OPINION: Boosting the CARICOM Single Market

by Martin Vogt

By focusing on three core initiatives, the CARICOM can catalyze capital inflows, invigorate the regional economy and contribute to sustainable development goals.

(Barbados Today) Designed to foster and facilitate economic integration in the Caribbean and to enhance the region’s level of international competitiveness, the (CARICOM) Single Market and Economy (CSME) represents one of the main pillars for development and growth in the region. Twelve member states, all members of the Caribbean Community (CARICOM), agreed in 1989 to coordinate on economic, social and trade policies and to guarantee the free movement of individuals, goods, services and capital.

The CSME is, first and foremost, intended to benefit the people of the region by leveraging the positive macroeconomic impact of integration and standardized trade and labor arrangements. The Caribbean is a small market, and the regional economic vision will be greatly enhanced if there is an attractive and enabling environment for investment. International investors are often put off by small deal size and fragmentation, therefore the CSME can greatly assist with this challenge.

By focusing on three core initiatives, the CARICOM can catalyze capital inflows, invigorate the regional economy and contribute to sustainable development goals.

Improve the investment regime

The CARICOM region can do much more to attract a larger share of private global investment flows. At present, however, the Caribbean investment regime resembles a pot-pourri of complex regulations that differ from country to country.

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Source: CARICOM TODAY