Opening Remarks by Ambassador Irwin LaRocque at 36th COTED

Honourable Minister, I take this opportunity to welcome you - certainly not to your first COTED, but in your capacity as Minister for Trade of Grenada. And, of course, you have arrived in style – to take up your place as Chairman of this Council.

I also want to especially welcome the Hon. Erwin Contreras, Minister of Trade of Belize who is attending his first COTED Meeting.

The recession in Europe!
The slow-down in China!
The limpid growth in the United States!

These were the economic scenarios that painted the global economic picture in 2012.

The outlook for this year is not much better. In fact, just this month, the United Nations Economic Commission for Latin America and the Caribbean (UNECLAC) has indicated that the most likely scenario for 2013 is continued weak growth and possibly a recession in some cases. For its part, the International Monetary Fund (IMF) has predicted a slowdown in US growth and continued recession in Europe, with the consequent effect on our economies.

In another report entitled “Caribbean Small States: Challenges of High Debt and Low Growth” published in February 2013, the IMF states that, to varying degrees, and with some exceptions, Caribbean small states are facing extreme versions of the problems faced generally by small states. They refer to low growth, high debt, significant vulnerabilities to natural disasters, and low resilience to shocks. Of course, that statement is not new to us, but the IMF has now come on board in recognizing this. The report concludes by proposing that in order to address these challenges it must involve all development partners, both at the international and regional levels, and posits that a regional approach could be best in arriving at solutions.

Grim as the future might look, we must confront it. How do we fix these problems? Cognizant of the harsh realities facing our economies, our Heads of Government will dedicate a Special Session during their Conference in July of this year to discuss the economic challenges facing the Region. You will recall the Prime Minister of Saint Lucia urging, at the Opening of the Inter-Sessional Meeting of the Conference of Heads of Government in Haiti earlier this year that “we need a big conversation, about the future of our economies, not just on the future of CARICOM. For that reason, I hope we can, at our Summit in July, focus on the future of our economies. It would be an opportunity to chart a new paradigm for growth, review the role and performance of our regional institutions to determine how they can help in these times and better assist us to restore growth to our economies.”

The COTED must have an input in this “big conversation” given that the Treaty clearly states that this Council has responsibility for promoting trade and economic development of the Community. But, we must admit that the Agendas for the COTED dealing as they do with the bread and butter issues do not always lend themselves to strategic discussions on our regional economy. Perhaps, sometimes the big picture is not sufficiently in focus – namely, policies and strategies aimed at long-term, sustained economic growth.

In searching for solutions, it is critical that we examine what we have put in place and ensure that we have been utilising to its fullest, the measures to which we agreed. We have long determined that the Single Market and Economy is our best prescription, not merely for a cure but more importantly to create a viable, sustainable society.

The drive therefore must be to consolidate the gains we have made in advancing the CSME process, while pressing forward with those areas which we all agree would enhance our integration. This Meeting of the COTED is taking steps in the right direction, given that your Agenda includes discussion on the consolidation of the CSME, as well as, importantly, the strategic direction of this Council.

The two Items are not far removed from each other as it is the COTED which has responsibility for the operations of the CSME, and discussions on the strategic direction must necessarily include your role in respect of the economic development of the Community. I am pleased that this discussion is taking place at this particular time given that change and reform have taken centre stage in the Community.

The Heads of Government have begun to look at the manner in which they conduct their Meetings as they seek to extract the maximum benefit for their citizens from the results of their discussions. At the Secretariat, the Change Management Team has been working assiduously to fashion a more efficient and effective organisation. Further, we will soon embark on preparing a Strategic Plan for the Community which will be drawing on the body of work that has already been done and will seek to prioritise the work programme of the Community over the next five years. It will also clearly delineate the roles and responsibilities of the Member States, Organs, Institutions and stakeholders of the Community in delivering on those priorities. In that context, the deliberations of the COTED on its strategic direction should have some resonance.

Honourable Ministers, Heads of Delegation, over the last few Meetings I have heard you lament about the absence of the private sector at the table. And the private sector too has been seeking to have access to the Council. As you deliberate here today about the future role and construct of the COTED, I urge you to consider positively the plea of the private sector to have a seat at the table of this Council. Indeed, any discussion on the strategic direction of the COTED and the Region’s economy could only benefit from the input of our private sector through whom the policies enunciated by the COTED will become bread and butter issues.

Mr. Chairman, Honourable Ministers, these may be trying times but they are also times which present us with the opportunity to band together to overcome them. Whatever differing views we may hold, they pale in comparison to our need to work together to find and implement solutions to the challenges that face us. It is not by chance that this year we can celebrate 40 years of integration, something that we must be proud of. It is through hard work, commitment and a determination to do what is best for the people of our Caribbean Community that we have kept the fires of integration burning.

The work of this Council over the next two days must stoke those flames.

I thank you.

 

Opening Remarks By Ambassador Irwin Larocque, Caricom Secretary-General At The Thirty-Sixth Meeting Of The Council For Trade And Economic Development

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Date Posted

May 08 2013