Editorial
Antigua andBarbuda Finance Minister: "Meeting Beneficial"
Antigua and Barbuda's Junior Finance Minister, Senator Asot Michael,has said that a meeting of Finance Ministers of the Western Hemisphereheld over the last few days in Toronto was "very beneficial."
Speaking from Toronto at the close of themeeting, Senator Michael said that the most important aspect ofthe Conference was the opportunity to talk directly with the newUS Treasury Secretary, Paul O'Neil.
Mr. Michael disclosed that both Barbados'Prime Minister, Owen Arthur, and Antigua and Barbuda's SeniorAmbassador, Sir Ronald Sanders, presented strong arguments counteringa scheme by the OECD, claiming harmful tax competition from smallstates.
The Minister said that the US Treasury Secretarylistened carefully leaving Caribbean jurisdictions some hope thatthe new US Government may not support the OECD scheme as fullyas the last administration.
Senator Michael also revealed that he andSir Ronald had the opportunity to talk to Mr. O'Neil in the marginsof the meeting about the issue. He said they were both impressedby the thoughtful way in which the US Treasury Secretary receivedtheir comments.
The Finance Ministers of the Western Hemispheregathered in Toronto in part to prepare for the Summit of the Americas,to be held in Quebec City later this month. Commenting on thisaspect of the meeting. Senator Michael said that his delegationto the meeting stressed the importance of financial resourcesfor the implementation of the Free Trade of the Americas Agreement.
Mr. Michael said: "Countries in theCaribbean will find it difficult to make the adjustments to theirrevenue-raising systems unless machinery is put in place to compensatethem for the loss of revenue from lower tariffs and duties."
The Minister said: "My delegation madethe point that while a Free Trade area will benefit all the countriesof the Americas, the larger countries will benefit first withsome dislocation in the smaller ones. In this connection, compensatorymachinery must be put in place".
Mr. Michael said he felt that both Ministersfrom the larger countries, as well as the Financial institutions,such as the Anti-American Development Bank and the World Bank,were alert to the point that unless "aspirations were backedby resources, dreams would fail".
The Antigua and Barbuda delegation, ledby Senator Michael, included Senior Ambassador with MinisterialRank, Sir Ronald Sanders and Financial Secretary Alphonse Derrick.