Secretary-General of the Caribbean Community (CARICOM) Mr.Edwin Carrington has implored Member States to redouble efforts for the timely completion of the key elements of the CARICOM Single Market and Economy (CSM&E).
Mr .Carrington was speaking at the opening of the one-day 7th Ministerial Meeting of the Council for Trade and Economic Development at the Secretariat’s Headquarters on Friday 8th October,1999. He noted that progress has been made with the Protocols revising the Treaty of Chaguaramas, but said there is still a lot of work to be done. The Secretary-General reiterated that the revision of the Treaty is designed to provide the legal framework for the establishment of the CARICOM Single Market and Economy, providing for, among other things, the Right of Establishment, the provision of Services and the Movement of Capital; Trade, Industrial, Agricultural, Transport, and Competition Policy; support for Disadvantaged Countries, Regions, and Sectors; and Disputes Settlement.
The Secretary-General noted that while the provisions in Protocol 11 for the right of establishment, provision of services, and movement of capital are in place and are being provisionally applied, five of the other seven Protocols are awaiting the signatures of only two Member States which are committed to doing so as soon as their legal processes will allow. The COTED meeting will consider the remaining two Protocols V111, and IX on Disputes Settlement and Competition Policy respectively.
In his opening statement, Chairman of the Council, the Hon. Hilroy Humphreys, Minister of Commerce, Industry and Business Development, Antigua and Barbuda, said that it is imperative that the Region pool its resources to face the challenges of the present global environment. He further urged that Member States implement the measures of Protocol 11 to ensure the viability of their economies while securing markets for their products.
The Minister pointed out that his government is supportive of CARICOM establishing a Free Trade Agreement with Cuba. Such an agreement, he said, “would further provide for Cuba’s inclusion into our arrangements, thereby providing many opportunities for linkages in the production process, and for strengthening CARICOM’s negotiating position, particularly with the European Union.”
Other matters on the agenda of the COTED Meeting relate to external economic and trade relations, the functioning of the Common Market and intra-regional trade, regional standards and the establishment of effective institutional arrangements, agriculture, sustainable development, and services.
