[Congressional Record (Bound Edition), Volume 152 (2006), Part 2]
[Extensions of Remarks]
[Pages 2110-2111]
[From the U.S. Government Publishing Office, www.gpo.gov]




 IN RECOGNITION OF THE LAUNCHING OF THE CARIBBEAN SINGLE MARKET ECONOMY

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                      Thursday, February 16, 2006

  Mr. RANGEL. Mr. Speaker, I rise today to congratulate Caribbean 
leaders for their

[[Page 2111]]

achievement of the Caribbean Single Market Economy and to enter into 
the Record a Caribnews editorial celebrating this milestone. The CSME--
the initial phase of a historic regional economic integration project 
uniting 13 countries within the Caribbean--culminates a movement that 
was years in the making.
  With the creation of this newest trade bloc that includes Barbados, 
Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago, the countries 
have agreed to lift tariffs and allow all citizens to open businesses. 
In conjunction with Antigua, Dominica, Grenada, St. Kitts-Nevis, St. 
Lucia and St. Vincent and the Grenadines, the countries will also be 
able to provide services and move capital throughout the single market 
without restrictions. The implications of the CSME are sweeping, with 
plans advancing to replace national travel documents with a regional 
passport and the possibility of a common currency to be used by 
participating countries and a consolidation of economic policies.
  The CSME is a fitting and progressive response to the evolving global 
environment characterized by disappearing borders. I have full faith 
that CSME will create a larger spectrum of opportunities for 
employment, investment, production and trade for the people of the 
Caribbean islands. The coming together of regional economies into one 
bloc will undisputedly give the countries strength in facing other 
trade blocs and superpowers across the negotiating tables.
  Mr. Speaker, please join me again in congratulating the leaders of 
the participating' bean nations for forging ahead with the CSME and 
wishing them well in their next steps.

         Caribbean Single Market: Sealed, Signed and Delivered

       ``Sealed,'' stated one front-page newspaper headline in the 
     Caribbean on Tuesday morning.
       ``Caribbean leaders sign on formal document,'' hailed 
     another paper.
       And a third publication completed the process when it made 
     it clear that the pact had been ``delivered.''
       In effect, the Caribbean Single Market, the long awaited 
     important step towards deep economic and social integration 
     had moved closer to completion when several CARICOM leaders 
     signed on the dotted line on Monday, committing their 
     countries to be bound by and live up to the provisions of the 
     treaty establishing the CSME.
       The signing took place, quite appropriately, on the Mona 
     campus of the University of the West Indies, the 
     quintessential Caribbean educational institution, and the 
     occasion wasn't simply historic but vital if the countries of 
     the region are to realize their full potential.
       Admittedly, there were some unfortunate aspects of the 
     ceremony. One of them was a hard fact of Caribbean life: at 
     least one nation, the Bahamas, opted out all together while 
     Haiti, a country in chaos with a dysfunctional interim 
     government wasn't invited to the party. Another setback, of 
     sorts, was the decision by the members of the Organization of 
     Eastern Caribbean States to push back the deadline for their 
     implementation of the CSM. Originally, the deadline was 
     January 1, then it was moved to March and now we are being 
     told that it would be the end of June. Don't be surprised if 
     the OECS countries demand another extension.
       The countries, which are moving ahead with the CSM, are 
     Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and 
     Tobago. Antigua, Dominica, Grenda, St. Kitts-Nevis, St. Lucia 
     and St. Vincent and the Grenadines, the OECS nations are 
     coming on board during the second half of the year.
       The pact, a work in progress, calls for the removal of all 
     barriers to trade in goods and services, limited freedom of 
     movement by a handful of skilled people, such as UWI 
     graduates, sports figures and journalists, the setting of a 
     regional standard for goods being produced in or entering the 
     region from other countries and recognition of Caribbean 
     Court of Justice. Eventually, it could result in a common 
     currency and the harmonization of economic policies.
       What it wouldn't involve is a political union.
       These desirable and important objectives should become a 
     reality by 2008, the year when the CSME should become fully 
     implemented. No one should under-estimate the complexity and 
     the challenges the region faces as it moves forward.
       Jamaica's Prime Minister, P.J. Patterson, underscored that 
     point when he cautioned the leaders and others at the signing 
     ceremony ``formidable challenges still exist as we move 
     boldly forward in the pursuit of closer regional 
     collaboration within a global economy that is admittedly 
     hostile to the interest of small island developing nations.''
       The problem for small states is that global competitiveness 
     can undermine economic growth, slowdown social development 
     and diminish competitiveness. As if those weren't bad enough, 
     the mountains of red tape and the foot-dragging by some 
     countries can reduce the CSM's effectiveness and appeal.
       But there is little reason to despair.
       When Caribbean Free Trade Agreement, CARIFTA, the 
     forerunner of CARICOM and CSME, it started with three 
     countries--Antigua, Barbados and Guyana. The list grew in 
     later years. That's likely to happen with the CSME.
       Secondly, the Caribbean Court of Justice is now a 
     functioning judicial body. Yes, it's true that only Barbados 
     and Guyana have so far accepted the CCJ as their court of 
     last resort, relinquishing the necessity to turn to the Privy 
     Council in London as the final arbiter. Again, foot-dragging 
     is standing in the way of a broader court. Political 
     considerations in Jamaica and Trinidad and Tobago have turned 
     out to be roadblocks for expansion but that's not the case in 
     the OECS.
       A word about the OECS and its reasons for not signing the 
     final acceptance on Monday. The members are pushing for the 
     creation of a Caribbean Development Fund, which would help 
     bridge the gap in finance, which the elimination of tariffs 
     would create. That's a realistic situation, one that the 
     larger economies have recognized and are trying to solve. The 
     Fund must be established, no ifs, ands or buts.
       Interestingly, Edwin Carrington, CARICOM's long-serving 
     Secretary-General, in his speech on Monday borrowed from the 
     lyrics of one of Bob Marley's most popular songs, ``One 
     Love,'' and invoked the memory of that great Caribbean icon 
     when he insisted ``Let's get together and feel alright, I say 
     let's stay together and be all right.''
       We may be some distance away from achieving that 
     togetherness but at the very least we are on the road to it 
     becoming a fact of life.

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