CARICOM Secretary-General, Ambassador Irwin LaRocque has emphasised that the easing of restrictions in trade of goods and services will generate much investment under the CARICOM Single Market and Economy (CSME).

He expressed the view at the 40th Meeting of the Council for Trade and Economic Development (COTED) held here recently at the Pegasus Hotel, Kingston, Georgetown.
The caucus was aimed at consolidating the gains of member states in light of a volatile global economic environment.

The Secretary-General told the meeting of Caricom trade ministers and other trade officials that the Secretariat, in its continuing quest to improve the efficiency of the systems and processes under the CSME, is assisting member states in making it more user-friendly.
The Caricom Trade and Competitiveness Project, funded by Canada, is aimed at improving the operational effectiveness of the Single Market as well as the access of nationals to their rights under the Single Market regimes.
That project would transform and harmonise the administrative practices and procedures under the five regimes of the CSME, and would also provide for the application of web-based technology.
The five regimes are: Free Movement of Skills, Free Movement of Goods, Free Movement of Services, Free Movement of Capital and the Right of Establishment.
SKILLS CERTIFICATE ONLINE
“Once this Council takes the necessary decisions, those seeking skills certificates, for example, would be able to do so online in any member state. The programme has the added bonus of furthering e-government processes in member states.
“This is all part of our goal to create the environment that allows for all stakeholders to function efficiently and effectively within the CSME,” he said, underscoring the need for a vibrant private sector.
“Its indispensable role must be supported by a regime of harmonised laws, regulations and administrative procedures which would make doing business in the Region easier. It would also lower the cost of doing business. The private sector has repeatedly made this point to me in my consultations with them throughout the Region,” Ambassador LaRocque said.
ENABLING ENVIRONMENT
That enabling environment would encourage the creation and seizing of opportunities within the CSME. This would set the stage for increasing intra-regional trade and investment, as well as for generating employment and growth, which are primary goals of the community.

Strong intra-regional trade would not only improve the economic growth prospects of member states, the Secretary-General said, but also serve as a platform for entry into the international trading arena.
He told the meeting that in pursuing opportunities in that sphere, the Region has demonstrated significant flexibility and has submitted proposals to Canada, which in the view of Caricom would set the stage for continuing and concluding the trade negotiations.
The Region is awaiting a response from Canada.
In promoting efforts to have Trade in Services included under the US Caribbean Basin Economic Recovery Act (CBERA), the issue was put before US President Barack Obama at the recent Summit in Jamaica.
“We will work with the private sector and ensure that the necessary technical work is done so we can continue to advance our case at the Caricom-US Trade and Investment Council.”
Trading relations should be viewed within the larger picture of the community’s foreign relations, he urged, even as the Region takes into account certain product sensitivities.
“The pursuit of our diplomatic goals and the securing of trade agreements are both elements of positioning the community advantageously in the global arena,” he said.
Montserrat’s Agriculture, Trade, Land, Housing and Environment Minister Claude Hogan said Caricom has been one of the greatest inventions in forging collaboration for the benefit of the people in the Region.
He said COTED plays a key role in resolving trade issues among member states, facilitating the deepening of the integration process, while at the same time allowing member states to put their economic interests at the forefront as they seek to improve the lives and livelihoods of their people.
Hogan, who chaired the meeting, said while he welcomes the emergence of community law, he would urge that COTED be used as a hallmark body to avoid too many resolutions, thus resolving issues among member states without much expense.

By Tajeram Mohabir