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Importance Of Regionalism In The Caribbean

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Open regionalism refers to an effort to resolve one of the central problems of contemporary trade policy. It reflects how to achieve compatibility amongst the explosion of regional trade agreements around the world and the global trading system embodied in the World Trade Organization. The interdependence stems from special preferential agreements which arise from the market signals that are produced by trade liberalization in general. It seeks to assure the regional agreements will in practice, be building blocks for further global liberalization rather than hindrance blocks that deter progress. The differentiation between open regionalism and trade liberalization and non-discriminatory export promotion is the preferential element which is …show more content…

Small Medium Enterprise companies are the back bone of the Caribbean economy. These enterprises contribute to the creation of jobs for residents as well as play an important role in the Gross Domestic Product of their country. They are essential to economic growth and development within the region. With this initiative being in place, Caribbean entrepreneurs can take advantage of the opportunities that will be open to them and gain access to other markets throughout the world.
Goods imported within the Caribbean can be accessed from cheaper markets by entrepreneurs through open regionalism. This concept removes barriers that deter the Caribbean business owners from gaining access to these markets. It will therefore give them the opportunity to partnership with other business owners within different regions showing the interdependence of countries throughout the world on each other’s goods and …show more content…

The removal of restrictions and tariffs from imported goods and services, business owners within the Caribbean can captivate on this advantage and have a reduction in the cost of operating their business on a daily basis. This improves the profit margin within the businesses which therefore generates revenue within the country.
Furthermore, open regionalism gives Caribbean business owners the opportunity to take full advantage of the different markets that are opened up through this concept. Caribbean entrepreneurs can diversify their businesses through the access to resources necessary through the worldwide market that has been opened up to them. One example of this is businesses outsourcing from Indian employees that work within their country through technology for various day to day business transactions such as accounting, telecommunications and medical

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