Regional Relations
From The Report: Trinidad & Tobago 2020
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Given its strategic location at the southernmost point of the Caribbean, Trinidad and Tobago serves as a nexus between the island nations to the north and its neighbours on the South American mainland. It has been part of CARICOM since its inception in the 1970s and according to the IMF, the region’s economies are expected to grow by 2% in 2019 and 2020, supported by economic expansion in the US and recovery from the 2017 hurricanes. Improving economic performance, integration and collaboration in sectors such as energy have put the Caribbean in an advantageous stead. Policies that centre around the regional harmonisation of regulatory procedures will likely prove important in reducing barriers to increased social integration and intra-regional trade. This chapter contains an interview with Allen Chastanet, Prime Minister of St Lucia.

Articles from this Chapter

Overview

All together now: The Caribbean is moving towards enhanced regional integration based on a single-market agreement
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Despite its relatively small size, Trinidad and Tobago has played a significant role both politically and economically in the Caribbean since its independence from the UK in 1962. Given its strategic location at the southernmost point of the region, the island serves as a nexus between the island nations to the north and its southern neighbours on the South American mainland. It has been part of CARICOM since its inception in the 1970s and has close relations with a number of Spanish-speaking countries,…

Interview

Ties that bind: Allen Chastanet, Prime Minister of St Lucia, on building regional integration and opportunities post-Brexit
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Interview:Allen Chastanet How important are ties to the Commonwealth, and how will relationships develop in the future? ALLEN CHASTANET: The Commonwealth offers tremendous opportunities for St Lucia and Trinidad and Tobago. We hope the UK will now re-engage with the Commonwealth as a result of Brexit. From better trade agreements to enhanced double taxation treaties, we are confident that UK businesses will start looking at the Caribbean for growth opportunities, particularly as a way of…

Analysis

Joint effort: A regional body facilitates integration across a range of sectors
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In order to fulfil the aims of the CARICOM Single Market and Economy (CSME) and the wider CARICOM policy of further economic integration, officials in the Caribbean have identified a number of key sectors that form the backbone of regional convergence, from financial services to transport and education. In 2006 a revised Treaty of Chaguaramas came into force that turned CARICOM – formerly a common market – into a single market based on the free movement of goods, services, capital and labour.…

Analysis

Tapped for growth: Oil discoveries in neighbouring Guyana present regional countries with opportunities in value-added services
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The IMF estimates that Guyana will be the fastest-growing economy in the world in 2020, with projected growth of 84% for 2020 – up from 4.4% in 2019. The jump in growth is attributed to the fact it began oil production in December 2019. Guyana is looking to tap its natural resources, as it has the highest amount of oil reserves per capita – while Saudi Arabia has 1900 barrels per person, Guyana has 3900 barrels per person. Observers speculate that it could have more, as production is still in…