Caribbean Community (CARICOM) Member States are being better prepared for the increased commercial activity that will accompany the establishment of the CARICOM Single Market and Economy (CSME). This will be done through the commencement of a capacity building project aimed at strengthening data collection and analysis for the enhancement of Trade in Services and Foreign Direct Investment. The Project was activated with a mission to St. Vincent and the Grenadines during the period October 4-15, 2004.

The project is being jointly executed by the Statistical Unit of the CARICOM Secretariat and the Caribbean Trade and Competitiveness Development Program (C-TRADECOM). It is aimed at improving the capabilities of national statistical agencies to collect, compile and disseminate information for regional and national negotiators and policymakers. It is also intended that the data complied can help investors to effectively operate and reap the benefits from a free trade area such as the CSME.

The key objective of the project is to enable a harmonised approach to the development of statistics on trade in services, through the preparation of common guidelines that will inform the production of these statistics. This is with a view to making detailed data on trade in services and investment available, through a review and compilation of existing data in Member States. It is envisaged that the data improvement project will also increase sensitisation of producers and users of statistics on trade in services and investment.

The Project is a continuation of the momentum in the area of Statistics that was activated through a Canadian International Development Assistance (CIDA)-funded Project in 2001/2002 in the Region.

A team of consultants including experts in the areas of: National Accounts, Balance of Payments, Classification Systems, Survey and Sampling methodologies and Information Technology have been hired for the project. The experts are expected to review data compiled in the areas of services in the compilation of: the National Accounts and Balance of Payments; recommend action with respect to the use of classifications for the core services industries; review survey instruments, questionnaires, data collection procedures and sampling methodology, and design a computerised system for the compilation of national and regional databases on services.

The Consultants will be visiting Member States to execute these activities and would be engaged in consultations with the Statistical Offices and Departments, the Central Banks and other agencies. This initiative on Statistics on International Trade in Services and Investment is seen as critical to the establishment and monitoring of the provisions of the CSME, as well as other International and Hemispheric negotiations. The duration of the Project is from October 2004 to March 2005.

Contact:

Rose Blenman
rblenman@caricom.org