THE 38th Meeting of the Council for Trade and Economic Development (COTED) of the Caribbean Community (CARICOM) was declared open yesterday at the Pegasus Hotel by CARICOM Secretary-General, Ambassador Irwin LaRocque.

And he underscored the “critical role” of the private sector to the success of local economies and that of the Caribbean region.

“The critical role of the private sector in the regional economy has been a matter of discussion in various fora in CARICOM for some time now. We have long recognised that the full involvement of the private sector was necessary in order to achieve our economic goals,” LaRocque said.

Trade Ministers of CARICOM States are expected to hold discussions with the region’s private sector today (May 10). According to Ambassador LaRocque, that meeting will afford participants an ideal opportunity to make their contribution as COTED begins to implement one of the key decisions taken at its Special Session on its Strategic Direction.

He said the Council will today begin the process of “seeking to re-engage one of the key stakeholders in our Community, the private sector…The task is to create a structure that will give the private sector a meaningful role in assisting to set the policy objectives.”

He said this type of involvement would certainly increase the likelihood of creating the environment conducive to conducting business and attracting investment, both of which are critical to providing employment and a platform for economic growth.

KEY ISSUES
The CARICOM Secretary-General called on the participants of yesterday’s meeting to address the “key issues” that merit attention relative to, among other things, ease of doing business in the CSME; harmonisation of standards and procedures, including sanitary and phyto-sanitary measures; public/private partnerships; transportation, including port infrastructure and customs procedures; energy affordability and efficiency; the application of information and communications technology (ICT); and human resource development.

He said, “These issues are closely linked to the work of the Commission on the Economy, the Regional Transportation Commission, as well as to the Regional Digital Development Strategy. In all of these, the interests of the private sector must be taken into account, as within that group lies the greatest possibility for advancing those various initiatives.

“An efficient and productive private sector, operating in a favourable business environment, will be well placed to take advantage of the opportunities (that lie) both within the CARICOM Single Market and Economy and in the trade agreements which the Community is party to.”

LaRocque added that CARICOM has just concluded a review of its performance under the bilateral free trade agreements with some of its partners, and that review has confirmed that Member States are not taking full advantage of market opportunities.

“A number of recommendations have been advanced; which, if implemented, should contribute towards an improved export performance over the medium to long-term,” he said.

Ambassador LaRocque also noted that negotiations for a CARICOM-Canada Trade and Development Agreement are at a critical stage “as we work towards concluding (it) by June 2014.”

He said, “Good progress has been made, since the beginning of this year, in our negotiations; and both sides are pleased that we have been able to conclude text negotiations and referendum on matters such as technical barriers to trade, trade facilitation, customs procedures, and transparency in government procurement.”

LaRocque disclosed that the 38th COTED Session is expected to undertake a thorough assessment of where CARICOM is in the negotiations, and the flexibilities required to achieve a mutually beneficial agreement.

“This Agreement must take full account of CARICOM’s development interests, given the differences in size and levels of development between CARICOM and Canada,” he said.

LaRocque also stated that the Caribbean Community is on the “cusp of completing” a draft of the Community’s first ever Five-Year Strategic Plan, which seeks to identify the strategic priorities, and will be presented to CARICOM Heads in July.

That Plan, he said, has benefited from widespread consultation throughout the Community, with Member States, Associate Members, institutions and various stakeholders; and takes into account the critical work being undertaken by the two commissions.

LaRocque pointed out that prioritisation is essential.
He said, “We need to focus our attention on a few strategic priorities which would make a difference to our sustainable growth and development. That is the change that the reform process seeks to bring.
“…engagements such as the one you will have (today) signal a transformative phase in regional policy formulation, and fits well into the ongoing efforts to reform the Community.”

CHANGE TAKING ROOT
The CARICOM Secretary-General stressed that the change process has begun to take root at the Secretariat, as moves are being made to transform the organisation to make it more effective in meeting the needs of a reformed Community.

“Change is nothing new to our Community. We have progressed from a Free Trade Area to a Common Market, and now to a Single Market and Economy; and we have done fairly well. We have always sought to position ourselves to adapt to, and benefit from, the global environment. We have done so in a deliberate — yes, sometimes slow — manner which tries to take into account the interests of all our constituent parts,” he said.

“Through every formulation, our integration arrangements have become stronger. Let us therefore now embrace this reform process at every level, and ensure that our Community emerges even stronger and provides our people with a secure, viable, and prosperous future,” LaRocque added.

To this end, LaRocque made it clear that the role of COTED in providing an economic platform for such a future is indispensable.

“This emphasises the importance of the continued discussion on the strategic role of the COTED…I have no doubt that there will be fruitful deliberations on these and other matters over the next two days, and I look forward to stimulating discussions,” he said.

The COTED Chair, Wilson Laleau of Haiti, was not present for the 38th Meeting because a close relative of his has died. However, the process of change was addressed by St. Lucian Minister Alva Baptise, who acted in capacity of the COTED Chair.

Baptiste said CARICOM has historically changed to respond to global changes, and has managed to do so successfully. “I am extremely pleased that CARICOM – being a veteran, having gone through the turbulence of its own changes – has done well to navigate a difficult economic situation,” he said.

Minister Baptiste also stated that the Region is now in a different era, and has to recalibrate to continue its advance. “We have to continue in our search for the solutions to the problems that tantalise us as a people,” Baptiste said.

He also called for positive engagements and a confident approach to the challenges that present themselves to the Member States of the Region.

Prior to yesterday’s opening session, regional trade officials began sessions at the CARICOM Secretariat on Tuesday.

The meetings are being chaired for the first time by Haiti.

(By Vanessa Narine)