Caricom delegates at the Twentieth Special Meeting of the Caricom Council for Trade and Economic Development (COTED) agreed that the region must make a direct response to the trade challenges it faces.
A press release from Caricom said Secretary-General Edwin Carrington, at the brief opening ceremony, pointed to the “propitious juncture” at which the meeting was taking place. Carrington said the region needs to take stock of its existing and prospective trading relationships as regards their actual and potential contribution to internal development initiatives, particularly to contributions to the Caricom Single Market and Economy (CSME) and the OECS Economic Union. Carrington said special attention will need to be paid to progress and necessary adjustments, in the negotiation for Economic Partnership Agreements (EPAs) with a Europe no longer comprised only of traditional partners.
Belize Minister of Foreign Affairs and Trade, Eamon Courtenay, said “Current trends in trade relations demand a direct response rather than subtlety.” In his opening remarks at the Meeting on Strategic Issues in External Trade Negotiations, Courtenay pointed to the challenges the region faces in the global arena declaring “the time for vacillating has ended”. He said the meeting must produce “tangible results” and decisions, based on frank political discussions, must be clear and based on advice from experts.
Caricom said the two-day meeting was held against the background of advanced negotiations on the EPAs; the restart of the World Trade Organisation negotiations; the imminent expiration of the Caribbean Basin Initiative; the establishment of the CSME; the emergence of China as an economic superpower and the rapid development of India which change the dynamics of the external arena. The sugar and banana industries in the region continue to face difficulties from the erosion of preferential treatment.
The release said Caricom has registered its concern over the “less-than-enlightened approach” the European Union (EU) has taken in its emerging relations with Caribbean countries, particularly with regard to the EPAs. The EU has emphasised a more market-oriented to trade relations must take account of the Caribbean’s capabilities. Courtenay also referred to the United States Congress and queried whether the interests of that body coincided with Caricom’s.
Jamaica Foreign trade and Foreign Relations Minister Anthony Hylton agreed that there was need for a critical examination of the region’s position. “Let us assess where our interests lie and reach agreement as a unified group on a way forward.” Hylton said the region’s goals are “complex and challenging” but Caribbean people are known for confronting and surmounting challenges.
Caricom said a Joint Meeting of the Prime Ministerial Sub-Committees on the CSME and the External Trade Negotiations was hosted in Montego Bay from Monday and ends today. The agenda included the state of the regional economy and the unfolding international economic environment. The meeting is expected to develop clear strategic guidelines and targets on the respective issues for the consideration of the Heads at the Inter-Sessional meeting scheduled for St Vincent and the Grenadines for next Monday to Wednesday.
