A Washington, D.C.-based organization is concluding that the Bahamian rejection of the Caribbean Single Market & Economy at the just concluded summit in St. Lucia would stymie the forward motion of Caricom.
The 30-year-old Council on Hemispheric Affairs, claims that without the support from the region’s wealthiest economy, the CSME would appear to be fatally hobbled.
At the Caribbean Community’s annual meeting in St. Lucia on July 3-7, the Bahamian government declared that it could not participate in the CSME. Nevertheless, Barbadian Prime Minister Owen Arthur subsequently declared that the rest of the CARICOM nations would implement the provisions of the CSME by this December.
But Research Associate, Anita Joseph, says, “Even if the CARICOM members realize this goal, their actions are unlikely to significantly boost their economies if the Bahamas, with the third highest per capita income in the Western hemisphere, does not participate.”
Joseph called The Bahamas’ action “deeply disappointing for CARICOM’s other members, since its advocates view the regional initiative as essential to the organization’s future.”
Hardbeat News
