Caribbean Heads of Government have outlined a number of trade negotiations issues which are expected to assume “front burner” positions on their economic diplomacy agenda given their importance in supporting the regional response to the current global economic and financial crisis.
The disclosure of the key issues on Caricom’s external trade negotiations agenda came at the conclusion of the 30th Regular Meeting of Caricom Heads in Georgetown. The Heads have indicated that the region will be seeking to hasten the pace of ongoing trade negotiations with Canada, Europe and Mercosur member states and that it will be monitoring closely the critical negotiations in the Doha Development Round of trade negotiations under the World Trade Organization.
The disclosure by the regional leaders coincides with their anticipated announcement that the Caribbean Regional Negotiating Machinery (CRNM) will be incorporated into the Caricom Secretariat where it will be re-designated the Office of Trade Negotiations.
At the conclusion of their Georgetown meeting the regional Heads outlined a number of specific trade-related issues which are likely to engage the attention of the new Office of Trade Negotiations. Prominent among those issues is a review of the measures to be taken in relation to the creation of institutions to manage the Cariforum/European Community Economic Partnership Agreement. In their end-of-conference declaration the Heads noted that while Caricom member states had made “some progress” several important issues still remained to be addressed as a consequence of provisional application of the agreement from the end of 2008.
Meanwhile, the declaration also alluded to the “commitment” of Caricom Heads to concluding a Free Trade Agreement with Canada. Ottawa has long signalled its readiness to press ahead with the negotiations, the commencement of which awaits a meeting between the ministers of trade of the participating countries. Caricom Heads have said that the region is looking to the Free Trade Agreement with Canada to “provide for specific measures to facilitate the region’s structural transformation, assist in building export capacity and assist in enhancing its competitiveness”.
Caricom Heads have also identified the conclusion of arrangements for functional cooperation as a high priority in discussions with Mercosur countries scheduled for later this year. The Heads said that the conclusion of these arrangements will “place the region in an enhanced position to engage Mercosur on closer trade relations in the near future.”
Meanwhile, the region is anticipating involved negotiations with the European Union aimed at winning a reduction on the level tariff imposed on bananas from the region entering the Community market and securing a longer transition period for the implementation of the tariff.
Caricom Heads have indicated in their end-of-summit declaration that the negotiations with the European Community are also expected to embrace the hoped for speedy disbursement by the Community of an agreed financial package that takes account of “the losses in export earnings and adjustment costs” that will be incurred by the region’s banana-exporting countries.
The declaration at the conclusion of the meeting of Caricom Heads also alluded to ‘the importance of the Doha Development Round of the current WTO talks. The regional Heads have undertaken to continue to monitor closely developments in the ongoing negotiating process with a view to safeguarding “the gains already secured in the negotiations on behalf of small vulnerable countries.”