Need for conversation on future of Caribbean economies

CARIBBEAN economies need each other to survive in the prevailing economic conditions.

St. Lucia’s Prime Minister Dr. Kenny Anthony made the call in an address to the CARICOM Intersessional meeting in Haiti.

“The unvarnished truth is that our economies need each other to survive and prosper. Trinidadian manufacturers cannot prosper if regional economies are anaemic with little prospect to return to high levels of growth,” said Dr. Anthony.

“Trinidad and Tobago needs regional economies that are strong, vibrant and fully capable of financing demand for goods and services,” he remarked.

The St. Lucian Prime Minister said that there is need for a “big conversation” about the future of our economies, not just the future of CARICOM.

“For that reason, I hope we can, at our Summit in July, focus on the future of our economies. It would be an opportunity to chart a new paradigm for growth, review the role and performance of our regional institutions to determine how they can help in these times and better assist us to restore growth to our economies,” said the St. Lucian leader.

“It makes little sense to rehearse the tale of woe now sweeping our region. Suffice it to say that three of our Member States are now in the embrace of the IMF. Others are battling debilitating economic conditions. Only recently, the President of the Caribbean Development Bank put seven of our countries on the watch list of countries carrying ‘unsustainable debt’.”

He stated also that the CLICO/BAICO issue languishes, only partially resolved, thanks to the generosity of the Government of Trinidad and Tobago.

“The fate of the remaining policy holders in the Eastern Caribbean is the subject of debate on political platforms in Barbados on the eve of the general elections in that country.”

Dr. Anthony said another burning issue is the proposal by the European Union to introduce the concept of “differentiation” to determine aid and support to ACP Countries.

 “Differentiation,” he said, “is just another word for the ‘graduation’ of states. This could not come at a worse time for Caribbean economies, caught in the most debilitating economic crisis since independence.

“The truth is that our relationship with Europe is becoming even more and more ‘one sided’ with Europe seemingly having its way at every turn, on every occasion. Europe had its way with bananas, sugar and the EPA. Now, it is about to have its way with ‘differentiation’.”

Dr. Anthony stated that this issue must be fought resolutely, with all the diplomatic will and resources at our disposal.

“As Prime Minister (Dr. Ralph) Gonsalves reminded the Europeans in Chile, the relationship between the EU and CARIFORUM is not just economic, but profoundly political.”

According to him, Europe as well as CARICOM will have to determine not just the diplomatic, but also the political value of the existing relationship.

He said it is clear that the Caribbean has more work to do to rebuild our bridges with the ACP specifically, and Africa, generally. As it is well known, Africa is yet to agree with the European Union to establish their version of the EPA.

“There were constant references to the experience of the Caribbean, I believe, to justify Africa’s caution in its attempt to reach an accord with Europe. The disappointment of members of the ACP in our Community was palpable and real.”