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Limitations

FOUR QUESTIONS FOR REGIONAL INTEGRATION Norman Girvan In Honour of Professor Alfred Francis Mona, September 30, 2007. Limitations. Reliance on marke t mechanisms Emphasis on economic aspect Inter-governmental mode Response to external pressure. Intra-regional exports.

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Limitations

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  1. FOUR QUESTIONS FOR REGIONAL INTEGRATIONNorman GirvanIn Honour of Professor Alfred FrancisMona, September 30, 2007

  2. Limitations • Reliance on market mechanisms • Emphasis on economic aspect • Inter-governmental mode • Response to external pressure

  3. Intra-regional exports

  4. Importance of Caricom to member states XG Exports of goods, 2001-2003 XGS exports of goods & services, 2002 (estimated) Source: based on INTAL Caricom Report No. 2, Tables 2,3 & 5

  5. Jessen et al (IDB CARICOM Report No. 2) found that intra-regional trade growth in the 1990s was highest in products enjoying little protection from the CET; and lowest in products enjoying high protection. • Morrira and Mendoza (IDB 2006) on the basis of descriptive statistics, empirical growth model and gravity model; concluded that the traditional, trade-related gains from regional integration have been and are bound to be, limited because of (i) high openness (ii) limited size of regional market and (iii) similar factor endowments. • Gains in the sharing of social and physical infrastructure, due to economies of scale that cannot been mitigated by trade and openness, can be substantial

  6. Economic drivers - Criteria • Sustained growth of exports to international markets, or • Growth in intra-regional exports, or • Significant growth in supplies, at low real cost, of a key input that is important to the achievement of international competitiveness in other activities (e.g. energy)

  7. Economic drivers • Energy • Agriculture • Sustainable Tourism and Agro-tourism • Manufacturing • New export services

  8. DEVELOPMENT VISION • Economic • Social • Governance • Environmental • ECONOMIC INTEGRATION • Single Market • Single Economy • FUNCTIONAL • COOPERATION • Social • Environmental FOREIGN POLICY COORDINATION NATIONAL POLICIES & PROGRAMMES

  9. CSME Implementation DeficitPercent of required actions completed, Aug 05

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