The Hon. Kenneth Valley, Minister of Trade and Industry, Trinidad & Tobago, our host Minister,
Colleague Ministers,
Assistant Secretary General of the Caribbean Community
Your Excellencies Ambassadors to the Caribbean Community
Distinguished Delegates
Staff of the CARICOM Secretariat
Ladies and Gentlemen

I have the distinct honour, on behalf of the Government and people of Barbados to assume the Chairmanship of this important Council. I  wish to take this opportunity to thank the outgoing chairman, Minister Court of Antigua and Barbuda, for the energy, commitment and hard work in guiding this vital aspect of the regional integration process over the course of the last several months.

This meeting comes about at a crucial juncture in the regional experience. This is the first regular meeting of the Council for Trade and Economic Development since the official start of the Single Market on January 30th of this year. At that time some six Member States had signaled their readiness to participate in the Single Market while the remaining six Member States committed themselves to joining by the end of June 2006. There is a December 30, 2006 deadline for the completion of the Doha Development Round under the auspices of the WTO and a December 30, 2007 date for the completion of negotiations to finalise a new relationship with the EU.

It is well accepted that, given these global and other events, the sooner we complete the arrangements for the CARICOM Single Market and Economy (CSME) the better our chances of not being marginalized by global events.

One important aspect of our deliberations over the next two days shall be to assess the state of readiness of those colleague states, and to definitively ascertain what measures might be required to ensure their earliest entry in the Single Market and Economy process.

This meeting must also address the vital issue of governance and institutional building in the regional integration process. To this end we are charged with the responsibility of charting a way forward for the establishment of institutions such as the Competition Commission and the Caribbean Agricultural Health and Food Safety Agency. Institutions such as these are vital in any modern competitive economy which seeks to defend and promote the interest and well-being of consumers while maintaining transparency and fairness in the marketplace.

As we progress towards the stage of a single economy, we would, as a region, do well to remember that that objective will at best remain a theoretical construct with the law of one price remaining for us, as in the case of Europe, a moving target. That notwithstanding, we have to implement the framework through which a single regional economy will evolve. Part of that framework will be the creation of conditions which promote effective production integration in an environment of open regionalism.

Already, there has been progress in this regard as we have the Jagdeo Initiative which represents the Regional Transformation Programme for Agriculture.  This meeting will therefore be charged with the responsibility for advancing the work of a sector which is the lifeline of this Region. 

Given our relatively small size, limited access to technology and very limited ability to financially assist our agricultural sector, this sector is perhaps the most challenged of sectors in our economies. On the one hand it is facing unfair competition from subsidized exports from developed countries, and on the other hand exporting to those countries is exceedingly difficult, given the non-tariff barriers in place. The transformation of this sector is imperative. If the sector remains in its present form it will not survive global challenges. The present issues facing the banana and sugar industries provide clear warnings.

At the same time as we focus upon this sector however, we must now actively seek, whether in the sphere of tourism, transport, industry, the environment, the fisheries sector or any other sector, to define similar production integration policies that are in concert with and are informed by the strategic interests of our the Region’s private enterprise. As a consequence, I anxiously look forward to the launch of the Caribbean Business Council which will play a fundamental role in driving this aspect of the process.

It should be clear by now, therefore, that the journey upon which we have embarked constitutes a home-grown collective response to the challenges of sustainable development within the context of globalization and trade liberalization. Even as we frame this response, however, we must be mindful of the different levels of development, capacity and resources within our Community. This disparity must not be perpetuated. It is our duty therefore, during the course of this meeting to continue to advance the work of a regime for special and differential treatment practiced amongst Member States of our Community. Undoubtedly, of great importance in such a regime will be the completion of the mechanics of a Regional Development Fund which would be accessed by regional public sector, parastatal, and private sector entities which have suffered dislocation consequential upon the operations of the Single Market.

These challenges, though sometimes complex, are all necessary hurdles which must be overcome if we are to transform our post-colonial developing economies into competitive centres attracting substantial inflows of investment and holding their own on the world stage.

Given the agenda, I will chair the discussion on agricultural issues,  and Senator, the Honourable Mr. Erskine Griffith, Minister of Agriculture and Rural Development of Barbados will chair the non-agricultural matters.

I therefore commend the Assistant Secretary General, the technical officials and the Secretariat staff for the substantial preparatory work done, and recommit this Council to two days of intense deliberations and definitive action on behalf of an expectant Community.

I thank you.