Single economy by 2015

The Single Economy component of the CARICOM Single Market and Economy (CSME) will be phased in between 2009 and 2015. This was agreed at the Eighteenth Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) held in St. Vincent and the Grenadines on February 12-14. The phased timetable will largely follow the schedule set out by the Norman Girvan Report "Towards a Single Economy and a Single Development Vision".

Phase One - the "consolidation" of the single market and "initiation" of a single economy is expected to be ready for approval at the CARICOM Summit in July 2008 and implemented no later than January 1, 2009.

Phase Two - the "consolidation and completion of the single economy" is expected to cover 2009 to 2015. The broad outline of phase two is expected to be the: Implementation of common policies in Energy-related Industries; Agriculture, Sustainable Tourism and Agro-tourism, Transport, and Small and Medium enterprises; Harmonisation of taxation systems, incentives, and financial and regulatory environment; Harmonisation of fiscal and monetary policies; Implementation of Regional Competition Policy and Regional Intellectual Property Regime; and Implementation of CARICOM Monetary Union.

The conference also approved proposals for streamlining arrangements that will facilitate the free movement of artisans in the regional labour market. The system will allow artisans to obtain credentials through the award of Caribbean Vocational Qualifications (CVQ) based on occupational standards set by industry. It is expected that the CVQ will be in place by July 2007. The Conference also agreed that the free movement of domestic and hospitality workers could be facilitated in a similar manner to the free movement of artisans and would be considered after the launching of the CVQ Model.

The conference accepted the proposal of the Regional Task Force of Stakeholders, which includes labour, business and civil society, with respect to the implementation of full free movement of CARICOM Nationals by the end of 2009 according to an agreed schedule . With respect to the CARICOM Development Fund, the Conference agreed that donors' contributions would be welcomed. However, Member States would be required to honour their own contribution commitments in a timely manner to give effect to the July 2007 operationalisation of the Fund.

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