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Futures and Commodity Market News |
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Sat May 17, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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May 11, 2008 (BBC Monitoring via COMTEX) -- ANTIGUA-MEETING-High cost of living dominates COTED meeting ST JOHN'S, Antigua, CMC - The increasing cost of living dominated discussions by regional trade and finance ministers as they gathered for the Caribbean Community's (CARICOM) Council for Trade and Economic Development (COTED) meeting on Saturday. COTED Chairman, Jamaica's Minister of Foreign Affairs and Trade Dr Kenneth Baugh, said member states were concerned that the increasing price of food and other commodities worldwide was triggering an inflation of prices in the region. COTED also examined current disputes among member states regarding flour and rice. Baugh noted that even though there were differences among the ministers, the Council remained a cohesive unit. "It's not causing division...Once you have dialogue and there's sharing and there's a commitment and a resolve to protect the integrity of CARICOM, then we don't really have a problem," he said. "It is an opportunity for us to debate the issues, to be very open and very frank and that is what we had." He added that CARICOM member states were working together to resolve these differences, some of which have been triggered by individual governments trying to reduce the cost of living in their respective territories as world prices soar. "There's no question in my mind that what really is happening is that CARICOM is finding a way to resolve these issues and to find solutions within the context of CARICOM," Baugh added. Meantime, Antigua's Finance and Economy Minister, Dr Errol Cort, said regional countries were trying to find solutions to deal with rising food prices in a manner that could protect both consumers and the economies of the various countries. "We have to find an equitable or judicious balance between subsidies and other efforts on one hand to reduce the impact and the fiscal position on the other hand, but I think so far we've been seeking to cope on the particular challenges," he said. During the 10-hour meeting, ministers also discussed CARICOM's relationship with the World Trade Organization (WTO) as well as the Economic Partnership Agreement (EPA) reached between the European Union and the Caribbean Forum (CARIFORUM), which comprises CARICOM and the Dominican Republic. Source: Caribbean Media Corporation news agency website, Bridgetown, in English 1940 gmt 11 May 08 BBC Mon LA1 LatPol tc |
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BBC Monitoring. Copyright BBC. Please read the End User Agreement. News provided by COMTEX |
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