Towards a Single Economy and a Single Development Vision

• Author: Norman Girvan
• Profession: Professor
• Pages: 409-465

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Towards a Single Economy and a Single Development Vision

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29 Professor Norman Girvan

TOWARDS A SINGLE ECONOMY AND A

SINGLE DEVELOPMENT VISION1

Contents

Introductory Note

Mission Statement

I. Scope and Development Vision

I.1 Context and Background

I.2 A Single Development Vision

I.3 The Economic Dimension

I.4 The Social Dimension

I.5 The Environmental Dimension

I.6 The Governance Dimension

II. Sectoral Economic Drivers of Regional Development

II.1 Economic Drivers: Concept and Role

II.2 Energy

II.3 Manufacturing

II.4 Agriculture, Forestry and Fishing

II.5 Sustainable Tourism and Agro-Tourism

II.6 Emerging Export and Other Services

III. Enabling Environment: Economic Policy Harmonisation

III.1 Foreign Trade Policies

III.2 Investment

III.3 Taxation and Incentives

III.4 Financial Services

410 CSME: Genesis and Prognosis

III.5 Capital Market Integration

III.6 Interest Rates

III.7 Enhanced Monetary Cooperation/Monetary Union

IV. Enabling Environment: Social and Institutional Structures

IV.1 Social Partnership

IV.2 Human Resources

IV.3 Health

IV.4 Security

IV.5 Research and Development

IV.6 Small and Medium Enterprises

IV.7 Corporate Governance

IV.8 Competition Policy

IV.9 Regional Quality Infrastructure

IV.10 Transport

IV.11 CARICOM Development Fund and Regional Development Agency

V. Sequencing of Further CSME Implementation

V. 1 Phase 1 (Mid 2005 – Mid 2008): Consolidation of Single Market and

Initiation of Single Economy

V. 2 Phase 2 (2009-2015): Consolidation and Completion of Single Economy

ANNEXES

Annex 1. Programme of Caribbean Connect Symposium

Annex 2. Reports and Documents consulted for Concept Paper

INTRODUCTORY NOTE

The report is meant to provide a vision for the development of the

Caribbean Community to which all stakeholders can give their support. It

serves as the basis for decisions by the Heads of Government on a ‘road

map’ for the further implementation of the CARICOM Single Market and

Economy. It is the product of an extensive process of consultation with regional

stakeholders and with the relevant organs of the Community over the past

two years.

The framework was laid out at a Brainstorming Session on the Single

Market and Economy among public and private sector representatives in

Barbados, in May 2005, convened and chaired by Prime Minister Arthur of

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Towards a Single Economy and a Single Development Vision

Barbados in his capacity as Prime Minister with responsibility for the CSME.

The next step was the preparation of a Concept Paper on the Vision for the

CARICOM Economy for the year 2015 by Professor Norman Girvan of the

University of the West Indies. Submitted in December 2005; this report drew

on a number of reports and policy documents prepared over the past twenty

years by international, regional and national agencies2. During 2006, at the

instance of Prime Minister Arthur, a series of consultative symposia and

technical meetings organised by the CARICOM Secretariat succeeded in

fleshing out the development vision and CSME implementation priorities in

considerable detail. A consultation on Enhanced Monetary Cooperation was

held in Jamaica in May 2006 and this was followed in June 2006 by a High-

Level Symposium on Production Integration, Capacity Building and

Institutional Strengthening3. The Symposium was chaired by Prime Minister

Arthur and was attended by over 300 stakeholders discussing over 30 technical

presentations. Two significant publications relevant to the CSME were also

launched4. The Symposium provided convincing evidence that the Caribbean

Community has within it, the human resources with the knowledge, expertise,

experience and wisdom needed to advance its own development and

integration. It marked a significant step in the development of a regional

consensus on the direction of the Community’s development and the priorities

for implementation of the CSME.

At the 27th Conference of the Heads of Government in St. Kitts and

Nevis in July 2006, it was agreed that Professor Girvan would be tasked

with producing a revised version of the Concept Paper integrating the results

of the Symposium and the May meeting. This report, ‘Towards a Single

Economy and a Single Development Vision’, was revised as a result of a

follow-up symposium chaired by Prime Minister Arthur in Barbados on

October 6, 2006; and by a special Task Force of stakeholder representatives

convened by the CARICOM Secretariat on October 21, 2006. The revised

Report of October 25, 2006 was considered in February 2007 by the Joint

Meeting of the Prime Ministerial Sub-Committees on the CARICOM Single

Market and Economy and External Trade and Economic Negotiations and

by the Eleventh Meeting of the COFAP; which made a number of comments

and recommendations, while endorsing it to the Heads of Government.

The Report was endorsed by the Eighteenth Inter-Sessional Meeting of

Heads of Government in St. Vincent and the Grenadines in February 2007

‘as a broad framework for addressing the development needs of the

Community’. The Heads agreed that Professor Girvan, in collaboration with

the Special Task Force and the Secretariat, should refine it, in the light of the