BASSETERRE, St. Kitts, Sept. 04.2018 – SECRETARY-GENERAL of CARICOM, Ambassador Irwin LaRocque believes that the Council of Ministers of Finance and Planning for the region has a critical role to play in the development of the CARICOM Single Market and Economy (CSME).
LaRocque, while addressing the opening of the Sixth Meeting of CARICOM Council of Ministers of Finance and Planning today, said that the body is the primary factor in ensuring a successful CSME. Against that backdrop, he pointed out that an enabling economic environment is required to stimulate growth and foster competitiveness in the community “must compliment the single market arrangements”.
This, the SG indicated, will assist in encouraging economic activity and realize the beneficial impact of the CSME.
“In pursuing that course, we have identified those elements of a single economy in the short to medium term that would enhance the effective use of the operations of the single market,” explained the Ambassador.
“In particular, we have been developing policies and legal instruments for the movement of capital and investment resources across our region.”
He reminded the Prime Ministers, and other dignitaries that the deliberations will affect the citizens of CARICOM; and will address the important role of deposit insurance in enhancing the financial safety net; preserving financial stability mechanisms and the development of an integrated capital market.
Chairman of the meeting, Antigua and Barbuda’s Prime Minister, Gaston Browne reminded that the meeting was convened to further discuss macro and micro economic measures to compliment the functioning of the market infrastructure for the CSME.
Browne, who has been pushing for a more robust approach for the implementation of the single market, stressed that all has recognized that it is the platform for growth and sustainable development in the region.
“We also recognized that sustainable development can only be achieved if we all grow together. To this end, we must seek to harness the collective resources of the region: financial and natural resources, as well as our human capital for the benefit of the community.”
Though the revised Treaty of Chaguaramas has been implemented in some islands, the single market and economy has not fully materialized owing to bottlenecks.
However, at the recently held CARICOM Heads of Government meeting in Kingston, Jamaica it was one of the topics on the agenda that was discussed.
Prime Minister, Dr. Timothy Harris is one of the regional leaders attending the Council meeting in Bridgetown.