HEAD of the Caribbean Single Market and Economy (CSME) Unit, Ambassador Jerry Narace said earlier this month that though timelines of 2006 and 2008 have been scheduled for the implementation of the Single Market and Single Economy components of the CSME, aspects of the Single Market have already been in operation.

"Our regional manufacturers have been operating in a single market since the 1970s, to the extent that the value of intra-regional domestic exports among Caricom member states increased from EC$2.2 billion in 1996 to EC$3.2 billion by 2003.

"Trinidad and Tobago in particular commands 80 per cent of that trade," said Narace.

In late March he revealed that there were approximately 2,000 applications for certificates of recognition.

Narace said then: "The correct number of skills certificates issued by Trinidad and Tobago to all the various member states at last count was 719; Antigua and Barbuda 13; Barbados 71; Belize 2; Dominica 33; Grenada 26; Guyana 114; Jamaica 191; St Kitts and Nevis 7; St Lucia 46; St Vincent and the Grenadines 29; Suriname 19 and Trinidad and Tobago 168."

He noted further: "Capital is moving freely, services are being traded on the principles of national and most favoured nation treatment.

"Caricom nationals have been accessing benefits and exercising their rights under the Social Security Arrangement and Double Taxation Agreement and Caricom Regional Organisation for Standards and Quality (CROSQ) is working with national standards bodies throughout the region.

"Further, the economic performances of some of our member states, while owing to the pursuit of sound economic policies, demonstrate the successful functioning of the Single Market.

"Barbados has been enjoying growth rates in tourism, manufacturing, construction and services at an average rate of some four to 4.5 per cent per annum since 2004, with an unemployment rate down to nine per cent - all indicators for 2006 point to the same trend continuing."

Jamaica he said, has experienced recovery in agriculture and growth in the agro-processing and construction industry, together with a 12 per cent growth in the tourism sector for 2005.

Turning to Trinidad and Tobago he reiterated that the twin isle state is experiencing its 12th successive year of positive economic growth and healthy trade surpluses with our major trading partners leading to an accumulation of external reserves of US$3.8 billion.

And on the Single Economy he purported that "some work has started and in some instances completed" to have in place a framework within which it can be developed.

Narace continued: "A regional plan for sustainable tourism has been developed and approved by Heads of Government; a common strategic plan for regional agriculture and a regional transformation programme for agriculture to put the sector on a more competitive footing has already been presented to and approved by Heads of Government.

"A regional plan for the development of services was started in 2002 and elements of the proposed programme have been submitted for the consideration of member states and a task force on a regional energy policy has been created and is developing recommendations to support regional initiatives in this crucial area."

He stressed that the sector specific works are intended to give direction, coherence and impetus to the main elements of the Single Economy.

Of the benefits, Narace said that "prospects for social and economic development are phenomenal".
"Drawing on the experience of other integration arrangements and based on statistical evidence, the European Union, the only other economic grouping to rival the CSME, has shown a marked increase in economic activity among member states.

"Indeed, intra-regional trade rose by 41 per cent in the first 10 years of the Eurpoean Union, 17 per cent in the first seven years of NAFTA, 67 per cent in the first nine years of Mercosur's existence and the anticipated benefits of deeper integration across ASEAN member states should be in the order of 10 per cent of this regional economy.

"While some commentators contemplate that benefits will not accrue to the less developed, experience from other regional trade blocs suggests that these less developed countries have the most to gain from integration."

Giving an example, Narace said: "In the European Union, GDP growth has been far higher in Ireland, Portugal and Spain, which were largely agricultural when they joined, than for Britain, France and Germany.

"Similarly, in NAFTA, Mexico has grown faster since integration, than the US or Canada - indeed, merchandise exports from Mexico to other members increased by more than 500 per cent from 1990 to 2004, in an environment where intra-regional trade among members grew by 300 per cent during the same period.

"It stands to reason therefore, that a similar trend could be experienced in Caricom."

And now that nurses and teachers have been added to university graduates, sports persons, media personnel, artistes and musicians, as professionals granted free movement for work, once granted a Certificate of Recognition of Caribbean Community Skills Qualification, Narace said the region would fare much better in the global environment.
He added that there is a commitment by the Community to remove the "elitist stigma" attached to the categories of persons eligible for free movement within the region.

Narace spoke at a conference jointly hosted by the CSME Unit and the Trinidad and Tobago Manufacturers Association, at the Association's Barataria headquarters.

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