Conference on the Conference on the Economy 2008Economy 2008

Regional IntegrationRegional Integrationin an era of Globalizationin an era of Globalization

A A Tribute to Dr Trevor FarrellTribute to Dr Trevor Farrell

Regional IntegrationRegional IntegrationRegional Integration Agreement goes Regional Integration Agreement goes beyond the reach of a regional trade beyond the reach of a regional trade arrangements and is intended to arrangements and is intended to achieve degrees of economic achieve degrees of economic integrationintegration

Degrees of economic integration:Degrees of economic integration:Preferential trading areaPreferential trading areaFTAFTACustoms UnionCustoms UnionCommon MarketCommon MarketEconomic and Monetary UnionEconomic and Monetary UnionComplete Economic IntegrationComplete Economic Integration

National Trade AgendaNational Trade Agenda

What existsWhat existsThe trade pipelineThe trade pipeline

Role of MTIRole of MTI

In fulfillment of the development pillar of Vision In fulfillment of the development pillar of Vision 2020,“enabling competitive businesses,” the primary Role 2020,“enabling competitive businesses,” the primary Role of the MTI is to:of the MTI is to:

– Develop and grow the country’s Develop and grow the country’s TradeTrade- particularly - particularly exportsexports

– Develop and grow Develop and grow InvestmentInvestment- both foreign and - both foreign and domesticdomestic

– Develop and grow Develop and grow BusinessesBusinesses - both internal and - both internal and external of Trinidad and Tobago (i.e. the external of Trinidad and Tobago (i.e. the internationalization of Trinidad and Tobago’s businesses)internationalization of Trinidad and Tobago’s businesses)

Trade ContextTrade Context

Formation of trading blocsFormation of trading blocs Definition of the RegionDefinition of the Region Shift from preferential arrangement Shift from preferential arrangement

to WTO compatible arrangement;to WTO compatible arrangement; Predictable and binding arrangement Predictable and binding arrangement

to facilitate sustainable economic to facilitate sustainable economic developmentdevelopment

CARICOM Single Market and EconomyCARICOM Single Market and Economy

Removal of barriersRemoval of barriers

Institutional CoordinationInstitutional Coordination

Infrastructural LinkagesInfrastructural Linkages

Convergence of Policy OutlookConvergence of Policy Outlook

CARICOM Trade Support ProgrammeCARICOM Trade Support Programme

Considerations beyond trade and economicsConsiderations beyond trade and economics

WTO

Hemispheric

ACP/EU ACS CSME

2005T&TT&T

Bilaterals

CSME

Trade RelationsTrade Relations

Resource Capacity Resource Capacity

Skills and Human ResourcesSkills and Human Resources Natural EndowmentsNatural Endowments InstitutionsInstitutions ProcessesProcesses

Anticipating the FutureAnticipating the Future CARICOM CARICOM Beyond CARICOMBeyond CARICOM Relationship with the developed Relationship with the developed

worldworld

Harmonizing ObjectivesHarmonizing Objectives

To undertake integration efforts To undertake integration efforts aligned to the broader Vision 2020aligned to the broader Vision 2020

Improved Market AccessImproved Market Access Assured National Policy SpaceAssured National Policy Space

Addressing Competing InterestsAddressing Competing Interests Exports vs ImportsExports vs Imports Goods vs ServicesGoods vs Services Business vs Non Business Business vs Non Business Resource AllocationResource Allocation ParticipationParticipation

EXECUTIONEXECUTION Making use of trading opportunities Making use of trading opportunities

provided under the agreements;provided under the agreements; Capitalizing on cooperation avenuesCapitalizing on cooperation avenues Private sector as the catalystPrivate sector as the catalyst

Monitoring and EvaluationMonitoring and Evaluation Yardsticks/Benchmarks/TargetsYardsticks/Benchmarks/Targets Monitoring MechanismMonitoring Mechanism ReviewsReviews

Summary IssuesSummary Issues Market predictabilityMarket predictability New Market FrontiersNew Market Frontiers Beyond GoodsBeyond Goods Impetus to expanded relations Impetus to expanded relations

beyond CARICOMbeyond CARICOM Automatic expansion of trade blocsAutomatic expansion of trade blocs Development AssistanceDevelopment Assistance Time FactorTime Factor

Concluding ViewpointConcluding Viewpoint

For Trinidad and Tobago, integration For Trinidad and Tobago, integration into the CSME is a necessary but not into the CSME is a necessary but not sufficient condition for the sufficient condition for the achievement of its own national achievement of its own national trade objectives in the context of trade objectives in the context of globalization challenges.globalization challenges.

ENDEND

Ministry of Trade and IndustryMinistry of Trade and IndustryNicholas Towers Nicholas Towers 63 – 65 Independence Square63 – 65 Independence SquarePort-of-Spain Port-of-Spain Trinidad and TobagoTrinidad and Tobagotel: 1-868-623-8847/9, 2931-4tel: 1-868-623-8847/9, 2931-4fax: 1-868-624-9594, 627-8488fax: 1-868-624-9594, 627-8488e-mail: info@tradeind.gov.tt e-mail: info@tradeind.gov.tt http://www.tradeind.gov.tthttp://www.tradeind.gov.tt