BASSETERRE, St. Kitts – THREE decades after the historic signing of the Treaty of Basseterre, regional heads officially signed a revised treaty on Friday evening (June 18), thus establishing an economic union for the Organization for the Eastern Caribbean States (OECS).
The signing ceremony, held in St. Lucia, brought together the heads of government from the six independent member states: Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines.
OECS dependent territory Montserrat will sign the new accord at a later date, having recently received the green light from the United Kingdom to enter the regional framework.
The revised treaty represents a dawn in economic opportunities, as it will transform the sub-region into a single financial and economic space without barriers to trade between national markets. Joint action in the areas of agriculture, tourism, civil aviation and telecommunication are expected to be a main focus of the treaty.
OECS Director General Ambassador HE Len Ishmael described the ceremony as a “date with history”, noting that the existing and emerging challenges facing the region highlight the need to “reinforce the resilience of member states to ensure their survival”.
The OECS Economic Union builds upon the success of existing regional institutions, including the Eastern Caribbean Supreme Court and the Eastern Caribbean Central Bank.
Against the backdrop of a stable currency, regional leaders anticipate deepened integration. This, according to the outgoing Chairman of the OECS Authority, St. Kitts and Nevis Prime Minister Hon. Dr. Denzil Douglas, manifests the region’s faith in the future development of the region.
“This seminal and far-reaching document will stand through history as testimony to our own maturity as a people, and it will stand as a testament of faith—our faith in each other, and of our own collective future. Come, let us step forward boldly to meet the demands of history,” Douglas said at Friday’s signing.
On Friday (June 11), the St. Kitts-Nevis Parliament agreed in principle to the conditions of the revised Treaty of Basseterre and it is expected to pass the legislation giving effect to the new Treaty in the coming weeks.
