, Ministers welcomed Haiti’s progress towards participation in the Goods Regime of the CARICOM Single Market and Economy (CSME) with the recognition that once parliamentary approval was granted, the Single Market with respect to Goods would increase from 6M to 14 M.
Secretary-General of Caricom, Dr. Edwin Carrington apprised the meeting of the steps that were being taken towards the smooth transition of the Regional Negotiating Machinery into the Caricom Secretariat as a specialised department.
Heads of Government, at their 20th Inter-sessional meeting in Belize during March last had mandated the incorporation of the RNM into the Secretariat.
Carrington said that work was going well and the final structure would ensure that the gains made in developing negotiating capacity within the community were not lost.
Developments with respect to the Economic Partnership Agreement (EPA) signed between the Caribbean Forum of African, Caribbean and Pacific States (CARIFOUM) and the European Community would also be discussed.

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