Antigua Calls Developed Countries to Stop Restricting the Growth of Caribbean Economies

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Economy

Monday, 23 April 2012 02:30

By caribarena news

Antigua St John's - Ambassador Anthony Liverpool delivered a presentation on behalf of Prime Minister Baldwin Spencer at the Global Services Forum in Doha, Qatar.

The presentation focussed on an assessment of the services regime of the CARICOM Single Market and Economy (CSME) and the significance of the services sector as a major contributor to the gross domestic product and employment in the Caribbean.

“The total population of the Caribbean Community is approximately 16 million," the presentation said, "with Haiti accounting for more than 10 million, or 62.5 percent. The total annual output averages US$35 billion and the services sector accounts for roughly 70 percent of this total."

It was further noted that the services sector is critical to the overall development of small island states and can help improve efficiency and competitiveness in all sectors of the economy.

However, the presentation noted that notwithstanding the fact that the services sector is the largest sector of the CSME, plans to develop a regional strategy for all services is soon to be completed.
The new strategy will focus on these seven sectors on which to start work:

(i)  Financial Services;

(ii) ICT;

(iii) Professional Services;

(iv) Tourism Services;

(v) Education Services;

(vi) Health and Wellness Services; and

(vii) Recreational, Cultural and Sporting Services.

However, the success of any regional strategic thrust to further strengthen capacity within the services sectors will require the full participation of all stakeholders.



The presentation raised concerns that there are now attempts by developed countries to restrict economic growth of CARICOM Member States through the Air Passenger Duty (ADP), blacklisting countries as tax haven, penalizing corporations that engage in corporate tax planning, and by losing disputes at the WTO and not fulfilling their obligation to compensate.  

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