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Wednesday, June 28, 2006 



News release 128/2006
(28 June 2006)

DEVELOPMENT FUND AN EXAMPLE OF SHARED SOVEREIGNTY


(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) The operationalisation of the regional Development Fund will represent an instance of shared sovereignty among CARICOM Governments, and dispel some of the unfounded concerns about the loss of national sovereignty with the deepening of our economic integration process, said CARICOM Secretary-General His Excellency Edwin Carrington .

Addressing the opening session of Caribbean Connect, a High-Level three day Symposium 28-30 June 2006, on the CARICOM Single Market and Economy (CSME) in Barbados on Wednesday 28 June, Mr. Carrington challenged the audience to find many more such opportunities for the pursuit of shared sovereignty as those listed for deliberation during this symposium.

Close to three hundred delegates are part of Caribbean Connect, aimed at bringing together “the widest possible cross-section of stakeholders (both regional and international) to deliberate on issues critical to our very existence as the Caribbean Community.” The CARICOM Single Market is the second in the world and believed to be the first in a grouping of sovereign Developing States.

Caribbean Connect is widely seen as “the most significant and timely encounter to-date between CARICOM governments, policy-makers, business, the labour movement, Donor Community Officials, regional financial and development institutions, academia and other stakeholders on the CARICOM Single Economy.

The framework for the Single Economy element of the CSME is due to be completed by 2008. Its core revolves around the harmonisation of macroeconomic policies in monetary, financial, fiscal and investment areas, as well as harmonisation of sectoral policies with respect to agriculture, industry and transportation.”

The Secretary-General sees Caribbean Connect as “a significant step towards our achievement of that complementary milestone – the launch of the CARICOM Single Economy thereby allowing us to truly represent our Community as a Single Market and Economy.

CONTACT: piu@caricom.org
and/or
cjames@caricom.org


© 2006 Caribbean Community (CARICOM) Secretariat. All Rights Reserved.

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