(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) Chairman of the Twentieth Meeting of CARICOM’S Council for Trade and Economic Development (COTED), the Honourable Dr. Errol Cort, Minster of Finance and Economy of Antigua and Barbuda, has called for the Region’s private sector to “aggressively retool and adopt modern approaches and new business practices” to effectively operate within the new sphere of the CARICOM Single Market (CSM).
Dr Cort made these remarks as he addressed the opening ceremony of the COTED meeting in Georgetown on Thursday 12 January. In congratulating the Member States that have met their commitments to become CSM ready on 1 January, the COTED Chairman alluded to the challenges that impeded Antigua and Barbuda’s readiness, but assured that his country was working steadfastly to become CSM compliant in the near future.
Noting that the provisions set out in Article 164 of the Revised Treaty for assistance to Disadvantaged Countries, Regions and Sectors, through the setting up of a regional Development Fund, was a welcome feature of the CSM, Minister Cort insisted that protected industries and sectors should nonetheless strive towards achieving international competitiveness.
The COTED Chairman pointed that the CSME is an irreversible process, and stressed that Member States must make every effort to ensure that the integration initiatives succeeded and accrued benefits for all citizens of the Region.
CARICOM Secretary-General His Excellency Mr. Edwin Carrington who also delivered remarks at the meeting observed that the benefits of the operationalisation of the CSM are much anticipated by its main stakeholders, the people of the Region. In this context he said Member States should clearly inform and educate their citizens about their benefits and entitlements to ensure their full use of the CSM.
