T&T is moving closer to the realization of the Caricom Single Market and Economy, Ambassador Jerry Narace, head of the CSME Unit, said yesterday.

He explained although T&T has been 80 percent CSME-ready from May 2004, since that time they have made even more progress.

“Our success to date includes the following: Cabinet’s decision to enact the Treaty into domestic law; the establishment of all the necessary national and regional administrative structures and full implementation of the Common  External Tariff,” Narace said.

He was speaking at the opening of a workshop titled “opportunities and comments for establishment, services and capital in the CSME” at Cascadia Hotel St. Ann’s.

Narace added that there was free movement of the five categories of skilled persons: graduates not only from UWI, but also from other accredited universities and programmes; media personnel; sportspersons; musicians and artistes.

He said there has also been the abolition of both foreign exchange controls and restrictions to capital market activity.

“Currently, T&T, Jamaica and Barbados comprise the regional stock exchange.  Other member states will join in cross-listing once the relevant legislative and administrative procedures are implemented,” Narace said.

The Ambassador said in the area of enforcement and regulation, discussions are under-way for the establishment of a Fair Trading Authority and the Accreditation Council of T&T has been established.

“This Council provides the legal authority for the Accreditation Council to establish a quality assurance framework for the registration and accreditation of tertiary level institutions in T&T.  The only outstanding issue is the passage of legislation enabling the enactment of the Caribbean Court of Justice into domestic law,” he said.

Narace said in consultation with the CARICOM Secretariat, T&T has embarked on an attachment programme where technocrats from other member states have been stationed at the CSME Unit of T&T in order to receive training and collaborate on the best practices for successful implementation of the CSME.

He said T&T has met its legislative deadlines with Cabinet granting approval on the legislative method for the removal of restrictions contained in certain pieces of legislation.