In a significant stride toward regional economic unification, the Caribbean Community (Movement of Factors) Bill 2026 has been formally enacted by Parliament. This pivotal legislation operationalizes core provisions of the Revised Treaty of Chaguaramas, establishing a robust legal framework to guarantee the right of establishment, the provision of services, and the unimpeded movement of capital across all CARICOM Member States.
Foreign Affairs Minister Dr. Vince Henderson heralded the passage of the Bill as a transformative moment for regional integration. He emphasized that the Act is designed to dismantle longstanding practical barriers that have historically hindered the free flow of people, capital, skills, and enterprise between member nations. “The Caribbean Movement of Factors Act is a critical instrument to translate regional policy into enforceable national law,” Dr. Henderson stated, underscoring its role in moving from agreement to action.
The legislation is engineered to fortify the CARICOM economic union by instituting a predictable, transparent, and rights-based regulatory environment for cross-border economic activity. By systematically removing a complex web of administrative and legal obstacles, the Act ensures that both nationals and residents of member states can fully exercise their rights to establish businesses, offer services, and transfer capital without undue restriction.
Dr. Henderson further elaborated on the macroeconomic significance, noting, “The Act enables the movement of capital among member states, which is the main thing. In the creation of an economic union through the Caribbean Common Market, we are ensuring that all member states, with minor amendments for their specific circumstances, adopt congruent legislation. This harmonization guarantees that all nationals throughout the economic union can uniformly enjoy these fundamental rights.” This legislative alignment is anticipated to stimulate investment, foster competitive markets, and solidify the region’s position as a cohesive economic bloc.