An assessment of the performance of CARICOM extraregional trade agreements: An initial scoping exercise
Abstract .-- I. Introduction .-- II. Examination of peculiar characteristics of sub regional economies .-- III. Key elements of CARICOM trade performance .-- IV. Challenges to export expansion .-- V. Policy prescriptions and the way forward.
Despite its active embrace of trade liberalization and the maintainance of relatively open economies, CARICOM trade performance both within the region and extraregionally has been poor. The nexus between bilateral Free Trade Agreements (FTAs), Partial Scope Agreements (PSAs) and preferential trade arrangements, which was intended to assist in compensating for the small size of domestic and regional markets, while providing an additional tier of trade and economic integration, has thus far failed to deliver its intended results. This paper makes this conclusion in assessing the performance of these extraregional trade agreements and sheds light on issues not often discussed.