Caribbean Export & EPA Implementation in the Caribbean Servi

42

Caribbean Export and EPA Implementation in the Caribbean Services Sector BENEFICIARY SUCCESSES USING THE EPA

identification of several interlocking areas for action, namely: a strategy for the development of the Caribbean financial services sector, development of human capital, regulation and compliance, as well as advocacy and coordination. Subsequent to the Conference and based on the agreed recommendations, Caribbean Export launched an open tender to develop a Road Map and Action Plan for the establishment of a Caribbean Regional Financial Services Institute on June 3, 2014. Caribbean Export also contracted a consultant to develop a strategic plan and roadmap toward the establishment of a Financial Services Secretariat. During the contract period, the Agency facilitated a meeting of CARIFORUM/FCOR/OCT Task Force in Grand Cayman, Cayman Islands June 26, 2014. Within the context of the Task Force meeting, the opportunity was taken to convene a meeting of financial services stakeholders present from CARIFORUM countries and OCTs including British Virgin Islands, Cayman Islands, Bermuda, Montserrat, The Bahamas, Antigua and Barbuda and Barbados. Task Force for the Promotion and Protection of the Caribbean Financial Services Sector The Agency has also convened five meetings of the Task Force for the Promotion and Protection of the Caribbean Financial Services Sector (TFP-CFS), with the primary objectives of being the main technical body at the regional level addressing issues affecting the sector; providing recommendations to the financial sector and political directorate regarding improved regulation and legislation; establishing a strategic and comprehensive regional position for coordinated lobbying and advocacy for

of this Conference were that: Caribbean IFCs needed to diversify away from the current unsustainable focus on tax- efficiency, to more sustainable areas of service, through basic research that develops non-tax driven products that Caribbean jurisdictions may adopt; and that there needed to be the coordinated delivery of training programs geared at the achievement of internationally recognized, practitioner qualifications. Building on the outcomes of the 2012 Conference, the 3rd meeting was convened with the aim of: discussing the full range of global policy measures and initiatives that directly affect the Caribbean IFCs, fostering greater recognition and support of the positive work performed by the Caribbean IFCs, and facilitating a more collaborative and inclusive process in the redesign of International Financial Architecture. The Conference also discussed and agreed on the road map to facilitate the strengthening and development of the industry, as well as review the work and strategic direction of the TFP- CFS charged with leading the regional agenda. The sessions resulted in the