By the end of the year the legal framework for the functioning of the CARICOM Single Market and Economy (CSME) should be in place. This announcement was made by the Prime Minister of Barbados, the Honourable Owen Arthur, on Monday July 5, the first working day of the 20th Meeting of the Conference of Heads of Government of the Caribbean Community, now underway in Trinidad and Tobago.
The Prime Minister’s statement came just one day after CARICOM Heads of Government signed an additional two Protocols, amending the Treaty of Chaguaramas which established the Caribbean Community and Common Market. These amending instruments are Protocol Vl on Transport Policy, and Protocol Vll on Disadvantaged Countries, Regions and Sectors. The Prime Minister also added that the Heads of Government were continuing work on Protocol lV, which deals with Trade Policy. This, it was hoped , would be signed by the end of the Meeting on 7 July, 1999.
To date, CARICOM leaders have signed six Protocols amending the Treaty of Chaguaramas. In addition to the two that were signed on Sunday, the leaders have also affixed their signatures to Protocol l – the Organs and Institutions of the Community; Protocol ll – the Rights of Establishment and the Movement of Goods, Services and Capital; Protocol III – Industrial Policy and Protocol V – Agricultural Policy.
The remaining Protocols still to be signed are Protocol Vlll on Dispute Settlement, and Protocol lV dealing with Rules of Competition.
The Barbados Prime Minister added that it was hoped that, by June 2000, there would be the removal of restrictions relating to trade in the Region. He said that it must be recognized as a great accomplishment that CARICOM leaders could agree on the process for amending the Treaty of Chaguaramas. He however, pointed out that there was still a lot of work to be done on the harmonisation of Regional economic policies.
Mr Arthur, who also has lead responsibility for the CSME, went on to stress that the creation of the CSME was critical to CARICOM countries being positioned to participate effectively in a changing global economic environment. He added too that, in this regard, it was important that the Region moved towards harmonisation of its fiscal, monetary and financial policies.
Commenting briefly on the Caribbean Court of Justice, Prime Minister Arthur stressed that CARICOM leaders did not want to see the development of the Court shrouded in controversy, and that he had “the fullest confidence in Caribbean jurisprudence.” He further commented that Caribbean jurists, and jurors, have had a long tradition of serving with credit and honour.
Further, Mr Arthur reminded that the realisation of the CCJ meant that Member States needed to put certain elements in place in relation to their respective written Constitutions, where the Judical Committee of the Privy Council was expressly named the final appellate court for many Commonwealth Caribbean jurisdictions.
