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Profitable Outlook For Caribbean Economy

As the keynote speaker in the Omega College’s lecture series, “The Future of the Caribbean in the Global Community,” Mr Witajewski outlined the importance of the Caribbean and its growing relationship with worldwide countries.

“Economy, geography, language, and a common historical link with Great Britain are some of the obvious bonds joining the United States and the countries of the Caribbean,” Mr Witajewski said. “We share a common history, values, culture, tradition and objectives.”

Mr Witajewski stressed the importance of a healthy alliance between the United States and the Caribbean Community (CARICOM) along with Latin America.

Goods

“The United States sells more to the Caribbean and Latin America than to the European Union,” he pointed out. “And the US purchased more than $240 billion worth of goods and services from this region last year.”

Thanks in part to the US’ “buyer’s market,” which is conclusively strengthening its relationship with the Caribbean, programmes such as the Third Border Initiative (TBI) help provide additional opportunities to deepen the mutual partnership between both countries, he said.

“The goal of the Third Border Initiative is to strengthen the capabilities of Caribbean institutions to address economic, political and societal problems and counter transnational crimes,” Mr Witajewski said.

The US State Department provided $3.9 million for the Third Border Initiative for the 2004 fiscal year. USAID will spend approximately $1.4 million of that donation for trade and democracy programmes in the Caribbean.

Mr Witajewski also described the importance of the Free Trade Area of the Americas (FTAA), which will remove barriers and generate increased trade and prosperity for the entire hemisphere. Therefore, the FTAA will provide access for Caribbean and Central American countries to the US and other hemispheric markets.



Largest

“Ultimately, the FTAA will cover every free country in the Western Hemisphere, establishing the world’s largest free trade area ヨ with 34 countries, almost 800 million people, and a combined Gross Domestic Product (GDP) of $13 trillion,” Mr Witajewski noted.


He also spoke about the significance of economic growth and how the reduction of poverty is a general goal.

“More than half of our neighbours in the Americas live in poverty,” Mr Witajewski said.

“That is why it is so important for us ヨ mutually ヨ to encourage free market economic growth in the Americas.”

On the dangerous issue of HIV/AIDS, which now effects more than two million people in both Latin America and the Caribbean, he said that fortunately, US President George Bush’s Emergency Plan for AIDS relief will contribute $5 billion for ongoing bilateral programmes, including 32 Caribbean and Latin American countries.

Mr Witajewski admitted that the challenges facing particular parts of the Caribbean are extensive, but claimed that there is nothing but optimism in the Bahamas’ future.

“The resources that the United States and the Bahamas can bring in terms of expertise, history and resources are equally great,” said Mr Witajewski.

“Working together, I am confident that we can succeed and that we can make a difference.”

Matthew Cromwell, The Tribune

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