Conference on the Economy 2008 Regional Integration in an era of Globalization A Tribute to Dr Trevor Farrell

Regional Integration Regional Integration Agreement goes beyond the reach of a regional trade arrangements and is intended to achieve degrees of economic integration Degrees of economic integration:  Preferential trading area  FTA  Customs Union  Common Market  Economic and Monetary Union  Complete Economic Integration

National Trade Agenda  What exists  The trade pipeline

Role of MTI In fulfillment of the development pillar of Vision 2020,“enabling competitive businesses,” the primary Role of the MTI is to: –Develop and grow the country’s Trade- particularly exports –Develop and grow Investment- both foreign and domestic –Develop and grow Businesses - both internal and external of Trinidad and Tobago (i.e. the internationalization of Trinidad and Tobago’s businesses)

Trade Context  Formation of trading blocs  Definition of the Region  Shift from preferential arrangement to WTO compatible arrangement;  Predictable and binding arrangement to facilitate sustainable economic development

CARICOM Single Market and Economy  Removal of barriers  Institutional Coordination  Infrastructural Linkages  Convergence of Policy Outlook  CARICOM Trade Support Programme  Considerations beyond trade and economics

WTO Hemispheric ACP/ EU ACS CSME 2005 T&T Bilaterals CSME Trade Relations

Resource Capacity  Skills and Human Resources  Natural Endowments  Institutions  Processes

Anticipating the Future  CARICOM  Beyond CARICOM  Relationship with the developed world

Harmonizing Objectives  To undertake integration efforts aligned to the broader Vision 2020  Improved Market Access  Assured National Policy Space

Addressing Competing Interests  Exports vs Imports  Goods vs Services  Business vs Non Business  Resource Allocation  Participation

EXECUTION  Making use of trading opportunities provided under the agreements;  Capitalizing on cooperation avenues  Private sector as the catalyst

Monitoring and Evaluation  Yardsticks/Benchmarks/Targets  Monitoring Mechanism  Reviews

Summary Issues  Market predictability  New Market Frontiers  Beyond Goods  Impetus to expanded relations beyond CARICOM  Automatic expansion of trade blocs  Development Assistance  Time Factor

Concluding Viewpoint For Trinidad and Tobago, integration into the CSME is a necessary but not sufficient condition for the achievement of its own national trade objectives in the context of globalization challenges.

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Ministry of Trade and Industry Nicholas Towers 63 – 65 Independence Square Port-of-Spain Trinidad and Tobago tel: /9, fax: ,