Towards A Single Development Vision And The

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 вЂ" 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