CARICOM States unable to reap full benefits of current multilateral trading system: BarbadosListen /
CARICOM States, like many developing countries, have been unable to reap the full benefits from the current multilateral trading system due largely to the longstanding, systemic imbalance in the international economy.
That's what Barbados' delegate Ms. Kereeta Whyte told a meeting of the Open Working Group on Sustainable Development during discussion on the Macroeconomic Policy Questions, including international trade, international financial system and external debt sustainability.
Speaking on behalf of the Caribbean Community (CARICOM), Ms. Whyte said CARICOM believes the development of Sustainable Development Goals (SDGs) should include concrete steps by the international community to address these imbalances.
The Barbados delegate stressed that as we move towards the post-2015 development agenda, CARICOM believes a number of issues must inform the approach to the development of related SDGs targets and indicators. Among them: improved inclusiveness in macroeconomic policies; environmentally sustainable development patterns; regulation of large and systematically important financial institutions beyond Basel III – which is a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk; a speedy conclusion of a development-oriented Doha Round of multilateral trade negotiations which will return the global trading system to greater stability; and facilitating the flow and use of remittances to support development.
According to Ms. Whyte, the global financial and economic crisis exacerbated the debt levels while eroding debt sustainability across the Caribbean region. She said for CARICOM, it is imperative that the matter of debt sustainability is examined through the prism of Middle Income Countries' realities.
She noted that the classification of Middle Income Countries has created a situation where most States in the Caribbean no longer qualify for concessional loans from international financial institutions.
This is Donn Bobb reporting.