Major Private-Sector Bodies form CARICOM Working Group

On the heels of recent public commentary regarding Jamaica’s trade agreements with CARICOM comes news that four of the country’s major organisations have formed a broad-based Private Sector Working Group to examine CARICOM and other free trade agreements.

The Jamaica Chamber of Commerce (JCC), Jamaica Exporters’ Association (JEA), Jamaica Manufacturers’ Association (JMA) and the Private Sector Organisation of Jamaica (PSOJ) have formed the committee based on feedback from their members. The four organisations also said they believe that, given the current International Monetary Fund (IMF) agreement, and the consequent adjustments to the tax and other legislative landscape that will follow, it is critical that Jamaica’s trading arrangements are structured to complement these adjustments, in order to bring long-term benefit to the Jamaican business environment. The committee will be especially focused on determining whether there is any merit to the complaints from their members, and ensuring that Jamaica is on the same level as its regional trading partners. The group said it aimed to work in tandem with the Government and would, therefore, make recommendations as necessary to our policy makers.

Committee terms of reference

The terms of reference of the committee are: “While acknowledging the value of the CARICOM relationships, this committee has been formed to review conclusively the impact, actual and potential, on the Jamaican economy, of the existing CARICOM trade arrangements and the present and proposed free trade agreements signed with and to be implemented by Jamaica, the Dominican Republic and Costa Rica. The committee also intends to make recommendations for the amelioration of the negative aspects of those agreements, as well as to propose a more unified and efficient working mechanism between Government and the private sector for the negotiation and establishment of such agreements.”

Courtesy: www.jamaica-gleaner.com