CARICOM Private Sector Reaffirms Support for Single Market

Private sector organisations from across the Caribbean reaffirmed their commitment to the CARICOM Single Market and Economy (CSME). The CARICOM Private Sector Organization (CPSO) called it vital at a time of global economic uncertainty.

CPSO said in a Tuesday statement that the CSME has delivered “tangible benefits to firms and workers throughout the region,” including increased intra-regional trade, stronger supply chains, and foreign exchange earnings for member states.

The statement was signed by private sector organisations from across the region, including Belize, Jamaica, Trinidad and Tobago, Guyana, Barbados, Suriname, and the Organisation of Eastern Caribbean States Business Council.

According to CPSO, the United States remains CARICOM’s largest collective external trading partner. “From a private-sector standpoint, these relationships are not in competition; they are complementary,” it said.

The statement comes at a time of global economic uncertainty and renewed debate about the pace and effectiveness of regional integration. Trinidad and Tobago’s Prime Minister, Kamla Persad-Bissessar, publicly distanced her nation from a CARICOM statement concerning US visa restrictions on Dominica and Antigua & Barbuda last week. While this measure prioritised national interest, it caused internal friction.

The CPSO called for enhanced cooperation among member states, stating, “In these times, the phrase ‘stronger together’ is particularly relevant,” the statement said.

“In a world of increasing isolation, we recognise that CARICOM and the CSME vision are critical for our joint sustainability,” CPSO added.