Conference on the
Economy 2008
Regional Integration
in an era of Globalization
A
Tribute to Dr Trevor Farrell
Regional Integration
Regional Integration Agreement goes
beyond the reach of a regional trade
arrangements and is intended to
achieve degrees of economic integration
Degrees of economic integration:
Preferential trading area
FTA
Customs Union
Common Market
Economic and Monetary Union
Complete Economic Integration
National Trade Agenda
What
exists
The trade pipeline
Role of MTI
In fulfillment of the development pillar of Vision
2020,“enabling competitive businesses,” the primary Role
of the MTI is to:
– Develop and grow the country’s Trade- particularly
exports
– Develop and grow Investment- both foreign and
domestic
– Develop and grow Businesses - both internal and
external
of
Trinidad
and
Tobago
(i.e.
the
internationalization of Trinidad and Tobago’s businesses)
Trade Context
 Formation
of trading blocs
 Definition of the Region
 Shift from preferential arrangement
to WTO compatible arrangement;
 Predictable and binding arrangement
to facilitate sustainable economic
development
CARICOM Single Market and Economy

Removal of barriers

Institutional Coordination

Infrastructural Linkages

Convergence of Policy Outlook

CARICOM Trade Support Programme

Considerations beyond trade and economics
Trade Relations
WTO
Bilaterals
ACP/
EU
ACS
CSME
T&T
T&T
2005
CSME
Hemispheric
Resource Capacity
 Skills
and Human Resources
 Natural Endowments
 Institutions
 Processes
Anticipating the Future
 CARICOM
Beyond CARICOM
 Relationship with the developed
world

Harmonizing Objectives
 To
undertake integration efforts
aligned to the broader Vision 2020
 Improved Market Access
 Assured National Policy Space
Addressing Competing Interests
 Exports
vs Imports
 Goods vs Services
 Business vs Non Business
 Resource Allocation
 Participation
EXECUTION
 Making
use of trading opportunities
provided under the agreements;
 Capitalizing on cooperation avenues
 Private sector as the catalyst
Monitoring and Evaluation
 Yardsticks/Benchmarks/Targets
 Monitoring
 Reviews
Mechanism
Summary Issues
 Market
predictability
 New Market Frontiers
 Beyond Goods
 Impetus to expanded relations
beyond CARICOM
 Automatic expansion of trade blocs
 Development Assistance
 Time Factor
Concluding Viewpoint
For Trinidad and Tobago, integration
into the CSME is a necessary but not
sufficient condition for the
achievement of its own national
trade objectives in the context of
globalization challenges.
END
Ministry of Trade and Industry
Nicholas Towers
63 – 65 Independence Square
Port-of-Spain
Trinidad and Tobago
tel: 1-868-623-8847/9, 2931-4
fax: 1-868-624-9594, 627-8488
e-mail: info@tradeind.gov.tt
http://www.tradeind.gov.tt