Caricom Ministers Make Preparations For Single Market

by Amanda Banks, Tax-News.com, London

11 January 2005

Caribbean trade ministers focused on a range of issues relating to the establishment of the Caricom Single Market and Economy (CSME), taking a number of decisions aimed at promoting the competitiveness of the Community in a liberalised global trade environment, at a recently concluded summit in Guyana.

In her opening remarks at the Meeting of the Council For Trade and Economic Development (COTED), Ambassador Lolita Applewhite, Deputy Secretary-General of the Caribbean Community, noted that the region had made progress in a number of areas towards the implementation of the CSME.

However, she pointed out that much work remained to be done, particularly with regard to the removal of market restrictions and the harmonisation of the Rules of Origin. She stressed that participating countries cannot reverse or slow the inevitable move towards integration of the region’s markets, despite fears over job losses and business failures.

The delegates agreed that 2005 will be a decisive year in the creation of the Caricom Single Market, which takes its first tentative step towards completion on February 19 when Barbados, Jamaica and Trinidad & Tobago become the first countries to harmonize some parts of their economies.

Preparations for further meetings on Caricom's economic, trade and foreign affairs were also made, with the next summit scheduled for February 16 and 17.

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