opinion

CARICOM Bureau must lead towards CSME solution
by Clarence E. Pilgrim

The Caribbean has been peopled for many thousands of years and through time, climate, arts, architecture, earthquakes, fighting and economic change, there has been civilization in one form or another. Archaeologists have dated sites between 5000 to 3000 BC.

Our present Caribbean civilization is facing the kind of challenge that may even threaten its survival in its present form.

The ongoing global financial and energy crisis and its impact on the lives of the ordinary man and woman on the street must not be underestimated.

Survival at an acceptable standard of living depends to a great extent on the knowledge, creativity and intestinal fortitude of the collective leadership and united will of the Caribbean people.

Therefore, it will be essential that at the twenty-fourth meeting of the Bureau of Heads of Government of the Caribbean Community (CARICOM), a clear and decisive plan is drafted for the forward advancement of the organization.

Even with the fall of the world price of oil, there are no indications that this will register as a substantial benefit to the region, especially with lower energy demands and worsening economic prospects. Crude oil has fallen about 60 percent after reaching a record $147.27, with under $60 a barrel being its lowest levels since the beginning of 2007.

What will also be of great concern to the Caribbean Community is the serious challenge being faced by the tourism industry, which is a tremendous revenue earner for most lands. With the economic slowdown in major tourist supplying countries, there will be a major cash flow inhibition from would-be visitors to the region.

It is important to remember that the dynamics of revolving economic spheres continue to influence the market viability and longevity of goods and services within the Caribbean Community; we are left to ponder on such factors, which will impact directly on the standard of living within.

Now is the time for a clear case of economic change from isolation and dislocation to a single Caribbean entity, which is strong and vibrant enough to chart a new direction and withstand a certain measure of negative economic force.

However, central to "change" management lays the "change" problem. This problem, simply stated, is how do we get to a future state to be realized, from the present state which must be left behind? The answer is by using a clearly defined and structured process to transform from one to the other.

To effectively guarantee the strength of a Caribbean Single Market and Economy (CSME) means that strong consideration must be given to the absorptive capacity of individual economic entities within CARICOM (Caribbean Community). It is quite clear that there is the need for the will of the leadership within CARICOM to prepare the essential ingredients necessary for the creation of a unified Caribbean society.

Careful planning and preparation are indeed the keys to success. Understanding the nature of existing concerns will help to define what exists, determine ways to eliminate the differences and apply goals that are time-relevant and results-oriented, particularly in the present global dispensation where the tides of industry and commerce touch the shores of the entire global village.

It is quite clear that with the influence of these factors, the "fine print" for regional integration must be adjusted to these new realities.

At this time, it is important for the Caribbean region to remain mindful of the economic challenges and develop a working strategy in the event of circumstances like those presently unfolding in other countries. Preparation must be the word which continues to guide our business choices and ultimately our advancement into CSME."

I believe that further delay in finalizing the economic component of the regional CSME drive would negatively affect the region's ability to cope with globalization and also hurt trade with other regions. The time to act is sooner rather than later.

The author is an educator and senior civil servant in Antigua & Barbuda