| Prime
Minister P.J. Patterson has stated that the Caribbean
Single Market and Economy (CSME) is not the final horizon
for the region, but that it will serve as an effective
platform on which to expand the trade and economic capacity
of the Caribbean.
The
Prime Minister who was speaking at a roundtable discussion
with directors and employees of Jamaica Money Market
Brokers on Wednesday (Mar. 30), said the financial
services sector had an integral role to play in the
CSME and has urged Jamaican stakeholders to remain
at the forefront of the developments and take advantage
of the opportunities that are available.
Mr.
Patterson said the advent of the CARICOM Single Market
has created opportunities for Jamaican financial entities
to establish a presence throughout the region, as
they will benefit from the same rights and obligations
as their domestic counterparts in participating member
states. He therefore encouraged JMMB and other providers
of financial services to familiarize themselves with
Article Three of the Revised Treaty of Chaguaramas,
which provides for the right of establishment, movement
of capital and the movement of Community nationals.
“I
am confident that with the wealth of expertise and
experience that resides in Jamaica, our firms should
be in a position to derive considerable market share,”
Mr. Patterson said.
With
regards to the creation of a monetary union and a
Single Currency, the Prime Minister said the emphasis
at this time was on getting the fundamentals right,
within the framework of the Single Market. He said
this must be done while at the same time examining
the scope for a monetary union as part of the broader
efforts to achieve the Single Economy.
Mr.
Patterson said the region was cognizant of the longstanding
attainment and success of a monetary union by member
states of the Organisation of Eastern Caribbean States
and anticipated that the OECS would share its experience
with the wider Caribbean.
Twelve
member states of CARICOM are expected to participate
in the Single Market arrangements by January 2006.
The CARICOM Single Market provides for a single economic
space in which goods, services, capital and Community
nationals can move freely from one participating territory
to another. It will be supported by legislative and
administrative mechanisms to ensure transparency and
operational efficiency. A critical component of the
CSME is the Caribbean Court of Justice. The Court
will be inaugurated in Trinidad and Tobago on April
16th, to provide for its Original Jurisdiction in
accordance with the provisions of the national constitutions
of participating states.
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