IN FOCUS
With COVID and the conflict in Ukraine exacerbating the situation, the CARICOM Secretary-General insisted that deepening regional integration would alleviate supply constraints and structural rigidities associated with the small size of the states.
“We should not lose sight of the strides that the region has made towards forging a common market, a common identity, a single economic space and shared values. However, these achievements give no cause for complacency because there is a lot of work to do.”
development gains achieved within the community. “These risks include the burden of sharply rising inflation, supply-chain disruptions, food insecurity; fragmentation of trade, investment and financial networks, as well as cybersecurity risks. Moreover, heightened regulatory action on the money laundering, terrorism financing, and global taxation landscapes continue to present significant challenges to the CARICOM states. These challenges cannot be met by countries acting alone. They demand, and they are receiving collective attention and action from our community.” Dr. Barnett was clear that some of the economic problems predated the pandemic and were caused by a host of issues, such as high public debt, limited fiscal space, increasing public sector wage bills, and debt related to disaster recovery. With COVID and the conflict in Ukraine exacerbating the situation, the CARICOM Secretary-General insisted that deepening regional integration would alleviate supply constraints and structural rigidities associated with the small size of the states. She said CARICOM Heads of Government have also recognised the need to speed up implementation and strengthen collaborative efforts to reinforce resilience in the face of these unprecedented shocks and threats. At the same time, she said although the leaders have made headway in
She echoed some of the viewpoints of former Barbadian Prime Minister
and economist, the late Owen Arthur, on the importance of
regionalism that she said remained as relevant and applicable today as when they were first put forward. “Much has been said about the implementation deficit in CARICOM and that the success of the CSME has been less than overwhelming. This discussion often ignores what has been achieved and does not consider the challenges inherent in attempts to implement aspects of the CSME. I repeat the words of Owen Arthur: ‘The CSME is a work in progress. Regional decision making must be complemented with national action – given that CARICOM is a union of sovereign nations.’ This, I believe is where we need to focus our attention in order to accelerate implementation. “While our implementation of the CSME has not kept pace with the vision of the architects of the Treaty [Treaty of Chaguaramas], I am convinced that a momentum is building towards implementing key outstanding commitments arising from the Revised Treaty and to shape a 21 st -century agenda that focuses on the critical issues that must be addressed in order to deliver a sustainable future for our region and our people.” l
CARICOM Secretary-General Dr. Carla Barnett receives a token of appreciation from SRC Director Dr. Jan Yves Remy.
several areas, more work was needed on such issues as regional transportation, the cost of food, and taxation arrangements. In addition, the administrator suggested that CARICOM states needed to embrace a digital strategy that opens the region to the opportunities presented by technological advances and adapt its external trade and economic strategy to embrace new opportunities for South-South cooperation, including with Africa. The Secretary-General also spent some time addressing concerns about the slow pace of implementing aspects of the CSME and insisted that the regional integration effort, despite setbacks, has been a model that other regions have sought to emulate.
CHILL NEWS 23
Made with FlippingBook - Online catalogs