Analyze CARICOM Trade data specifically for the movement

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Reference no: EM132286971

The Cabinet in the island of St Magnamus, located in the southern basis of the Caribbean Sea, is exploring the possibility of joining CARICOM as a full member. Joining CARICOM is seen as a strategic move to strengthen the economic base of the island by increasing its access to markets and enhancing its prospects of sustained economic development, in an increasingly competitive global environment. The economy of St Magnamus is predominantly agricultural based (65% of GDP), with the other key economic sectors being tourism (10%) and Industry (10%). (The agricultural products are bananas, ground provisions and citrus).

The Cabinet has decided that their final decision must be taken on an evidenced based Brief from Technical Officers from the Ministry with responsibility for Regional Affairs. This must be undertaken before a formal application is lodged with the CARICOM Secretariat in Georgetown, Guyana. The President of St Magnamus has requested that a proper Briefing Paper is provided, prior to his attendance at the upcoming CARICOM Heads of Government Summit. Since St Magnamus is a major producer of agricultural products, the President wants to ensure that there are positive trading benefits within the regional grouping.

Task:

Your Team works for the Minister of Development and Regional Affairs in St Magnamus. Your Minister has asked your Team to prepare an evidenced based Presentation to Cabinet setting out the advantages (benefits) and disadvantages (costs) of joining the CARICOM. The Team should present evidence on whether the CARICOM is currently working effectively for its existing members. This includes an assessment of the growth in intra-regional trade within CARICOM.

Issues to consider/Guiding Questions

Research and access relevant information from a variety of sources

Analyze CARICOM Trade data specifically for the movement of agricultural products in the CARICOM region. Assess the scope for a new producer entering the market. Are there internal restrictions on the importation of agricultural products?

Express why you think regional integration is important (or not) for the progress of Caribbean economic development.

Make reference to development theories which emphasize/recommend regional integration as an integral component of the development process.

Offer and justify a minimum of two solutions/recommendations to deal with any potential issues identified which will impact on support

Reference no: EM132286971

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