CARICOM Secretary General, Dr. Carla Barnett is urging Austria to “play an influential advocacy role” as Caribbean countries continue to criticize the decision of the European Union to label regional countries as non-cooperative tax jurisdictions.
Dr. Barnett said the situation continues to be a “matter of grave concern to us” as she accepted the Letters of Credence of Austria’s Plenipotentiary Representative to CARICOM, Gerhard Doujak. The CARICOM Secretary General said regional countries are also concerned at the related de-risking strategies being employed by certain international banks which have resulted in the withdrawal of crucial correspondent banking relationships.
“Austria, as a member of the EU, can assist by seeking to ensure that the EU, in its decision making, is guided by the informed position of the relevant global regulatory authorities and desists from taking unnecessary punitive actions. We believe that Austria can play an influential advocacy role on our behalf on this issue,” Dr. Barnett said.
She told the Austrian diplomat that even as the region tries to move past the COVID-19 pandemic, “we are now grappling with recovery from the extremely negative economic and social effects.
“These events expose our vulnerability and strengthen our case for a Multi-dimensional Vulnerability Index to be used as the major criterion to determine access for concessional development financing. “Austria, as a founding member of the Organization for Economic Co-operation and Development (OECD), can play a role in advocating for this change from GDP (gross domestic product) per capita as the main criterion for such financing.”
Dr. Barnett said also Caribbean economies continue to be challenged by increasingly burdensome debt, brought on, in large measure, by the regular demands for reconstruction after frequent climate-related events.
“There is a sense of urgency for a stronger global approach to combating climate change, as well as for meaningful assistance to help our countries to build resilience to address the effects of this phenomenon.
She told the Austrian diplomat his appointment represents a new chapter in the “meaningful and productive relationship our countries have fostered over 22 years… characterized by a friendship built on mutual respect, bilateral relationships with the member states of the Community”.
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