On the march

Prime Minister Stuart reports on CSME

Prime Minister Freundel Stuart says while the single market component of the Caribbean Community (CARICOM) Single Market and Economy is “on the march”, the single economy element remains a challenge.

Speaking ahead of next month’s CARICOM leaders’ summit here, Stuart, who has lead responsibility for the CSME’s creation, noted that the single market had created an environment where goods, services and capital could move freely across the region and the establishment of businesses throughout the Caribbean could be facilitated.

Prime Minister Freundel Stuart
Prime Minister Freundel Stuart

“I would say that largely we have managed to get all those mechanisms in place. There are always a few remaining things to be done, in particular the contingent rights for people who establish businesses in respective countries. That has caused a few challenges because of differences in our legislation and the kind of inequalities between countries in the region at different levels of development,” Stuart said in an interview with the Barbados Government Information Service.

“Therefore, the rights that one country might be able to give easily, do not come as easily to countries less resourced; so we are still trying to plough our way through that,” he explained.

The Prime Minister also acknowledged that the creation of a single economy remained challenging.

He said: “A single economy where there are different taxation regimes in the individual units would create a lot of problems because the scope for playing off one country against the other would continue.

“We would need to harmonize our companies’ legislation so that there is a sense of being able to do business anywhere or being able to live anywhere and not feel you are disadvantaged by country ‘A’ or ‘B’,” Stuart stated.

He said the challenges of implementing the single economy had been compounded by the global economic crisis, which has been affecting the region since 2007.

Stuart noted that countries were still trying to come out of economic difficulties, including some who were in International Monetary Fund programmes and others who were trying to meet certain targets to ensure their situation did not deteriorate.

“So, within the context of those realities, countries have tended to be more inward looking than outward looking towards pursuing the goal of the single economy. It doesn’t mean that we have abandoned it, but we have had to face reality,” Stuart said.

He pointed out that CARICOM had set up a special commission on the economy in an effort to reach common understanding on how to get the economies of the 15-member grouping back on track.        

Barbados will host the 36th Regular Meeting of the Conference of Heads of Government of CARICOM from July 2 to 4, at the Hilton Barbados Resort, under the theme: CARICOM: Vibrant Societies: Resilient Economies. 

Source: (BGIS)

6 Responses to On the march

  1. Thomas Katt
    Thomas Katt June 23, 2015 at 9:54 am

    Wtf! Lbar

  2. Doria Alleyne
    Doria Alleyne June 23, 2015 at 10:54 am

    Some Barbadian Peole can’t take looks in the shop to buy food for their KIDS lady.

  3. Brian Mitchell
    Brian Mitchell June 23, 2015 at 11:06 am

    I think you need a trip to spec savers

  4. Heather Cole
    Heather Cole June 23, 2015 at 2:15 pm

    I beg to differ. The Caribbean Single Market is definitely not on the march. At the moment it is nothing more than an ostrich with its head buried in the sand. If it was on the march every single member of state would be up in arms about the social and economic implications of the Dominican Republic using unlawful tactics to send to send over 250,000 black Haitians over the border by making them stateless. The Ostrich has said nothing. It seems to be hiding its eyes in hopes that the situation would resolve itself. It makes me wonder if Haiti has really been recognized as a member of Caricom. How can we truly be members of one body and our arm is being affected with a serious injury and we do nothing? Have we already cut it off? Is Caricom only a regional institution to waste money on failed projects like Liat and not see the need to step up to the plate to defend the people of Haiti?

  5. jrsmith June 23, 2015 at 2:31 pm

    This is our leader , and Mr, republican. caricom would never be an economic force, what do the regions ,trade , they all depends on how many visitors arrives at the varying islands, which are call tourists. our priminister is living in la,la, land.

    The best thing ever happen to the region, we are not on a continent. there are a few things we can see on common ground. but most things is just a vision of what could or could not be.

    There is a group of countries call the EEC, this group gives us all the priceless educational back ground we need, they are on a continent, with one outsider always making noises, the UK.

    Most of them are so call developed countries, with varying manufacturing bases and from this group, three may be four are
    economically stable, with most of them nearing bankruptcy.

    My take, the strength of the Barbados dollar. but if honesty prevails we would note , that republics near and far , they currency have no real value, and most of they populations are poverty stricken.

  6. Veroniva Boyce
    Veroniva Boyce June 23, 2015 at 6:08 pm

    Freundel, on the march for what? OUT of Office, Off the coast of Barbados. I would like you to wake up fully when you off the perch, plough your way out the fowl cub and stop making pure random statements that has nothing to do with the state Bim is in. It’s about time you step up to the plate and I don’t mean to full your guts.


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