Jul 2010 Financial News

Caricom heads to review progress on CSME

Jul 05, 2010

AS Caricom celebrates 37 years since inking the Chaguaramas Agreement, the regional grouping is stepping back to "take stock" of its most significant attempt to deepen co-operation -- the Caricom Single Market and Economy (CSME).

The establishment of a single market was a critical juncture in the evolution of Caricom since it was established in 1973 and, as the region's leaders meet in Montego Bay for the 31st Heads of Government meeting, which started yesterday, progress under the CSME is to be reviewed.

In 2008, Caricom leaders mandated that a comprehensive audit be carried out to look at progress under the Caricom Single Market, as well as highlight challenges and suggest ways for addressing them.

Assistant Secretary General, Trade and Economic Co-operation, at the Caricom Secretariat, Ambassador Irwin LaRocque, says a team was set up and a report submitted to senior Caricom Government officials in 2009. The report was the subject of a regional public consultation in Barbados the same year.

Ambassador LaRocque says the recommendations of the audit are to be considered by the Heads in Montego Bay this week.

Among the findings of the audit were that: the single market aspect of the CSME is in fact operational; most of the legal actions necessary to give effect to the Single Market are in place; the structures necessary for implementation of the CSME are in place, but in varying degrees of operation; and that most of the mechanisms to ensure that citizens can exercise their rights under the CSME are in place.

However, Ambassador LaRocque feels that an area of weakness, which needs to be addressed, is communication.

"It's interesting to note that when we had the regional consultations, a lot of the information about the work that we were doing, in terms of the CSME, was not well known and it was pointed out that that was something that we needed to address at the national level, in terms of keeping our constituents apprised of the work that we are doing and the various services," he says.

The CSME is the product of the Grande Anse Declaration, and Work Programme for the Advancement of the Integration Movement in which Heads of Government expressed their determination to work toward establishing a single market and economy.


Source:
Jamaica Observer
Monday July 5, 2010

http://www.jamaicaobserver.com/news/Caricom-heads-to-review-progress-on-CSME_7773401