Towards a Single Development Vision and the

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  • Published : April 20, 2008
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TOWARDS A SINGLE DEVELOPMENT VISION AND THE
ROLE OF THE SINGLE ECONOMY
By
Norman Girvan
University of the West Indies
In Collaboration with the CARICOM Secretariat and the
Special Task Force on the Single Economy
As Approved By The Twenty-Eighth Meeting Of The Conference
Of Heads Of Government Of The Caribbean Community
(CARICOM), 1-4 July 2007, Needham's Point, Barbados
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TOWARDS A SINGLE DEVELOPMENT VISION AND
THE ROLE OF THE SINGLE ECONOMY
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
III.5 Capital Market Integration
III.6 Interest Rates
III.7 Enhanced Monetary Cooperation/Monetary Union
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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
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TOWARDS A DEVELOPMENT VISION AND THE ROLE OF THE
SINGLE ECONOMY
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 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 agencies1. 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 Strengthening2. 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 1 See Annex 2

2 See Annex 1
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CSME were also launched3. The Symposium provided convincing evidence that that the Caribbean Community has within it the human resources with the knowledge, expertise,...
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