ATTORNEY-AT-LAW, KWAME Gordon of the law firm Myers, Fletcher and Gordon, has highlighted some opportunities for the regional maritime sector with the establishment of the CARICOM Single Market and Economy (CSME), while encouraging players to make adequate preparation to capitalise on these new prospects.
Mr. Gordon was addressing the recently concluded Caribbean Shipping Association (CSA) Shipping Executives Conference in St. Lucia, which involved more than 100 shipping executives from across the region. He was speaking on the topic 'Possible Implications of the CARICOM Single Market and Economy for the Caribbean Shipping Industry'.
Elaborating, Mr. Gordon mentioned possibilities for marine survey services including underwater and port surveying, dry-docking and provision of technical skills, among others. Additionally, he pointed to the opportunities for marine transport services as a result of the increase in intra-regional trade, as well as services ancillary to port operations, ship agency services, freight forwarding, trawling and tug services.
MINDFUL OF THE CHALLENGES
He said the region should be mindful of the challenges which included increased competition, a decrease in monopolies and oligopolies and the harmonisation of laws to avoid restrictions on the mobility of individuals, services and capital. This is intended to open up areas previously dominated by nationals.
In preparing for the CSME, he suggested that organisations should focus on the following: the removal of uncompetitive practices; innovation and improved efficiency; reorganisation of the workforce; concentrated focus on core business; pursuing representation at the intra-regional level; mergers and take-overs, where necessary; and the marketing and promotion of their goods and services throughout the Caribbean region.
While emphasising that the CSME will provide opportunities to boost regional trade, he referred to the benefits to be derived from increased intra-regional alliances by pooling resources, similar treatment for similar businesses and services and their personnel and the opening up of markets to service providers, inclusive of marine service providers. CSME would also generate increases in the level of competitiveness and lead to an improvement in goods and services to benefit consumers.
He also said that the CSME would constitute a 'building block' for CARICOM's integration into wider trading arrangements such as the Free Trade Area of the Americas (FTAA) and provide a regional negotiating machinery thereby strengthening the negotiating capability of CARICOM countries at the international level.
