The Minister of Financial Services has urged the Caribbean to pursue regional trade integration, using the Economic Partnership Agreement’s (EPA) Regional Preferences Article as a foundation.
Addressing the Caribbean Exporters’ Colloquium, organised by the Caribbean Export Development Agency (CEDA), Ryan Pinder said: “In order for our people in the region to benefit and appreciate regional integration, we must be successful at economic regional integration. Without the creation of opportunities for our people on an economic basis, meaning employment, the chance to build careers, entrepreneurial opportunities and business expansions, regional integration cannot succeed.”
Focusing on inter-Caribbean trade policy, Mr Pinder said trade between the region has been challenged by a high dependence on foreign markets for industrial inputs, and a historical colonial heritage that has caused countries to develop as an economic complement to their European counterparts.
Despite this, he added: “I believe the success of regional integration lies in the ability for us to leverage our respective assets and expertise to develop a regional trade for global export, not exclusively for intra-regional purposes.”
Mr Pinder suggested the Caribbean pursue a model of regional trade integration through production based on value-chain trade, using as the foundation Article 238 on Regional Preferences in the EPA. They could then reap the benefits of increased exports collectively.
“In my opinion, economic regional integration is based in part upon the successful implementation of a regional value-added trade, or value chain trade strategy built upon the framework of the EPA, which because of its unique characteristics causes for trade preferences both regionally, as well as internationally, with the European Union,” said Mr Pinder.
He added that he talked with several Caribbean trade ministers on building ties and strengthening trade between their countries, using the value-added strategy. The focus of these discussions has been on what the expertise of each country is, whether it is agriculture, raw materials for refinement, logistics and ease of access to international markets.
Mr Pinder said: “Within the context of the value-added trade strategy, every country has an opportunity to bring something to the table to create a product for eventual export. Working together for the overall success of international trade, building successful, sustainable and effective regional integration one step at a time. This approach encourages the development of new, inter-linked industries between our countries.”
Comments
SP 11 years ago
Mr. Ryan Pinder, Minister of Financial Services ideas on the Caribbean pursuing regional trade integration, using the Economic Partnership Agreement’s (EPA) Regional Preferences Article as a foundation raises several considerations.
First and foremost is how will the Caribbean Economic Partnership Agreement’s blend with World Trade Organization tariffs which are already proven to be devastatingly detrimental to local production in every country in the hemisphere?
WTO has effectively rendered regional Caribbean States unable to compete with conglomerate producers at local levels and have already caused them to quickly loose large market share in home markets. How then will these countries that cannot compete at home due to WTO competitively produce goods for export to sister States also adversely affected by WTO conglomerates?
Secondly, one cannot begin to discuss regional trade without having a serious discussion on regional distribution and shipping. The biggest impediment to regional trade is the absence of a cost efficient transportation system that provides the capacity to move goods throughout the region.
The Caribbean Export Development Agency like CARICOM is lost in the wilderness because Caribbean States failed to develop unified strategies and speak with one voice to counter those of first world organizations that represent conglomerates and big business. (WTO)
CARICOM States for instance obviously do not realize that wholly the Caribbean is the single largest cruise ship destination in the world. This gives them tremendous bargaining power if pursued collectively.
Yet the CARICOM group of clowns have also not developed any unified strategies which would allow them to and speak with one voice when negotiating with Billion dollar cruise ship companies affording them opportunities to formulate policies that best benefit individual Caribbean port destinations. They foolishly continue negotiating singularly to the determent of individual countries.
MoFSBahamasPR 11 years ago
Please see Minister Pinder's full remarks below: http://financialservicesbahamas.wordp...">http://financialservicesbahamas.wordp...
If you have further questions we look forward to answer and assist.
MoFSBahamasPR 11 years ago
We recognize the observations regarding marine transport to support trade and are in conversations with multilateral organizations to cause necessary support to support the initiative.
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