Caribbean Community (CARICOM) heads of government are expressing concern about the progress made and outstanding actions still required to advance implementation of the CARICOM Single Market and Economy (CSME), “particularly to support economic recovery in the face of the debilitating impact of COVID-19”.

The CARICOM leaders been participating in the two-day 32 Inter-Sessional Meeting of the Conference of Heads of Government which ended on Thursday.

CSME CRITICAL FOR SUSTAINED GROWTH IN REGION

In a communique issued at the end of the meeting, it was indicated that the heads of government had reaffirmed the critical role of the CSME in the region’s strategy for sustained economic growth, to build economic resilience by developing the capacity to withstand both external and internal shocks to the Community.

They agreed to urgently review the entire consultation and decision-making processes at all levels in the effort to establish the most effective strategy for effecting increased levels of implementation. 

They also agreed that an immediate step towards achieving implementation would be led by Barbados Prime Minister Mia Mottley, the lead head of government with responsibility for the CSME.

The heads mandated the Council for Finance and Planning (COFAP) to meet, no later than the of next month, to resolve the outstanding issues and reach agreement with respect to the CARICOM Financial Services Agreement (CFSA), the Regional Securities Market, the Community Investment Policy and Credit Reporting.

The CARICOM leaders also urged the removal of non-tariff barriers to trade among member states and the simplification of administrative procedures for free movement of people in order to boost economic output.

They stressed the urgent need to address and resolve those critical issues that impede the benefits of the CSME to stakeholders in all member nations, particularly the private sector on which the region depends to fuel the recovery of its economies and which needed to be fully engaged at both the national and regional levels.

FEASIBILITY OF SINGLE REGIONAL TELECOMS REGULATOR TO EXAMINED

The heads of government urged the Special Council for Trade and Economic Development (COTED)-ICT to expedite the establishment of the Single ICT Space together with access to reduced roaming rates and enhanced access to broadband as well as to examine the feasibility of establishing a Single Regional Telecommunications Regulator for the consideration of the Forty-Second Meeting of the Conference in July 2021. This would be fundamental to advance the digital economy.

Recognising that the Multilateral Air Services Agreement (MASA) is now in effect, the CARICOM leaders instructed the Special COTED (Transportation) to work with member states to take the necessary action for an effective air transportation system. The Council was also instructed to follow up on the initiatives aimed at building maritime capacity, especially for transportation of agricultural produce.

The heads of government directed that, to develop further maritime transportation and support intra-regional cargo, a study must be undertaken to review the status of existing port facilities in member states with a view to determining those requiring update to their facilities.