Venner says time for proposed union is now
By Ryan Haas
Reporter-SKNVibes.com
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Sir Dwight K. Venner
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BASSETERRE, St. Kitts-SIR DWIGHT VENNER, Governor of the Eastern Caribbean Central Bank (ECCB) declared yesterday (Oct. 23) that Trinidad & Tobago and the Organization of Easter Caribbean States (OECS) must move quickly with their proposed union in order to weather global economic shocks.
“It is kind of urgent at this time that we move. We can’t sit in isolation. The whole world is coming down around us, therefore we have to respond to it in any way we can,” Venner said at a press conference following talks between OECS member states and Trinidad & Tobago held yesterday in St. Kitts.
The ECCB Governor said that a political and economic union between the proposed states would serve to insulate the Eastern Caribbean from economic shocks like the 9/11 terrorist attacks in New York and the current global economic downturn.
“Trinidad and Tobago is a willing partner that has resources and we have institutions. It seems that is a good mix at this particular point in time. [For instance], we are oil importers and Trinidad is an oil exporter, so you can see the logic in that. There is a synergy right away and that widens the [economic] space that we have.”
The issue of the world’s most sought after commodity, oil, is likely to become a heated issue as the union progresses, with some economists predicting that Venezuela and larger CARICOM countries have a vested interest in preventing an exclusive petroleum deal between Trinidad and the OECS. ~~Adz:Right~~
However, details coming out of yesterday’s talks were sparse on oil or any other matter, with Trinidad & Tobago Prime Minister, Hon. Patrick Manning, calling them simply an “expression of political will” and “a commitment to pursue the objectives” of political and economic integration.
It was revealed that Venner and Dr. Vaughn Lewis, Former OECS Director General, will be heading up task forces to “undertake relevant studies that will lead to some conclusions on the merging of the economies and certain forms of government systems of these islands”.
“We have identified the importance of a certain degree of common decision making in the sphere of economic, security, air transportation and human resources integration,” Lewis said.
While critics of the proposed union, such as Jamaican Prime Minister Hon. Bruce Golding, have argued that such a pact would have “implications for the structure and indeed the future of CARICOM”, Manning expressed opposing beliefs.
“I am very confident that we have come to a point in time in the Caribbean where circumstances now dictate that we move in the directions that we agreed on…and I believe that this merger would serve to accelerate the CARICOM integration process,” he said.
The goals of the union were stated as a full economic union between the OECS and Trinidad & Tobago as early as 2009, but no later than 2011, and political integration by 2013.
St. Kitts-Nevis Prime Minister, Hon. Dr. Denzil Douglas, hailed the talks as successful and “exceptionally instructive”, but did admit that the union is “not a done deal” at this time.
