US Ambassador to Trinidad and Tobago Dr Roy L. Austin has warned members of CARICOM that they must fully integrate their economies if they are to survive in a liberalised trading environment, according to a report in the Trinidad Guardian.
Addressing the Caribbean Latin American Forum in Trinidad on Wednesday last week, Dr Austin told delegates: "Small economies are disadvantaged when they compete in the globalised market. Limited production capacity and restricted access to capital make it difficult to compete against much larger countries or economic blocks."
Dr Austin observed that for the smaller Caribbean markets, integration was "vital" and that economic progress therefore means "accepting the necessity" of closer economic union.
"Growth which results from efficient and liberalised economies, increases the pool of wealth and gives everybody a chance to prosper," noted the ambassador.
The CLAA forum was also attended by Central Bank Governor Ewart Williams and Republic Bank Chairman Ronald Harford.
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