Common trade policy the only way

THE Caribbean must present itself to the world as a single trade space. This reiteration came from Programme Co-ordinator of the Caribbean Regional Technical Assistance Centre, Dr. Arnold McIntyre.

Speaking at last week’s Caribbean Exporters Colloquium held at the Hilton Barbados, Dr. Arnold remarked that a common trade and policy framework was badly needed throughout the islands. This, he said, did not mean the same rules had to exist in every place but there needed to be a few guiding principles as it related to the various hubs of economic activity.

Using the financial sector has an example, Dr. McIntyre, said that greater focus needed to be given to strengthening supervision and regulation whilst attacking vulnerabilities where they existed. He also suggested eliminating the current tax competition which existed between member states, recommending that our approach be “CARICOM corporate rates must not exceed...” as opposed to having a standard rate or alternatively, a wide variation in rates throughout the jurisdictions.

Dr. McIntyre also targeted governments’ management of their jurisdictions, opining that modern economies needed modern public sectors.

“An efficient public sector can improve the government’s implementation capacity at reduced costs [and this is necessary] as a strong fiscal position…provides the space for that government to channel more resources to promote growth...reduce debt...and support regional corporation. It’s going to be very difficult to enhance an ambitious regional integration agenda with our current [individual] financial and economic circumstances,” he argued. (RA)