Minister of Finance, Winston Dookeran, and Jamaica's Finance Minister, Audley Shaw, signed the agreement at the office of the prime minister in St Clair.
Prime Minister Kamla Persad-Bissessar, Attorney General Anand Ramlogan and Works and Transport Minister, Jack Warner witnessed the historic singing.
CAL and Air Jamaica signed a final agreement in April 2010 for CAL to buy Air Jamaica. The deal was supposed to be concluded last month, but both governments agreed to an extension.
Dookeran said the deal to bring the two airlines together represents the deepening of relations between both countries. "We have agreed on the shareholders agreement," the minister said.
CAL and Air Jamaica signed a final agreement in April 2010 for CAL to buy Air Jamaica. The deal was supposed to be concluded last month, but both governments agreed to an extension.
Dookeran said the deal to bring the two airlines together represents the deepening of relations between both countries. "We have agreed on the shareholders agreement," the minister said.
He added, "Essentially, what is at stake here is that CAL will now have legal access to all routes being flown by Air Jamaica, giving it an opportunity to expand in the global arena that it did not have before. Secondly, that we will be able to claim at CAL that we are the designated carrier for Air Jamaica in the world at large."
His Jamaican counterpart agreed, saying the Jamaican Government looks forward to the issuing of the share certificates, which forms part of the agreement.
Shaw also announced that Jamaica's nominee to the CAL board is Dennis Lalor, the outgoing Chairman of Air Jamaica.
Air Jamaica will hold a 16 per cent stake under the new agreement with CAL holding the other 84 per cent. Shaw said Jamaica is "very pleased that in the negotiations we were able to secure a partnership and shareholding role because it is a commitment to the kind of business relationship we have going forward."
Prime Minister Kamla Persad-Bissessar agreed that it was an historic moment.
Prime Minister Kamla Persad-Bissessar agreed that it was an historic moment.
"We gave our gave our commitment very early, it took us a little longer to work out the arrangements. Let us continue to partner in other areas...It's one day at a time as we continue to forge these links in partnership for the benefit of our people in each of the nations, but also for the greater benefit of the region.
"I know that CAL has a vision for one Caribbean airline and this is the step in the right direction," she said.
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