OECS to create Economic Union by July next year

The Organization of Eastern Caribbean States is moving to create an Economic Union by July 1, 2007.

Prime Minister Dr. Ralph Gonsalves on Tuesday, June 27, at his weekly press conference at the Main Administrative Building, said this was the principal issue discussed at the OECS Authority meeting held in St. Kitts on Wednesday, June 21.{{more}}

The new Treaty will guide the thrust by the OECS region to create an Economic Union among Member States, and replaces the Treaty of Basseterre, which established the OECS on June 18 1981.

Prime Minister Dr. Gonsalves, said Heads of Government at the meeting took a decision to sign a Letter of Intent in support of the Treaty, which now goes to the OECS public for a year-long

period of consultation. The Treaty is expected to be signed by the Heads next year followed by ratification by their respective parliaments.

A draft was discussed during the St. Kitts meeting and suggestions were made to improve the draft said Dr. Gonsalves.

“Naturally the Economic Union will mean freedom of movement of labour in OECS. There is movement of capital already through the Central Bank. All the issues relating to rights of establishment businesses and the like. It’s a complete economic union and it’s easy for the OECS to do it because we already have a supreme court, a common court system, a common central bank and a currency and that’s a very important development,” said Dr. Gonsalves.