CARICOM: CONVERT MARKET ACCESS TO MARKET PRESENCE

Georgetown, June 12- The Caribbean Community (CARICOM) Regional Aid for Trade Strategy was launched in Port-au-Prince, Haiti, yesterday with the acknowledgement that trade expansion had a critical role to play in charting a sustainable path to development.

Delivering remarks at the ceremony Tuesday morning, Ambassador Irwin LaRocque, CARICOM Secretary-General, pointed out that in order to meet the objectives of achieving a viable, prosperous and sustainable development path through the expansion of trade, Aid for Trade had become a vital element in the Community’s approach.

He stressed that market access had to be converted to market presence if Member States were to compete equitable in the global marketplace, and expressed confidence that the resources made available under Aid for Trade would help in this regard. The Secretary-General also advocated for building the capacity of the private sector as a critical element in the Community’s ability to benefit from trade.

“As we seek to promote this strategy, one of the most critical areas that must be targeted is building private sector capacity. The sustainability of our growth is largely dependent on the ability of the private sector to create or take advantage of entrepreneurial opportunities, provide the level of employment needed to keep the economy on course and give our people a chance to earn a decent wage,” he said.

Addressing the matter of graduation and differentiation, which prevented some CARICOM Member States from accessing concessionary loans, the Secretary-General said that unless urgent action was taken to change the criteria and adjust the policies, the debt per capita of some Member States could escalate.

“The contribution of Aid for Trade to the growth and development of CARICOM countries hinges significantly on the acceptance of the international community, and our development partners in particular of the realities of our situation. In so doing it would be desirable for them to provide additional sources of financing, especially in grant form and in a manner that is easily accessible. This calls for applying innovative mechanisms in order to supply the requisite financial and technical support to CARICOM Member States,” Secretary-General LaRocque said.

The Strategy had its genesis at the Twenty-Seventh Meeting of the Council fro Trade and Economic Development (COTED) in May 2009 when Ministers decided that the Region should craft a Caribbean Aid for Trade Strategy that encompassed a holistic and comprehensive approach to competitiveness, adjustment and trade development. The Inter-American Development Bank (IDB) and the Commonwealth Secretariat, through its Hubs and Spokes Project, provided assistance to develop the document. The Strategy presents a coherent approach to resource mobilisation that outlines to donors, investors, and international development partners how the Regions intends to utilise existing and future resources.

The document was produced following national consultations that identified a range of issues to be addressed, among which were upgrading key economic infrastructure; enhancing export competitiveness; diversifying economies; retooling the private sector; strengthening regional integration; and creating financial and other instruments to encourage and support innovation and research and development. Heads of Government of the Community had also singled out Maritime Transport and Information and Communication Technology as areas for the development of transformational projects using Aid for Trade resources.

“The Caribbean Community Regional Aid for Trade Strategy has been developed with one thought predominant in its design – that of producing concrete benefits to the people of the Caribbean. This Strategy has therefore emanated from the inputs of the people of the Community and this is as it should be. Their involvement in this process is just as critical to its success as the generous support of our international partners,” Secretary-General LaRocque said.

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