THE GOVERNMENT of Trinidad and Tobago is to be commended for its establishment of the J$1 billion fund to assist firms in the Caribbean Community (CARICOM). Firms outside of the twin-island republic will be able to access interest-free loans from a revolving fund to secure the services of regional consultants under the new CARICOM Trade Support programme.
The T&T government is also funding other elements under the programme that would support collaboration among regional enterprises and provide assistance for private sector umbrella bodies.
We join with Foreign Affairs and Foreign Trade Minister K.D. Knight and the private sector representatives who gave their support to the initiative launched last week. The timing could not be better, coming as it does just weeks before the launch of the CARICOM Single Market and Economy. For the sceptics who were asking what benefit Jamaica stood to gain from closer integration with our Caribbean neighbours, this is one answer.
Trinidad has shown its commitment to the CSME by placing cash on the table. They, no doubt, are now expecting us to show our commitment come January next year. Jamaica, in effect, has come to a cross-roads. The choice we are making to join the CSME will ultimately change the economy, the society and even our politics.
But outside of a few boardrooms, there appears to be little sense of urgency about what is impending. For Jamaica to take full advantage of the opportunities that will become open to us will require the enthusiastic participation of Jamaicans at every level. So the Government must endeavour to educate the people at large about all the factors involved and what benefits can be derived.
The resources Trinidad is placing at the disposal of the region are not being made available just out of goodwill. They are making a solid investment in the future based on their own strategic interests. Trinidad now has the most dynamic economy in CARICOM while Jamaica has the biggest market. To fulfil their plan to become a developed country within the next generation, Trinidad needs the CARICOM market, which is critical to its exporters outside of the oil and gas sector.
But just as Trinidad stands to benefit from closer collaboration, so can Jamaica if it is prepared to do what is necessary. If we expect to be more than a market for Trinidad's manufacturers, however, we need to decide what we want from the CSME and what we need to do to get it.
Just as CARICOM markets are important to Trinidad, so also are they important to this country. So we await a local response to Trinidad's latest move, indicating that Jamaica is to be more than a spectator in the crafting of its regional destiny.
THE OPINIONS ON THIS PAGE, EXCEPT FOR THE ABOVE, DO NOT NECESSARILY REFLECT THE VIEWS OF THE GLEANER.
