Kimberly Ramkhalawan
Email: kramkhalawan@caribmagplus.com
October 21, 2022
Grenada is committing itself to the OECS Economic Union as it seeks to ensure a free movement of trade at all levels among member states.
The commitment came as the Organisation of Eastern Caribbean States, OECS, gathered in Monsterrat for its 72nd meeting. Dickon Mitchell, Prime Minister of Grenada, in giving his maiden speech before his fellow member states of the OECS shared his plans to identify “the national bureaucratic requirements that hinder the ease of movement through the economic union, with a view to addressing these matters”.
Lauding the stability of the Eastern Caribbean dollar, the common currency which holds a fixed exchange rate against the US Dollar, the development of the Eastern Caribbean Central Bank, ECCB, the EC Supreme court, Mitchell noted there was much work to be done toward its vision of functioning as one community despite the significant milestones in various areas post-independence, it was time decisive action be taken for its people through economic development.
He says “If ever there was a time to band together as small island developing nations, now was the time. These global events have provided an opportunity and urgency to “leverage our regional integration movement more optimally”.
Noting while “the global economy asks of the region to compete more equally with countries and regions many times our size”, in this vein, he says “there is a renewed commitment to accelerate the Eastern Caribbean Economic union is at this time essential and must be seen equally as part of the menu of national policy responses toward our development challenges”. Mitchell adds that the region is yet to also “capitalize on the many far-reaching benefits of intra-OECS regional trading goods and services and the development opportunities to be derived from intra-OECS Investments”. Mitchell says these include “measures to be made that will ease financial transactions such as setting up bank accounts, purchasing land or accessing immovable assets are urgently needed”. And while he noted significant inroads have been made in land tenure, and banking, he reminded his colleagues as fellow leaders that “the onus was on them to make these things a reality”.
Reaffirming Grenada’s commitment to the region’s integration movement amongst the small islands, the Grenadian Prime Minister said “the one constant in recent years has been an increasing tense international atmosphere along with a “concatenation of crises”, including the global financial meltdown at the start of the decade, which ended with a pandemic and the ongoing war in Ukraine resulting in the disruption of supply chains and increase in fuel prices.While for smaller island states these issues are set to the backdrop of the climate change crisis which affects them much more than other countries due to their inherent vulnerabilities”.
He adds that the region continues to fight on an international level for voices to be heard regarding these challenges and advocate for actions that would allow for mere survival as nations such as the multi vulnerability index for the region and the need to reduce global temperatures by 1.5 Degrees Celsius.
Also speaking for the first time before OECS members, Dr. Terrance Drew, Prime Minister of St.Kitts and Nevis, says “actions at the individual Member level must implement decisions taken by the respective Councils and the Authority. Failure to implement decisions serve to undermine the strong foundation of the OECS”. He called for commitment to be made among leaders to provide the resources necessary for implementing these decisions.
An important part of the discussion should also include a strategy for enhancing the viability and sustainability of our Citizenship by Investment Programmes. Many of our countries are dependent on the revenues generated by this programme but we must not be short sighted or sell our countries short. We must be cognizant of the risks associated with devaluing our programme and develop a united approach which will ensure the viability and continued success of the programme for all our member states”. Meanwhile, the St.Kitts and Nevis leader said while it was commendable for the OECS to have a “launch of joint overseas representation as well as common services, citing “joint embassies in Belgium, Brussels, Morocco, and Rabat as well as a Technical Mission to the World Trade Organisation in Geneva, Switzerland”, he called for the OECS to “build on this foundation and extend its diplomatic footprint on the African Continent and further afield.”
This year Grenada hands over the chairmanship to Montserrat until the next scheduled meeting among member states. Incoming chairman, Premier of Montserrat, Joseph Farrell says he intends to work with the Director General to empower women and youth ensuring they are equipped with entrepreneurial skills during his tenure. The two-day meeting was held from October 19-20.