COTED targets more efficient trading systems

Nov 14, 2015 News

The Council for Trade and Economic Development (COTED) yesterday ended its 41st meeting, rolling out plans for the implementation of the CARICOM Single Market and Economy application processing system and a proposed establishment for a Caribbean regulation framing system for medicines.
The meeting was closed by Minister of Foreign Affairs and Foreign Trade of Barbados Maxine Mc Clean yesterday at the Pegasus Hotel in Kingston. Mc Clean said the Member States benefited from “fulsome” discussions that will help to further develop the Region.
The convention discussed several critical issues, such as inter-regional trade; the CARICOM Single Market and Economy (CSME) application system; advancing regional public procurement regimes; the CARICOM Development Fund; and the state of trade negotiations amongst partners, including Cuba.
Mc Clean stated that the implementation of the CARICOM Single Market and Economy application processing system (CAPS) will begin on a phased basis next year. She said CAPS is an information technology tool that is integrated among the 12 Member States that are actively participating in the CSME.
Under the CAPS CARICOM, she explained, nationals can use their computers and portable communication devices to apply for skills and services certificates from anywhere in the world. “The CAPS is part of an effort to make our systems and procedures more efficient and user-friendly,” she indicated.
A special session was held for the private sector, with issues of cost and ease of doing business in the Caribbean, competitiveness, the quality assurance, security and all its ramifications, human energy, community rights, media as part of the private sector, communication, and economy being deliberated.
Mc Clean stated that the private sector issues were the first to be discussed since CARICOM acknowledges the “business community as the engine of growth as our first order of business.” She said it focused mainly on investment promotion, challenges and priority for the business community, conducting business in the Caribbean and the successes of various private sector development interventions.
She added that the Ministers recognized that a response to the private sector should be strategic and coherent, addressing areas such as concentration, risk factors, use of cash limits for official transactions, including customs, access to finance and the development of an effective communication strategy.
“The CARICOM Secretariat will establish a matrix on the actionable point of the discussion and draw up an implementation schedule on those matters,” she disclosed.
CARICOM Secretary-General, Ambassador Irwin LaRocque on Thursday, during the opening of the meeting, said he has been advocating for the private sector’s greater participation in the Council. He said that the significance cannot be over-emphasized since CARICOM’s commitment to increase development and employment as highlighted in the strategy plan.
She added that COTED recognized the need to address matters impacting the Region’s health. She stated that there is a need to confront non-communicable diseases that are affecting the workforce and affecting its competitiveness. She said that COTED agreed to have further consultations on matters affecting the region’s health.
Mc Clean noted that COTED was considering a presentation on a proposed establishment of a Caribbean regulation framing system for medicines. She said such a system would lead to improve access to medicines and facilitating manufacturers’ access to our markets and products surveillance in the region.
She said the Caribbean Public Health Agency (CARPHA) was highly recommended by the council for human and social development to oversee this system.
Mc Clean also stated that COTED had commenced deliberations on the region’s future economic trade strategy and agenda, taking into account the request from other countries in the wider Caribbean and the hemisphere to conclude trade agreements with CARICOM.
“In noting that the specific studies and assessments of potential benefits were expected to be completed by the second half of 2016, Member States agreed to continue their discussions in further meetings of the COTED in order to make appropriate recommendation to Heads of Governments in a timely manner on future engagements,” she said.

Latest News

COTED targets more efficient trading systems

Related

Similar Articles

The Glenn Lall Show | February, 3rd, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

BCA, GCB to attend CWI meeting on February 9

Bolstered Harpy Eagles eyeing perfect home record...

Hockey PAHF Junior Challenge schedule released

Mash Street Football Super-16 Showdown in Mocha...

Govt’s unified approach will see significant...

Camille’s Academy unites with GGA Nexgen...

Features/Columnists

Democracy is a long-term commitment

OAS Secretary General Election and renewed OAS Consensus

Renegotiation-speaking only for me

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

COTED targets more efficient trading systems

Share this:

Related

Similar Articles

The Glenn Lall Show | February, 3rd, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]