Brexit will have far-reaching impact on region- Jamaican PM

Jamaican Prime Minister, Andrew Holness speaking at the opening of the 37th Regular meeting of the Caribbean Community said the recent development in Europe, aside from triggering debates in the region will have far-reaching impact on the already vulnerable economies.

He believes that Britain’s exit from the European Union (EU) or Brexit as it is commonly referred to will have implications in areas such as trade, tourism, financial services, immigration, development assistance and overall CARICOM-UK and CARICOM-EU relations.  The Prime Minister implored that as a region, leaders should proactively assess the likely threats and opportunities these global changes present.

Holness said as heads consider the evolving global order, equally they must seize the opportunity to reflect upon the Community, to assess whether plans and commitments to secure economic growth and prosperity for citizens are on track. He highlighted several other challenges that impact the region and how these are exacerbated by the countries’ generally small size and economic openness. The Jamaican Prime Minister commended CARICOM for embarking on a reform process to improve its effectiveness.

Highlighting his country’s support for the Caricom Single Market and Economy (CSME), Holness boasted that Jamaica now provides a strong, transparent and predictable regulatory environment for those who wish to relocate there for work purposes.