'CARICOM needs a sense of urgency' - Business - JamaicaObserver.com: "In spite of almost forty years of planning, the Caribbean Community (CARICOM) has not realised its goals while the BRICS (Brazil, Russia, India, China and South Africa), which achieved prominence as a group only in the past decade, are already considering forming their own development bank.
When the Treaty of Chaguaramas was signed to create CARICOM in 1973, "China was large but not yet globally influential, and the world had not yet experienced the global financial crisis", Leon said. "We can all agree that the world as we knew it then has changed."
Regional trading has "been less than spectacular", he said, adding that trade among the 15 member states accounts for between one and 10 per cent of their total. That is not enough, he said, as the European Union has managed to grow its internal trade figure to about 40 per cent.
Additionally, the need to borrow is taking its toll on the member states as "Caribbean countries are among the most highly indebted countries in the world", he said."
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