Thu Jan 26, 2006
Is JA ready for the Caricom Single Market?
Three days before the signing of the document which will officially inaugurate the Caricom Single Market (CSM), Opposition Leader Bruce Golding is questioning Jamaica's readiness for the move.
According to Mr. Golding, while the CSM is being heralded as a great step forward, Jamaica is not equipped for the journey. However Mr. Golding was quick to point out that he is not suggesting that Jamaica should not go the route of the CSM. He was speaking at the Hardware Merchants Association luncheon at the Knutsford Court Thursday afternoon.
The Hardware Merchants Association is forecasting that with the CSM, its immediate market will expand significantly.According to President of the Association, Michael Brooks, the sector will expand from 2.75 million to 7.5 million this year alone.
He says over the next two years, this will grow to 14 million as other countries come on board.Mr. Brooks signaled that the sector will need to devise ways to get to the consumers and also put strategies in place to deal with even larger potential markets.
Prime ministers from the 15-member Caribbean Community economic bloc will meet in Kingston on Monday to inaugurate the region's single trading market at a special ceremony.In the meantime, Minister of State in the Ministry of Foreign Affairs, Senator Delano Franklyn, has rejected claims that Jamaica is not ready to enjoy the benefits of the CSM.According to Senator Franklyn, the greatest challenge facing the CSM is the lack of awareness of the project.
He says in order to combat this, an efficient media network needs to be established to provide accurate information to people in the region.Senator Franklyn says in the globalised environment small states like those in the region need to band together in order to survive.
Six countries have already signed up to the single market with another six expected to be on board by the middle of this year.
The single economy aspect of the treaty will not come into effect until 2008 due to several outstanding issues.
Is JA ready for the Caricom Single Market?
Three days before the signing of the document which will officially inaugurate the Caricom Single Market (CSM), Opposition Leader Bruce Golding is questioning Jamaica's readiness for the move.
According to Mr. Golding, while the CSM is being heralded as a great step forward, Jamaica is not equipped for the journey. However Mr. Golding was quick to point out that he is not suggesting that Jamaica should not go the route of the CSM. He was speaking at the Hardware Merchants Association luncheon at the Knutsford Court Thursday afternoon.
The Hardware Merchants Association is forecasting that with the CSM, its immediate market will expand significantly.According to President of the Association, Michael Brooks, the sector will expand from 2.75 million to 7.5 million this year alone.
He says over the next two years, this will grow to 14 million as other countries come on board.Mr. Brooks signaled that the sector will need to devise ways to get to the consumers and also put strategies in place to deal with even larger potential markets.
Prime ministers from the 15-member Caribbean Community economic bloc will meet in Kingston on Monday to inaugurate the region's single trading market at a special ceremony.In the meantime, Minister of State in the Ministry of Foreign Affairs, Senator Delano Franklyn, has rejected claims that Jamaica is not ready to enjoy the benefits of the CSM.According to Senator Franklyn, the greatest challenge facing the CSM is the lack of awareness of the project.
He says in order to combat this, an efficient media network needs to be established to provide accurate information to people in the region.Senator Franklyn says in the globalised environment small states like those in the region need to band together in order to survive.
Six countries have already signed up to the single market with another six expected to be on board by the middle of this year.
The single economy aspect of the treaty will not come into effect until 2008 due to several outstanding issues.
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