ROADTOWN Tortola BVI, March 29th, 2012 – The British Virgin Islands will have to decide how closely it wants to be tied to the Organization of Eastern Caribbean States (OECS); now having the opportunity to sign on to the Revised Treaty of Basseterre which establishes the OECS Economic Union.
According to Director General of the OECS Dr. Len Ishmael, the BVI has a few options, which she shared with Premier and Minister for Finance Dr. the Honourable D. Orlando Smith, OBE, his Cabinet and other senior public officers during her visit last week.
The BVI can fully sign onto the new Treaty and the Economic Union protocol, or sign the agreement with reservations in some provisions. The Territory can also opt not to sign and maintain existing agreements under the 1981 Treaty of Basseterre. Government is presently reviewing its options.
The Director General explained at last week’s press conference that the British Virgin Islands can sign the Revised Treaty of Basseterre, but can reserve the right to not allow certain protocol, saying, “The BVI, when it accedes to the Revised Treaty of Basseterre, can seek derogation, so that, for example, the Freedom of Movement protocol will only be for those countries that sign on freely to both the Revised Treaty and Economic Union.”
Referring to the Economic Union, the Director General said its goal is to allow member states to aggregate resources to make more meaningful representation to the global economy, as opposed to competing on a global scale as individual countries and territories.
The Economic Union, which came into force on January 21, 2011, was established with a view to improve the relationship between all OECS member states and encourage economic development in the areas of trade, labour, education and telecommunications. Among many benefits, the Union provides for the creation of a common market, which calls for the free movement of labour, goods and services.
The Revised Treaty allows the harmonisation of trade policies and harmonisation of monetary policy among member states, done through the OECS Monetary Council, the Eastern Caribbean Central Bank and the common currency, the Eastern Caribbean Dollar. In addition, there will be coordination of fiscal policy to achieve sound management of the economic space, along with the establishment of rules to regulate and promote competition within the shared space.
The Treaty also makes provision for five new governance organs namely the Authority of Heads of Government of the Member States, Council of Ministers, OECS Regional Parliamentary Assembly, Economic Affairs Council and OECS Commission. The Economic Affairs Council and the OECS Regional Parliamentary Assembly remain to be established.
Also during her visit, Dr. Ishmael met with association presidents of OECS member states nationals residing in the BVI to explain their rights arising from the Freedom of Movement protocol.
Under the 2007 Constitution Order, the Government of the BVI holds responsibility for external affairs matters as they relate to regional organisations like the OECS. The Territory is an associate member of the Organization of Eastern Caribbean States since November 1984.
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