Accelerating Trade and Integration in the Caribbean: Policy by World Bank
By World Bank
The most goal of this record is to assist policymakers within the Caribbean layout an time table of coverage activities to speed up alternate integration and progress and decrease poverty. The document is a joint reaction from the realm financial institution and the association of yank States (OAS) to a requirement assertion from the member states of CARICOM, formulated by way of the Caribbean local Negotiating equipment and the CARICOM Secretariat, to bolster the analytical underpinnings of the linkages among exchange, financial progress, and poverty. It goals at centering the Caribbean's subsequent around of alternate reforms and its total time table round alternate on those key thematic areas.
The file presents an outline of the industrial and alternate process context of the Caribbean, less than which the recent exchange atmosphere is working. It then discusses the possibilities and demanding situations for the Caribbean linked to the recent exchange surroundings. It eventually quantifies the earnings from worldwide alternate integration utilizing a dynamic macroeconomic research.
The record offers coverage priorities to accelerating Caribbean integration into the realm economic climate and to harvest the advantages of international pageant. each one a part of the file makes a speciality of a key query and provides price by means of delivering an in-depth research of the problems raised and laying the principles for coverage strategies defined within the final bankruptcy of the record:
* half I (Overview of financial and exchange approach context): is Caribbean's fiscal and exchange procedure sound adequate to maintain the recent period of its international exchange family members that is being formed?
* half II (Focuses at the research of the recent possibilities and demanding situations of the recent exchange environment): what are the possibilities and demanding situations that the hot exchange setting deals to the Caribbean?
* half III (Presents an evaluate of the effect of the EPA on development and poverty utilizing kinds of macroeconomic models): what are the earnings by way of progress and poverty aid of the lately negotiated EPA?
Read or Download Accelerating Trade and Integration in the Caribbean: Policy Options for Sustained Growth, Job Creation, and Poverty Reduction (Country Studies) PDF
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Extra info for Accelerating Trade and Integration in the Caribbean: Policy Options for Sustained Growth, Job Creation, and Poverty Reduction (Country Studies)
In the medium term, the objective should be the accumulation of primary surpluses, which together with foreign aid would finance future investment in infrastructure in the region. Correcting current macroeconomic imbalances in the region could be done at the national level through the improvement of domestic policies. qxd:WB_CaribeTradeCS FM 6/16/09 4:00 PM Page xxxv Executive Summary xxxv difficult to reverse at the national level. A regional dimension of these policy responses could help the Caribbean countries.
This, in turn, implies advancing the CARIFORUM’s regional integration agenda. Accelerating the implementation of the CSME to make it the cornerstone of trade integration and economic development of the Caribbean’s region. The implementation of the CSME has been slow. While, the region has been successful at eliminating tariffs on goods originating in common market countries, CARICOM has still yet to be a single market economy. The CSME agenda has shown little results in the areas of harmonization of trade policies, sectoral development policies, and macroeconomic convergence (see Chapter 2).
Develop a Long-Term Trade Strategy with a Focus on Increased Competitiveness and New Areas of Opportunities Seizing the new trade opportunities would require designing a full-fledged trade and competitiveness strategy. The strategy should focus on targeting sectors with high export and growth potential such as tourism, financial services, telecommunications, and maritime transportation. More broadly, the region’s efforts should focus on the following strategic directions: (i) expansion of value-added activities with a broader participation of the private sector; (ii) modernization of trade transaction system and concerted export strategy; and (iii) facilitation of sectoral development and provision of favorable investment climate.