The Caricom Single Market and Economy – CSME – is the subject of a three-day meeting being held in Roseau, dubbed Dominica CSME Outreach mission.
The June 6-8 meeting is examining how CARICOM has impacted the lives of Community nationals, the OECS Economic Union and its impact on the wider CARICOM integration movement, the Caribbean Court of Justice and its importance to the integration movement.
Trade is an important part of the arrangement, and participants were told by Barbados-based CSME Unit official, Ivor Carryl, that there are some issues which need to be resolved regarding the CSME which will allow businesses to take risks.
He indicated that the region has missed out on a number of opportunities.
Carryl also emphasized that Governments should not interfere in entrepreneurial decisions stating that the financial institutions should be the ones to determine if a potential investor has sufficient capital to invest.
The CSME official described the single market and economy as a live wire to make opportunities available for people of the Caribbean.
The CSME is seen as a mechanism intended to benefit the people of the Region.
It’s expected to do this by providing more and better opportunities to produce and sell Caribbean goods and services and to attract investment.
It is expected to create one large market among the participating member states.
The main objectives of the CSME include full use of labor (full employment) and full exploitation of the other factors of production (natural resources and capital).
It also seeks to foster competitive production leading to greater variety and quantity of products and services to trade with other countries.
CARICOM officials say they are optimistic that the CSME will help provide improved standards of living and work and sustained economic development.
Its key elements include free movement of goods and services, an already existing Common External Tariff, free movement of capital, a common trade policy, and free movement of labor.