Singh urges conclusive action on longstanding CARICOM single market issues

-at Council for Finance and Planning meeting

Finance Minister Dr Ashni K. Singh last Thursday urged regional leaders to take conclusive and timely action on longstanding issues that need to be addressed to advance the supportive architecture for the CARICOM Single Market and Economy (CSME).

Singh made the call at the Eighth Special Meeting of the CARICOM Council for Finance and Planning (COFAP), which he chaired.

In a statement issued yesterday, the ministry noted that the meeting was held virtually in accordance with the decision of the 32nd Inter-Sessional meeting of the Conference of CARICOM Heads of Government, held in February 2021, which examined the supporting macroeconomic environment for the CSME.

It said the meeting saw several Prime Ministers, Finance Ministers, Central Bank Governors, and senior finance officials from around the region exchanging views on joint advocacy positions that they may wish to adopt during the upcoming International Monetary Fund (IMF) World Bank Spring Meetings 2021. The meeting also addressed and reached agreement on a number of longstanding issues related to the CSME, including the CARICOM Policies on Credit Reporting, Deposit Insurance, Development and Regulation of the Regional Securities Market, as well as the CARICOM Financial Services Agreement and the intra-CARICOM Double Taxation Agreement.

Singh, it noted, pointed out in his opening remarks that the meeting was taking place at a time when the region was facing unprecedented economic challenges, resulting from the ongoing COVID-19 pandemic, which have brought into sharp focus the importance of speaking with a single unified voice on issues of shared interest at the upcoming IMF/World Bank Spring Meetings. “He also highlighted the urgency with which progress is needed on many of the long outstanding issues that need to be addressed to advance the supportive architecture for the CSME, and urged that these matters be dealt with conclusively and in a timely manner,” it added.

According to the statement, the meeting saw significant progress on many of the issues, and agreement on the way forward with a number of the pending policies, while there was also consensus on the way forward with other items that require further discussion and consultation among Member States. It did not detail the specific areas where either progress or agreement was made.