BASSETERRE, St. Kitts – THE nation has followed the lead of its regional counterparts by launching a public consultation on the Economic Union of the Organization of Eastern Caribbean States (OECS), a move that is widely considered critical to the region’s survival.
Last night (Sep. 28), dozens of government officials from St. Kitts-Nevis, members of the private sector, national policymakers and members of the public convened at the Eastern Caribbean Central Bank (ECCB) to discuss the integration movement.
The new OECS treaty has been launched by six countries since the draft was completed, and now the Federation has joined the movement to safeguard its economy in the current period of economic uncertainty.
ECCB Governor and Chairman of the OECS Task Force Sir K. Dwight Venner stated in his address at the launch that the present economic situation has caused the region to recognize a “fundamental shift in global circumstances”.
According to Venner, there is a great need for the region’s leaders to respond urgently and collectively to such challenges. He stressed that the economic union is an ideal measure to move forward with at this time.
“While the economic union is our goal, it is not an end itself. It is a means to an end. It is a logical, recognized and accepted instrument in development for the survival and prosperity of our extremely small states in a highly competitive world, in which the trends of globalization, trade liberalization and interdependence have increased,” he noted.
While the ECCU has been faced with numerous challenges, especially as it relates to international trade, Venner underscored that the independence of each member state should have granted some measure of experience and maturity.
“Since all of the countries faced basically the same problems, to greater or lesser degrees, the Treaty of Basseterre 1981 was premised on the simple assumption that many heads would be better than one. It follows that many small nations could collectively be more successful than a single one,” Venner concluded.
Similar sentiments were expressed by Prime Minister Hon. Dr. Denzil Douglas, who agitated even further for swift yet conscientious movement to the next level of regional integration.
“The challenges that many of our countries have faced over the past months as a result of the global financial crisis have forced us to put our heads together. We have had to develop a stabilization plan that seeks to coordinate and harmonize a wide range of monetary, fiscal, regulatory, sectoral and social policies,” Douglas asserted.
He added that many of the region’s policies have been considered “outside the realms of regional decision-making” in the past, but indicated that in the context of current challenges it would be advantageous to cooperate for the benefit of the region’s population.
Presentations were also made by OECS Director General Her Excellency Dr. Len Ishmael and the Ambassador to CARICOM, OECS and the Association of Caribbean States (ACS), His Excellency Wendell Lawrence.
Following the public discussions, a new treaty with amendments derived from the discussions will be signed in December. This new treaty will then have to be debated and passed in the legislatures of each country.
