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CARICOM Discusses Impact Of Financial Crisis On Foreign Investment

by Amanda Banks, Tax-News.com, London

28 November 2008


The global financial crisis and its impact on foreign direct investment in the region was discussed by the leaders of the Caribbean Community (CARICOM) member states in Antigua last Saturday.

The Committee urged governments, where appropriate, to encourage a change in the composition of bank lending toward more productive and export-related activities, to streamline contingency planning with respect to financial and non-financial sectors and to undertake public investment programmes that create jobs and facilitate production of tradable/export goods.

Regarding trade and foreign investment, discussions took place into the implementation of the EU-CARICOM Economic Partnership Agreement (EPA), whilst leaders of Caribbean countries present at the meeting reported progress in discussions for the forthcoming Canada-CARICOM Trade and Development Agreement. The government leaders indicated that they would endorse the negotiating mandate in its current form and that this will be used as a guideline for CARICOM negotiators in discussions with Canada.

Also discussed was the recent presidential election in the United States and many priority issues were raised for engagement with the new administration.


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