Cluster Best Practices for the Caribbean: Private Sector Development Discussion Paper #5
Inter-American Development Bank (IDB)
The Caribbean is at a crossroads. The Economic Partnership Agreement (EPA) and the CARICOM Single Market Economy (CSME) herald a more liberalized trading environment with all of the potential benefits that come with the freer movement of goods, services, and labor. At the same time, the loss of preferential access to traditional export markets poses a significant risk to the region's future prosperity. Moreover, food security, climate change, a global recession, and the latest natural disaster to befall Haiti all pose new and daunting challenges to the region. If the Caribbean is to overcome these challenges and realize greater prosperity for its citizens it must develop new areas of competitive advantage.