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Agencies Discuss Progress In Caribbean Trade Integration

Tuesday, February 9, 2010

The United Kingdom Department of International Development (DFID) and the Inter-American Development Bank (IDB) discussed today progress made in joint trade support and in the preparation of projects to promote private sector development and competitiveness in the Caribbean.

The two bodies reviewed progress made towards their new initiative, the Compete Caribbean Programme, jointly designed by IDB, DFID and the Canadian International Development Agency (CIDA), which is set to be launched to benefit 15 CARIFORUM countries from March 2010.

The Compete Caribbean program will establish an Enterprise Innovation Challenge Fund offering matching grants to private sector businesses - clusters, and small and medium-sized enterprises – to help them develop innovative products and services that are able to compete in regional and global markets.

Compete Caribbean will also support business climate reforms - to create a sound enabling environment for private sector growth – by supporting regulatory reform and public-private dialogue, within a comprehensive private sector development framework.

DFID’s Director for Middle East, Caribbean, Asia (North, Central and East) and the British Overseas Territories, Sue Wardell, explained, “innovation in the private sector is crucial for the Caribbean to recover from the economic downturn and move their economies on to a high growth trajectory.”

“The Enterprise Innovation Challenge Fund, in particular, can provide a launching pad for new business ideas which expand the regional export base and help Caribbean companies to access international markets."

IDB program Team Leader, Jose Jorge Saavedra, added:

“Consultations with over 120 decision makers from the public and private sector, as well as regional institutions, confirmed the need for business climate reforms to promote private sector development as well as firm-level technical assistance to increase productivity, innovation and access to global markets.”

“The Compete Caribbean program responds to these demands and will support governments and businesses in generating employment and economic growth.”

The two organizations also reviewed progress made under their Aid for Trade initiative. DFID provided the first contribution to an IDB launched multidonor Aid for Trade Strategic Fund in December 2009, with GBP910,000 (around USD1.48m). The fund is designed to help the public and private sectors in Latin America and the Caribbean to integrate into the global economy.

“The Aid for Trade fund plays a key role in enhancing Caribbean countries capacity to take advantage of trade liberalization opportunities by helping them to address important constraints which impede them from benefiting of market access,” explained IDB Aid for Trade Coordinator, Carolyn Robert. “This is particularly relevant for small countries in the context of current trade liberalization efforts undertaken by the Caribbean with major trading partners and of declining trade volumes as a result of the global economic crisis.”

“The fund will support these countries by channeling grants to develop trade adjustment assistance programs, enhance trade facilitation, and improve institutional capacity to design and implement trade policy, including recently concluded trade agreements, like the Economic Partnership Agreement signed between CARIFORUM and the European Union,” added Pamela Coke Hamilton, IDB Trade Specialist in Barbados. “As the fund represents an important tool in addressing priority issues in the Caribbean regional trade agenda, DFID and the IDB are working closely with other regional organizations, governments and the private sector to set priorities and coordinate efforts.”

A high level regional review with government and private sector participants from all countries of the region was held last year in Jamaica in order to monitor progress in the implementation of the Aid for Trade initiative to support mainstreaming trade into national and regional development agendas, to foster regional approaches and to promote donor coordination.

The Aid for Trade fund covers activities under four areas: (i) trade policy, negotiation and implementation agreements; (ii) trade facilitation and private sector development; (iii) initiatives that help connect markets that are complimentary to physical infrastructure, such as the harmonization of regulatory frameworks and the reduction of transit costs; and (iv) trade-related adjustment activities to help countries adapt to trade liberalization.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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