In October 2020, the Caricom Private Sector Organisation (CPSO) became an “associate” institution of the Caribbean Community (Caricom) and has since worked with fellow private sector companies and business organisations to advance projects and representations to pursue the noble objectives of the Caricom Single Market and Economy (CSME).
The CPSO and fellow private sector organisations in the region reaffirm that the CSME has delivered tangible benefits to firms and workers throughout the region, supporting significant intra-regional trade, strengthening regional supply chains, and contributing meaningfully to foreign-exchange earnings and economic activity in member states, including Trinidad and Tobago.
From the 1989 Declaration of Grand Anse which initiated the process towards the CSME, to the signing of the Revised Treaty of Chaguaramas in 2001, which established the CSME and the launch of the CSME in 2006, the vision of Caricom leaders to create a common market which would provide greater economies of scale to regional business and more opportunities for Caricom citizens to thrive remains a relevant aspiration for our Countries.
The Caricom private sector places great value on the benefits derived both from intra-Caricom trade and from the Community’s strong trading relationships beyond the region, including with the United States — the largest collective external trading partner for Caricom. From a private-sector standpoint, these relationships are not in competition; they are complementary, reinforcing economic resilience and diversification.
At a time of global economic uncertainty, the private sector depends on confidence, stability, and constructive engagement among member states. In these times, the phrase “stronger together” is particularly relevant. Caricom continues to serve as the forum for leaders, governments, institutions and the people of our community to join hands and stand shoulder to shoulder in solidarity to transform vulnerabilities into assets by building resilience and strategically integrating into the global economy.
We are joined by private sector organisations from across the region in recognising that we all have a role to play in improving the CSME such that it may work better for the benefit of all member states and their citizens. In a world of increasing isolation, we recognise that Caricom and the CSME vision are critical for our joint sustainability. We acknowledge the collaborative and inclusive framework afforded to the regional private sector by the Caricom Heads in pursuit of the full implementation of the CSME. We in the private sector across the region are committed to working together with our governments and other stakeholders in Caricom to achieve this vision.
We take this opportunity to thank our Caricom Heads of Government, the Caricom Secretariat, and national and regional business support organisations (BSOs) for the part they have played in working diligently and in harmony in pursuit of the full implementation of the CSME.
As the holiday season approaches, we extend goodwill to all our fellow Caricom citizens and look forward to continuing dialogue and respectful engagement as we collectively pursue the advancement and security of our region together.
Signed by,
Caricom Private Sector Organisation
Private Sector Organisation of Trinidad & Tobago
Private Sector Organisation of Jamaica
Barbados Private Sector Association
Private Sector Commission of Guyana
OECS Business Council
Suriname Chamber of Commerce and Industry (Kamer van Koophandel en Fabrieken)
Belize Chamber of Commerce and Industry
