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CARICOM meeting in Guyana to discuss single market economy this week
Ministers of Trade and Foreign Affairs of CARICOM, in Guyana, last year
The Forty-Eighth Regular Meeting of Council for Trade and Economic Development (COTED) will be held in Georgetown, Guyana, from Monday, at the Marriott Hotel.
COTED, which is a secondary organ of the Caribbean Community (CARICOM), exists to promote trade and economic development of the Community and to oversee the operations of the Single Market and Economy.
Among the matters on the agenda of the Meeting are the implementation of the CARICOM Single Market and Economy (CSME).
CSME was noted and envisioned in the Grand Anse Declaration and work programme for the advancement of the integration movement, in Grand Anse, Grenada in 1989.
That vision has three main features: Deepening economic integration by advancing beyond a common market towards a Single Market and Economy; widening the membership and thereby expanding the economic mass of the Caribbean Community (e.g. Suriname and Haiti were admitted as full members in 1995 and 2002 respectively); and progressive insertion of the region into the global trading and economic system by strengthening trading links with non-traditional partners.
Although CSME has been established, it is yet to be completely implemented. The completion of the CSME with the Single Economy will be achieved with the harmonisation of economic policy, and possibly a single currency.
Other items on the agenda are intraregional trade, as well as external, economic trade relations.
COTED Chair, Sandra Husbands, Minister in the Ministry of Foreign Affairs and Foreign Trade of Barbados, and CARICOM Secretary-General, Ambassador Irwin LaRocque, are expected to address the opening ceremony of the Meeting.
The previous regular meeting of COTED was also hosted by Guyana, last year.
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