Manufacturers will thrive under streamlined CSME

PRESIDENT of the Trinidad and Tobago Manufacturers Association (TTMA), Anthony Aboud, says  the development of the CSME would largely be a good thing for the region, once it is conducted within the right framework. At the recent Trade Conference hosted by the American Chamber of Commerce of Trinidad and Tobago (AmCham) on “A Borderless Caribbean? — The CSME and our future,” Aboud said that the main concerns are the timelines and integration with other regional hemispheric trade agreements.

Aboud noted that the extension and completion of the legal and institutional framework must take into consideration the manufacturing sector’s struggles and procedures, including guidelines for the adoption of autonomous financing policies to lend support to its regional manufacturing base. In addition, he said focus must be placed on the telecoms and transportation sectors, as well as on the strengthening of trade remedies relating to dumped and subsidised goods. Aboud went on to note that there was a need for measures that would allow manufacturers growth in small and medium size-enterprise sectors.

Concern was also expressed about the effective facilitation of business transactions particularly with respect to the free flow of capital, the alignment of regional customs administrations and procedures, and increased transparency in customs operation. Aboud went on to state that general concerns included issues relating to agriculture, government procurement, the liberalised movement of people, a harmonised legislative and judiciary system and the development of a single economy.

He went on to note that the government should seek to procure all goods and services requirements nationally, then move on to regional and extra-regional procurement, so that when the CSME finally comes on stream, there will be no distinction between local and regional goods and services. he said that this would also provide an opportunity for smaller Caricom States, with infant manufacturing base to build and develop other areas of comparative advantage. “This is how the manufacturers want the CSME to work,” explained Aboud “rather than each State striving independently to survive with restricted resources.”

With regards the liberalised movement of persons across the region, Aboud explained that under this mechanism certain skilled and professional persons would be allowed to travel and work in Caricom member states free of restriction and without the need for work permits. He said that while the knee-jerk reaction would be that “foreigners taking we job,” the opportunity for “selling your skills” in a larger Caricom market, is one that would be appreciated.

He noted that businesses would also benefit from having a greater human resource pool from which to select managerial positions and be able to hire personnel with varying cultures and experiences. He pointed out that the manufacturing industry has been operating within a single market framework for quite some time, and have managed to cope with existing trade impediments. He said that the establishment of the Caricom Single Market and Economy has all the ingredients necessary to permit the development and promotion of business across borders.