AT the top of the Caribbean Community’s (CARICOM) five-year strategic agenda is the CARICOM Single Market and Economy (CSME).This assurance, despite criticisms of the effectiveness of the initiative, was given by the CARICOM Secretary-General, Ambassador Irwin LaRocque, while delivering remarks at the Guyana Manufacturing and Services Association’s (GMSA) annual awards dinner, last Friday, at the Princess Hotel.
The Secretary-General disclosed that work is almost complete on “harmonised customs legislation” and similar efforts, in the area of laws and regulations governing securities, are to be advanced soon to allow businesses to raise capital anywhere within the CSME.
“To put it simply, an enterprise operating in the CSME should be faced with the same regulations, wherever their business is conducted. That will make doing business easier. It is all about a single space,” LaRocque said.
He added that, “We [CARICOM] recognise the need to improve the business environment in the Community, and align it with international best practices. That includes the harmonisation of business-related rules and regulations within the CSME.”
SEVERAL MEASURES
Harmonisation of law, such as the harmonisation of company, intellectual property and other laws is one of several elements of the CSME initiative.
There are also a number of economic, fiscal and monetary measures and policies which are also important to support the proper functioning of the CSME.
The key elements of the Single Market and Economy include: free movement of goods and services; right of establishment; a Common External Tariff; free circulation; free movement of capital; a common trade policy; and free movement of labour.
The CARICOM Single Market and Economy is intended to benefit the people of the Region by providing more and better opportunities to produce and sell their goods and services and to attract investment. It will create one large market among the participating member states.
COMMITTED
According to LaRocque, CARICOM is moving forward internally to reform its procedures and operations to deliver on its priorities.
He said, “This is to ensure that the opportunities afforded by such mechanisms as the CSME, are accessible to, and seized by all.
“…full utilisation of the provisions of the CSME would undoubtedly enhance competitiveness for businesses throughout the Community,” he acknowledged, adding that CARICOM is committed to realising the objectives of the CSME initiative.
The main objectives of the CSME are: full use of labour (full employment) and full exploitation of the other factors of production (natural resources and capital); competitive production leading to greater variety and quantity of products and services to trade with other countries. It is expected that these objectives will in turn provide improved standards of living and work and sustained economic development.
The Secretary-General was emphatic as he noted that through CARICOM’s five-year strategic plan, the Caribbean Community is setting itself on a path to resilience, through deliberate and systematic action.
“We (CARICOM) are using our collective voice in the international arena, to gain support for our development efforts. The ultimate aim is to ensure that the people of the Region experience the positive impact of regional integration on their daily lives.”
CARICOM’s five-year strategic plan identifies a number of concrete, achievable priorities with tangible benefits for citizens. Among them are: macro-economic stabilisation; building competitiveness; unleashing key economic drivers to create growth and generate employment; human capital development; climate adaptation and mitigation; disaster mitigation and management; and a single Information Communication and Technology (ICT) space.