Caribbean Single Market And Economy Case Study
6. How would the full implementation of the Caribbean Single Market and Economy (CSME) affect the chosen sector in your country of study? Could you firm’s development be enhanced OR hurt by this development?
In Barbados, the financial sector will be affected by the full implementation of the Caribbean Single Market and Economy (CSME) by allowing legal and administrative restrictions by affecting the free flow of trade and labor. The main issue is really whether CSME will work for Barbados when fully implemented. As of today, it is partially implemented with certain categories like musicians, graduates, artists, etc. In addition, the artisans and unskilled persons still have to get work permits. The CSME main aim is to ensure that all facets of the agreement are in place by 2015.
Access to affordable financing is another factor affecting the competitiveness of local service firms. Service providers indicate that commercial banks will not lend in areas where the risk is perceived to be high and if there are no tangible assets that could be held as collateral. It must be noted …show more content…
Intra-regional investment has been led by firms in the financial sector (banking and insurance. In the Caricom quasi-Cabinet, Barbados has responsibility for the CSME. The previous BLP Administration of Prime Minister Owen Arthur was very enthusiastic about the CSME and spent time and resources on pushing for CSME implementation. A CSME implementation office was set up in Barbados; and in regional multi-stakeholder consultation was held in Barbados in 2006 and adopted the Single Development Vision for the CSME. The current DLP Administration, first under Prime Minister Thompson and now under the current Prime Minister Freundel Stuart, appears to be much less enthusiastic about the CSME. This has deprived the CSME of political leadership and drive from within member
In Barbados, the financial sector will be affected by the full implementation of the Caribbean Single Market and Economy (CSME) by allowing legal and administrative restrictions by affecting the free flow of trade and labor. The main issue is really whether CSME will work for Barbados when fully implemented. As of today, it is partially implemented with certain categories like musicians, graduates, artists, etc. In addition, the artisans and unskilled persons still have to get work permits. The CSME main aim is to ensure that all facets of the agreement are in place by 2015.
Access to affordable financing is another factor affecting the competitiveness of local service firms. Service providers indicate that commercial banks will not lend in areas where the risk is perceived to be high and if there are no tangible assets that could be held as collateral. It must be noted …show more content…
Intra-regional investment has been led by firms in the financial sector (banking and insurance. In the Caricom quasi-Cabinet, Barbados has responsibility for the CSME. The previous BLP Administration of Prime Minister Owen Arthur was very enthusiastic about the CSME and spent time and resources on pushing for CSME implementation. A CSME implementation office was set up in Barbados; and in regional multi-stakeholder consultation was held in Barbados in 2006 and adopted the Single Development Vision for the CSME. The current DLP Administration, first under Prime Minister Thompson and now under the current Prime Minister Freundel Stuart, appears to be much less enthusiastic about the CSME. This has deprived the CSME of political leadership and drive from within member