SIngle Market, struggling economies high on CARICOM agenda

Prime Minister Kamla Persad-Bissessar joins her CARICOM counterparts in Montego Bay next week for the grouping's annual summit as the region continues to struggle to recover from the two-year global economic and financial crisis.

The CARICOM Secretariat says at least half of the 15-member grouping will record either zero or negative growth this year, while high unemployment and other factors are likely to make matters worse.

"This state of affairs cannot be separated from our continuing major social problems related to crime and security," CARICOM Secretary-General Edwin Carrington told reporters ahead of the meeting that begins on Sunday.

The agenda for the discussions will also cover the state of regional economies, a looming debt crisis and the oil spill in the Gulf of Mexico.

One principal issue for discussion is the Single Market and Economy (CSME), which CARICOM hopes to introduce by the year 2015. There have been major setbacks in achieving this goal.

St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves said earlier this week that CARICOM could learn from the progress being made by the sub-regional Organisation of Eastern Caribbean States (OECS), which recently signed a treaty establishing an economic union among themselves.

The new OECS treaty provides for improved governance and deeper cooperation among member states.

Carrington believes the dominant issues at the summit will include the Economic Partnership Agreement (EPA) that the Caribbean signed with European nearly two years ago, negotiations with Canada for a new trade and development accord, and way to strengthen relations with the United States.

The devastating earthquake in Haiti and the pending presidential and legislative elections there are also matters that the regional leaders will have to deal with during their Montego Bay summit.