The Caribbean Community’s private sector has emerged as a pivotal institutional partner in advancing regional economic integration, with the CARICOM Private Sector Organisation (CPSO) achieving formal associate status within the Caribbean Community framework in October 2020. This strategic alignment has enabled coordinated advocacy and project development aimed at realizing the full potential of the CARICOM Single Market and Economy (CSME).
Regional business leaders from Trinidad & Tobago, Jamaica, Barbados, Guyana, and across the Organization of Eastern Caribbean States have issued a collective statement affirming the CSME’s demonstrated economic benefits. According to their assessment, the single market framework has substantially boosted intra-regional commerce, strengthened supply chain resilience, generated significant foreign exchange earnings, and stimulated economic activity throughout member states.
The vision for regional economic integration traces its origins to the historic 1989 Declaration of Grand Anse, which initiated the process culminating in the 2001 Revised Treaty of Chaguaramas that formally established the CSME. Launched in 2006, this ambitious initiative continues to represent a relevant development aspiration for Caribbean nations seeking expanded economic scale and enhanced opportunities for their citizens.
Caribbean business organizations emphasize the complementary nature of intra-regional trade and external commercial relationships, particularly with the United States as the bloc’s principal external trading partner. These dual trading dimensions are viewed as mutually reinforcing components that enhance economic diversification and resilience.
Amid current global economic volatility, private sector representatives stress the critical importance of policy stability, investor confidence, and constructive intergovernmental engagement. The collective statement underscores the particular relevance of regional solidarity expressed through the ‘stronger together’ principle, positioning CARICOM as an essential platform for transforming economic vulnerabilities into strategic assets through deeper integration.
The regional business community acknowledges its vital role in CSME enhancement efforts, recognizing the mechanism’s importance for collective sustainability in an increasingly fragmented global economy. Signatory organizations expressed appreciation for the inclusive framework extended by CARICOM leadership and reaffirmed their commitment to collaborative implementation of the single market vision.
The statement concludes with seasonal goodwill messages to Caribbean citizens and anticipations for continued dialogue regarding regional advancement and security.