AREAS OF WORK

Free movement of goods, enabled by trade facilitation, is a fundamental tenet of the CARICOM Single Market and Economy (CSME). A regionally harmonised trading environment can better position the CARICOM private sector to integrate competitively into Global Value Chains (GVCs) and address the constraints of limited economies of scale. Focus Issues include:

• Review of the Rules of Origin and Common External Tariff
• Front of Package Nutritional Labelling
• Non-Tariff Barriers
• Special Economic Zones
• Industrial Policy and Products

Free Movement of Persons is a key component of the CSME. Free movement allows CARICOM nationals of participating CSME Member States to move and work within the Region under the CSME Economic Regimes (Skills, Services and Right of Establishment). All CARICOM Nationals are entitled to six months’ entry under the facilitation of travel. The free movement of people is an essential component of regional integration, as it expands and makes more accessible the pool of skilled persons in any one Member State (among CARICOM), facilitates economic integration and promotes a sense of community and solidarity among CARICOM People. 

Free Movement also helps to reduce barriers and promote cooperation in other areas, such as trade and security as the Community’s nationals build better understanding and trust through more direct interpersonal interaction as they trade and establish deeper interdependent economic and social relations with each other.

The regional private sector is committed to supporting implementation of the CARICOM Single Market and Economy (CSME), including the free movement of labour, which is critical to private sector decisions regarding the efficient allocation and utilisation of skills/labour and other factors of production. The ability to train, freely deploy, and re-allocate skills across economic initiatives among CSME States, will provide a much-needed catalyst to the productivity and growth of regional businesses, by unlocking access to restricted pools of labour, and skills, critical to facilitating new investment opportunities and expansion of businesses across the CSME.

Focus Issues:

• Full Free Movement
• Free Movement of Approved Categories
• Expansion of approved Categories
• Transparent Procedures
• Movement of Factors
• Contingent Rights

The work of the CPSO and the Ministerial Taskforce on Food Production and Food Security has so far highlighted 19 potential agri-food investment opportunities as a direct response to the mandate from Heads for greater investment to reduce the Region’s food import bill by 25% by 2025. The CPSO is focused on the development of feasible investment business cases which can attract resources from the private financial sector and international development partners.

• Intra-Regional Agri-food Trade – 25%  x 2025
• Sanitary and Phyto Sanitary Measures
• Food Safety and Quality and Standards
• Food and Nutrition Security
• Increase business in Extra-Regional Markets

A facilitatory and efficient business environment is essential for the effective operation of the CSME as it contributes to increased investment, private sector development, and, ultimately, economic growth. The business environment in CARICOM requires urgent attention to match the ambition of Member States for private sector led growth and development.

• Hamonization of Company Laws
• ICT, Digital Transformation and Achieving Caribbean Gigabit Society by 2030
• Development of Rules of Procedure for the Enforcement of Rules of Competition
• Regional Trademark Administration System
• Regional Public Procurement

The CPSO, in fulfilment of its mandate to ensure private sector involvement in the implementation of the CSME, is committed to the vision of the CARICOM Heads, espoused at the summit held in July 2019.  This vision is one of a renewed focus toward a Regional Stock Exchange by the commitment of tremendous effort and resources, which have the potential to foster financial inclusion, entrepreneurship, and innovation and to stimulate micro, small and medium-sized enterprise growth, and development.

• Regional Stock Exchange
• Mergers and Acquisitions
• Democratizing Wealth Creation

• Coordination of Private Sector Response and Recovery Efforts in Disasters
• Private Sector investment in resilience,
• Financial instruments for climate and disaster-related fiscal risk management

• Nearshoring
• Development of Information/Statistics to Enable Private Sector Enterprises