Accelerating Trade and Integration in the Caribbean
Accelerating Trade and Integration in the Caribbean

Author: World Bank

Publisher: World Bank Publications

Published: 2009-07-17

Total Pages: 364

ISBN-13: 0821380192

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The main objective of this report is to help policymakers in the Caribbean design an agenda of policy actions to accelerate trade integration and growth and reduce poverty. The report is a joint response from the World Bank and the Organization of American States (OAS) to a demand statement from the member states of CARICOM, formulated by the Caribbean Regional Negotiating Machinery and the CARICOM Secretariat, to strengthen the analytical underpinnings of the linkages between trade, economic growth, and poverty. It aims at centering the Caribbean's next round of trade reforms and its overall agenda around trade on these key thematic areas. The report provides an overview of the economic and trade system context of the Caribbean, under which the new trade environment is operating. It then discusses the opportunities and challenges for the Caribbean associated with the new trade environment. It finally quantifies the gains from global trade integration using a dynamic macroeconomic analysis. The report provides policy priorities to accelerating Caribbean integration into the world economy and to reap the benefits of global competition. Each part of the report focuses on a key question and adds value by providing an in-depth analysis of the issues raised and laying the foundations for policy recommendations described in the last chapter of the report: * Part I (Overview of economic and trade system context): is Caribbean's economic and trade system sound enough to sustain the new era of its global trade relations which is being shaped? * Part II (Focuses on the analysis of the new opportunities and challenges of the new trade environment): what are the opportunities and challenges that the new trade environment offers to the Caribbean? * Part III (Presents an assessment of the impact of the EPA on growth and poverty using two types of macroeconomic models): what are the gains in terms of growth and poverty reduction of the recently negotiated EPA?

Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration
Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration

Author: Abdullah Al-Hassan

Publisher: International Monetary Fund

Published: 2020-01-17

Total Pages: 79

ISBN-13: 1513525867

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Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.

Regional Integration
Regional Integration

Author: Kenneth Hall

Publisher: Trafford Publishing

Published: 2012

Total Pages: 649

ISBN-13: 1466910771

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This publication contains a number of papers on issues which are key to Caribbean survival and prosperity. They critically review the challenges facing Member States of CARICOM. Written by a number of outstanding authors of recognized academic pedigree, these analyses look at the Region across a spectrum of issues: political, economic, social and environmental, among others. Attention is focused on efforts at regional integration as well as on the options to be pursued be CARICOM if it is to survive in the new political, economic and social dispensation. The book is replete with insightful; presentations on the evolution of the Community at this point in its history.

The Caribbean
The Caribbean

Author: Mr.Sanjaya P Panth

Publisher: International Monetary Fund

Published: 2008-10-09

Total Pages: 143

ISBN-13: 1589067932

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The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.

Trading Promises for Results
Trading Promises for Results

Author: Mauricio Mesquita Moreira

Publisher: Inter-American Development Bank

Published: 2019-09-23

Total Pages: 381

ISBN-13: 1597823651

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Thirty years after the region embarked on large-scale liberalization, trade policy could have been expected to become all but irrelevant. Instead, a mismatch between expectations and what could realistically be delivered set the stage for much of the disappointment, skepticism, and fatigue regarding trade policy in the region, particularly in the early 2000s. By setting the bar unrealistically high, governments and analysts made trade policies an easy target for special interests that were hurt by liberalization and for those ideologically opposed to free trade. The most immediate victims were the more tangible growth and welfare gains, whose relevance was lost amid the noise of grandiose visions.

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean
Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean

Author: Mr.Krishna Srinivasan

Publisher: International Monetary Fund

Published: 2017-09-29

Total Pages: 33

ISBN-13: 1484322150

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This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Better Neighbors
Better Neighbors

Author: Chad P. Bown

Publisher: World Bank Publications

Published: 2017-03-15

Total Pages: 346

ISBN-13: 146480978X

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This book proposes a renewal of 'Open Regionalism' in Latin America and the Caribbean (LAC) aimed at achieving the region's goals of high growth with stability. The LAC region experienced a growth spurt with equity during the first decade of the 21st Century. It is well understood that an unsustainable demand boom fueled by terms-of-trade improvements drove this growth acceleration episode, especially in South America. Unfortunately, terms of trade are no longer fueling growth, and the region’s policymakers are in search of new sources of growth with stability. With the experience of East Asia and the Pacific in mind, many policymakers in LAC are looking to international economic ties as a potential source of stable growth. The challenge highlighted in this book lies in designing an integration agenda comprising trade and factor market integration that is conducive to region-wide efficiency gains, which can help LAC enhance its global competitiveness. The forces of geography imply that pro-growth global integration cannot be achieved without building a strong neighborhood. Thus, this volume argues that LAC's regional economic integration agenda needs to go well beyond the current spaghetti bowl of preferential trading arrangements.

Caribbean Integration from Crisis to Transformation and Repositioning
Caribbean Integration from Crisis to Transformation and Repositioning

Author: Kenneth Hall

Publisher: Trafford Publishing

Published: 2012

Total Pages: 585

ISBN-13: 146694403X

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This collection entitled Caribbean Integration: From Crisis to Transformation and Repositioning , captures the thinking of and prescriptions offered by some of the best minds of the Caribbean and further afield at a Conference held at The University of the West Indies in 2011 under the theme The Caribbean and the Commonwealth: Collective Responsibility for the 21st Century. In examining the challenges faced by the Region in moving the Integration process forward, a number of papers boldly assess what needs to be done to avert the crisis which threatened the Caribbean as they advocate for a rethinking of the strategies currently employed by the Caribbean Community. This book is highly recommended to senior policy makers, serious academicians and a public deeply interested in the challenges and triumphs of the Caribbean peoples.