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Flags of the Caribbean nations at the Eastern Caribbean Central Bank (ECCB) in St. Kitts
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BASSETERRE, ST. KITTS, JULY 26TH 2007 (CUOPM) - The St. Kitts and Nevis Cabinet has discussed and approved the participation of the twin-island Federation in the establishment of the Caribbean Single Market and Economy (CSME) Competition Commission - Chapter 8 of the Revised Treaty of Chaguaramas.
This agreement establishing the CSME, enunciates the Competition Policy for the CSME and establishes the relevant competition commission. The competition commission will monitor anti-competitive practices of enterprises operating in the CSME, and investigate and arbitrate cross-border issues to uphold competition in the Community. Among other things, the Competition Commission will also keep the CSME competition policy under review and advise and make recommendations to relevant CARICOM council.
“The Government views the protection of competition in the Region as paramount to the continued rapid economic development of the country and the empowerment of local entrepreneurs as they attempt to compete on a level playing field,” said Minister of State for Information, Sen. the Hon. Nigel Carty.~~Adz:Right~~
He said Cabinet in its meeting on Wednesday, the second for the week, approved the budget for the establishment of the competition commission, the enactment of competition legislation in the sub-region and the signing of the relevant protocols to facilitate the competition commission.
