The CARICOM Council for Trade and Economic Development (COTED) concluded its 41st meeting in Georgetown, Guyana last Friday, November 13. The two-day meeting was preceded by a special session with the Region’s private sector on Thursday, with representation from a cross-section of regional private sector associations, including the West Indies Rum and Spirits Association (WIRSPA), the Private Sector Association of Jamaica and Caribbean Export, among others.
COTED is responsible for the promotion of trade and economic development of the Community and consists of ministers designated by each CARICOM member state. The packed agenda centered on matters pivotal to the region’s growth and development, including the private sector, the CARICOM SIngle Market, external economic and trade relations, health and the regional investment promotion strategy.
According to the Statement by the Hon Maxine McClean, Minister of Foreign Affairs and Foreign Trade of Barbados, Chair of COTED, the following comprised the key items discussed at the meeting:
- Private Sector – The discussion focused on investment promotion, the challenges and the priorities for the business community, doing business in the Caribbean, and the successes of various private sector development interventions and how these successes may be replicated.
- CARICOM Single Market – The implementation of the CARICOM Single Market and Economy (CSME) Application Processing System (CAPS) will begin on a phased basis next year.
- External Economic and Trade Relations – COTED Ministers began deliberations on the regional External Trade Strategy and agenda, reviewed preparations for participation in the 10th WTO Ministerial Meeting in Nairobi, Kenya in December and also received an update from Member States with regard to their progress in implementing the provisions of the WTO Trade Facilitation Agreement.
- Health Matters – COTED Ministers recognised the need for action on confronting non-communicable diseases and their impacts on the health of the region’s workforce and their potential impacts on competitiveness. A presentation on the proposed establishment of a Caribbean Regulatory System for Medicines was considered.
- Regional Investment Promotion Strategy – COTED Ministers recognised the completion of the Regional Investment Promotion Strategy (RIPS) and are expected to agree on a medium-term work programme for the implementation of the RIPS at the Ministerial Meeting scheduled for March 31, 2016.
The full statement by Minister McClean may be accessed on CARICOM’s website here.
Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can read more of her commentaries and follow her on Twitter @LicyLaw.