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CARICOM envisions Single Economy operational by 2015

July 18th, 2007

The twenty-eighth meeting of the Conference of Heads of Government of Caribbean Community Communiqué (CARICOM), held in Barbados, has mandated Strategic Development Plan (SDP) towards achievement of Single Economy, expected to be operational by 2015.

SDP is based on a Revised Vision Report to be ready by 2008.

The meeting approved the report “Towards a Single Development Vision and the Role of the Single Economy” - (formerly entitled “Towards a Single Economy and a Single Development Vision”).

It further agreed upon the Draft Policy Guidelines for operating the CARICOM Development Fund (CDF), and also the Legal Framework and Rules of the Fund.

Further work was agreed concerning the structuring of the proposed Regional Development Agency to include the Fund and its strategic functions.

The CARICOM secretariat was mandated to work with private sector organizations and support institutions to identify ways in which they could intensify the scope and thrust of their operations in keeping with the objectives of the Revised Treaty.

The conference noted that the enactment of Revised Treaty of Chaguaramas into a domestic law and declaration of Single Market Compliance has given community nations rights and legitimate expectations of benefits.

It urged remaining member states to fulfil their obligations with to fully implement the provisions of the Treaty.

Meeting also engaged with Montserrat regarding its participation as a full partner in SCME and agreed to seek the enable that participation as Montserrat completes the appropriate deliberations with the UK.

The contribution of the Donor Community, the European Union (EU), Inter-American Development Bank (IDB) and Canadian International Development Agency (CIDA) in support to implementation of the CSME was appreciated by the delegates.

CARICOM with its secretariat Guyana currently has 15 states as its full members, five associate members.

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