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Conference on the Economy 2008

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

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Conference on the Economy 2008

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

  2. 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

  3. National Trade Agenda What exists The trade pipeline

  4. 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)

  5. 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

  6. 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

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

  8. Resource Capacity • Skills and Human Resources • Natural Endowments • Institutions • Processes

  9. Anticipating the Future • CARICOM • Beyond CARICOM • Relationship with the developed world

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

  11. Addressing Competing Interests • Exports vs Imports • Goods vs Services • Business vs Non Business • Resource Allocation • Participation

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

  13. Monitoring and Evaluation • Yardsticks/Benchmarks/Targets • Monitoring Mechanism • Reviews

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

  15. 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.

  16. END

  17. Ministry of Trade and Industry Nicholas Towers 63 – 65 Independence Square Port-of-Spain Trinidad and Tobago tel: 1-868-623-8847/9, 2931-4 fax: 1-868-624-9594, 627-8488 e-mail: info@tradeind.gov.tt http://www.tradeind.gov.tt

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