13 Oct Major Gaps in the EGC Report – Anthony Hylton
Kingston, Jamaica; October 12, 2016: Opposition Spokesperson on Industry, Investment and Commerce, Anthony Hylton says there are gaps in the report of the Economic Growth Council, EGC.
The most significant gap is the absence of any reference to Jamaica’s foreign economic and trade policies.
“Nowhere in the published report is the term even mentioned. A strong foreign trade policy is critical to the achievement and maintenance of accelerated growth in Jamaica’s small and open economy”; Hylton noted.
He said a globalized economy underpinned by the World Trade Organization (WTO) and the emergence of powerful trading blocs will have a direct impact on the competitiveness of our economy, businesses and ultimately on growth
According to Mr. Hylton a strong Foreign Trade Polìcy takes on added significance with the emergence of ICT technology and the changes in global production and distribution methods.
” Jamaica’s connectivity to the global economy via trade in both goods and services is perhaps the single most important strategy in overcoming the constraints of a small economy of less than 3 Million people” Hylton asserted.
He warned that how we navigate the pitfalls and challenges of being connected to the global economy as outlined in our foreign economic and trade policies with determine the success or failure of Jamaica’s growth policy.
He said by ignoring the critical role for foreign economic and trade policies, the Report side-steps the important reform agenda at Customs. This includes trade facilitation, a single electronic window and the need for the overhauling of the existing Customs Act started under the previous administration.
It is Hylton’s view that in failing to recognize the role of our foreign economic and trade policies, the EGC report undermines Jamaica’s effort to create a logistic hub.