CSME & OECS

CSME - CARICOM Single Market and Economy

The CSME is an arrangement among the CARICOM Member States for
the creation of a single enlarged economic space, removing trade
barriers resulting in the free movement of goods, services, persons,
capital and technology.

The CSME has been implemented in some twelve (12) CARICOM Member
States including Trinidad and Tobago.
 When Where Reason for
development

The CSME is intended to

Although the
better position Member
development was
The development States to grow by having
officially established in
was established in access to and using the
2006, the meeting that
2006, but fully resources of the region
brought up the idea
implemented in as a whole rather than
was held in 1989 in
2008. relying only on the
Grand Anse, resources of particular
Grenada. Member state.
MEMBERS
 ACHIEVEMENTS

During phase 1 of the development(2008-2009), the following was accomplished:

-The extension of categories of free movement of labour.
-Full implementation of free movement of service providers, with streamlined procedures.
-Establishment of the Regional Development Fund and Regional Stock Exchange.

Phase 2 (2010-2015):
-Harmonisation of taxation systems, incentives and the financial and regulatory environment.
-Implementation of common policies in agriculture, energy-related industries, transport, small
and medium enterprises, sustainable tourism and agro-tourism.
-Implementation of a CARICOM Monetary Union.
 ACHIEVEMENTS CONTINUED

At the conclusion of a special summit on the CSME held in Trinidad and Tobago from 3–4
December 2018, the leaders agreed to a three-year plan on the CSME. They called it the
ST. ANN’S DECLARATION.

Some elements in the plan include:

-Holding indepth discussions on key sectors including region's ICT needs, inter-regional marine and air
transport, renewable energy, agriculture, and food security
-Continuing work on a CARICOM financial services agreement, an investment policy and investment
code, with such work to be completed by July 2019
-Finalize a Community Public Procurement regime by 2019
-Taking all necessary steps to create an integrated capital market and model securities legislation by
July 2019
-The full integration of Haiti into the CSME in 2020
 CHALLENGES FACED / DELAYS
These are some notable elements that have been yet to be completed:

● Legal entrenchment for the CARICOM Charter for Civil Society

● Approval of the CARICOM Investment Regime

● Approval of the CARICOM Financial Services Agreement

Relevance of the CSME:
We believe that the CSME is a relevant organisation, due to its many achievements
which assisted in the progression of its Member States by having access to and using
sources of the region as a whole rather than relying only on the resources of particular
State, despite the challenges and delays they have had to face especially those from
CARICOM.

It has shown great economic integration and cooperation among its member
states, which has helped to address common challenges and pursue shared goals.
It also played a key role in promoting regional development and advancing learning
in the region.
OECS- Organisation of Eastern Caribbean States
Its Mission:
When was it established?
Is to be a major regional
institution contributing to the
The OECS was established in
sustainable development of the
1981 by the Treaty of
member states by supporting
Basseterre.
their involvement in the global
economy and assisting them to
maximise the benefits from their
collective resources.
The Original Signatories
Treaty of Basseterre Signatories: Hon. Lester Bird – Antigua and Barbuda
Hon. Eugenia Charles – Dominica
Hon. Maurice Bishop – Grenada
Hon. Franklyn Margetson – Montserrat
Hon. Kennedy Simmons- Saint Kitts and Nevis
Hon. Winston Cenac – Saint Lucia
Hon. Hudson Tannis – Saint Vincent and the Grenadines
 Why was the OECS formed?
To formalise various aspects of economics cooperation and promote unity
solidarity between seven newly independent island states in the Eastern
Caribbean. Following the collapse of the WIF, two caretaker bodies were created,
The West Indies Associated States Council of Ministries in 1966(WISA) and Eastern
Caribbean Common Market(ECCM) in 1968.

As the islands gained their independence from Britain, it became evident that
they needed a formal arrangement to assist with their developmental efforts so
the OECS was established.
Its Stated Objectives:
➔ To promote cooperation between member states and on a regional and
international level
➔ To promote unity and solidarity among member states and defend their
sovereignty and independence
➔ To support member states in realising their responsibilities and obligations to
international community
➔ To coordinate a joint foreign policy as far as possible
➔ To promote economic integration among member states
➔ To provide a forum for and facilitation of common policies
The Members:
● Antigua and Barbuda
● Commonwealth of Dominica
● Grenada
● Montserrat
● St.Kitts and Nevis
● St Lucia
● St.Vincent and the Grenadines

Associate Members:

● Anguilla
● The British Virgin Islands
Achievements:
The OECS has a central bank and even a shared judicial system that is funded from a
pool formed by member countries. These accomplishments, though no easy feat, were
facilitated by the striking commonalities among the small islands that are geographically
close and share similar history of development.

These Caribbean islands face the same issues , being small states with limited land and
also acknowledge that the free movement of people will not only lead to a more fluid
sharing of resources, but also help to maintain a tourism product where visitors can
travel along the island chain without hindrance. Although the Federation has ceased to
exist there was merit in unifying the islands. One of their great achievements was the
introduction and stabilisation of the Eastern Caribbean Dollar.
 Relevance of the OECS

The OECS plays a vital role in promoting regional integration and

cooperation among its member states. By working together, these
countries leverage their collective strengths and resources to address
common challenges and pursue shared goals.

The OECS is relevant because it helps to promote economic integration

and cooperation among its member states, which comprise a number of
countries in the Eastern Caribbean.