Caribbean countries stumps at growing petroleum debts
05 Dec '07
1 min read
Free trade agreement with United States and increase in the prices of commodity exports has proved beneficial for the Dominican Republic and Central American countries.
However, business firms in South Florida are facing the heat of rising energy prices which is impeding the growth of US economy. Discussions on the issue took place at the 31st Miami Conference on the Caribbean Basin.
Delegates attending the conference observed that small countries have been depending enormously on imports of petroleum and with the rising prices of fuels; Governments are falling into the pit of debts. Besides, even the garment sector is not assisting in generating revenues for the countries because of stiff competition from Asian countries. China in particular poses a great threat, especially since the quota imposed by US is awaiting its expiry soon.
Conclusions reached at the meeting include promotion of private sector oriented economic development and reduction of dependency on imported fuels.
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