CARICOM celebrates 43rd anniversary

The Caribbean Community (Caricom) today celebrates its 43^rd anniversary.

Guyana was one of the founding members of CARICOM along with Barbados, Jamaica and Trinidad and Tobago. CARICOM was founded on July 04, 1973 with the signing of the Treaty of Chaguaramas.

The treaty was signed by Hon. Errol Barrow, former Prime Minister of Barbados, former Prime Minister of Guyana, Hon. Linden Forbes Sampson Burnham, former Prime Minister of Jamaica, the Hon. Michael Manley and former Prime Minister of Trinidad and Tobago, Hon. Eric Williams.

The Heads of Government will meet for their 37th Regular Meeting from today, July, 04 to Wednesday, July, 06 at the Guyana Pegasus Hotel. The Meeting will advance matters pertaining to regional security – economic and otherwise; and the social well-being of CARICOM citizens, a statement from the secretariat said.

During the talks, regional security will be discussed, such as the current situation of Haitian migrants in the Dominican Republic and the Guyana-Venezuela and Belize-Guatemala territorial disputes.

Correspondent Banking is also among the top agenda issues. The body said the issue which arose as a result of a “de-risking” strategy in which several international banks, mainly in the US and Europe signaled an unwillingness to continue carrying out businesses with regional banks, will be discussed as CARICOM is fighting back this “economic assault”.

Also on the agenda is the yet to be determined implications of the British decision to leave the European Union (EU), a key partner in the Community’s development.

Given that majority of CARICOM Member States were former colonies of Britain, which was a key ally of the Region within the EU, some of the concerns of members states includes, effects on trade agreements the Region has with the EU, a drop-off in arrivals in tourist-dependent Member States such as Saint Lucia and Barbados where the UK is a major source market and a decrease in development assistance, the body highlighted.

CARICOM said “while some have adopted a wait and see stance, confident that any domino effect will not occur in the short-term, others are predicting immediate consequences and want the CARICOM Member States to appreciate the value of regional integration and band firmly together to chart the way forward.”

The BREXIT vote has sent Britain and the rest of the world into a tailspin. The pound sterling fell in value to the lowest in 30 years, and international financial markets took a downturn, as the implications hit home.
The common market of the community will also be analyzed: the strengthening of Caricom-Cuba relations; binding projects on energy, technological development and promotion of candidates for important international positions, as well as other cooperation agreements.

Just a few days ago the General Secretary, Irwin LaRocque, welcomed Nicaragua to the ‘family of Caricom’ and informed the members states that the group expects to sign a similar agreement with the president of Chile, Michelle Bachelet.

CARICOM was founded in 1973 with the signing of the Treaty of Chaguaramas to replace the Caribbean Association of Free Trade

Its’ fifteen full members are Antigua and Barbuda, Barbados, Belize, Dominica, Granada, Guyana, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines and Trinidad and Tobago.
Meanwhile, Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Turks and Caicos, participate in forums as associates.