Heads of Government of the Caribbean Community (CARICOM) have put measures in place to fast-track the full implementation of the CARICOM Single Market and Economy (CSME).
Among the strategies is a special meeting of CARICOM Heads to focus solely on the CSME, to be held in Trinidad and Tobago in November.
CARICOM Chairman, Jamaica’s Prime Minister Andrew Holness, added that the Prime Ministerial Sub-Committee on the CSME will now have quarterly meetings beginning in September in Barbados, which will be hosted by Prime Minister Mia Mottley “to give urgency to the implementation process”.
He further noted that Government leaders also put greater focus on advancing those areas that would help to create enabling support measures for a competitive Single Market.
These include an investment policy and investment code, an incentive regime, an integrated capital market and securities legislation.
“As leaders, we expect that these matters will be ready for full adoption at the 40th meeting of [CARICOM Heads of Government] in July 2019.These mechanisms will enable strong support measures for a successful CSME,” Holness said.
He also stressed the Heads’ recommitment to making the mechanisms within CARICOM work, by taking decisive action.
“I am resolved as the Chair to ensure that we take action. We must get things done to make a difference. We are resolved to now begin to implement the decisions we take to improve the perceptions, especially amongst our youth,” he said.
The CSME is an integrated development strategy that is intended to benefit the people of the region by providing more and better opportunities to produce and sell goods and services and to attract investments.
It is built on five core regimes – free movement of capital, free movement of goods, free movement of skills, the provision of services, and the right of establishment. In addition, the CSME facilitates hassle-free travel for all CARICOM nationals.