Abstract
On January 30, 2006 heads of government of six1 Caribbean Community (CARICOM) countries signed the protocol for implementation of the Caribbean Single Market (CSM). The realization of this seamless regional market, which facilitates the free movement of goods, services, capital and labour, has been heralded as the first tangible step towards a fully functioning Caribbean Single Market and Economy (CSME) in 2008.
Highlights
On January 30, 2006 heads of government of six1 CaribbeanCommunity (CARICOM) countries signed the protocol for implementation of the Caribbean Single Market (CSM)
What makes this move so critical is the significance, perhaps even urgency attached to the Caribbean Single Market and Economy (CSME) as the potential driver of economic growth, competitiveness and overall development of the region’s countries
ECLAC and CARICOM Secretariat surveys of the region reveal that high levels of public debt continue to be a major source of concern for CARICOM governments, the smaller economies of the OECS, where the stock of debt increased from 35% in 1990 to 95% of GDP in 2005
Summary
Community (CARICOM) countries signed the protocol for implementation of the Caribbean Single Market (CSM). Economic restructuring requires articulation of national and regional development policies in which the new dynamics of international competition become the cornerstone for an economic framework where industrial policy (based on the identification of specific niche products and services) is supported by targeted infrastructural, educational, legislative, research and investment policies. It calls for the synergising of industrial policy, firm strategies and trade policy based on knowledge, innovation and creativity. In the final analysis the paper argues that unless there is a fundamental shift in the ‘mindset’ of CARICOM policy makers to accept the realities of a new trading system, competitiveness, growth and sustainable development will remain elusive goals
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