High Prices Persist as CARICOM Pushes Regional Market Agenda

CARICOM has long pushed the idea of one regional market, but for ordinary Caribbean families struggling with high prices, that vision has yet to translate into real relief. Today, the 51st Regular Meeting of CARICOM Heads of Government ended in St. Lucia after four days of talks, with the Caribbean Single Market and Economy high on the agenda. The initiative has made progress, but not enough to ease the region’s dependence on imports or shield consumers from inflation. Belize is being represented by Oscar Arnold, Chief Executive Officer in the Ministry of Foreign Affairs, and we asked him what more CARICOM must do to make the single market work for Belizeans and the wider region.

 

Oscar Arnold, Chief Executive Officer, Ministry of Foreign Affairs

“For example the CSME has been discussed in length. There were some agenda items there up for discussion and decision on the way forward. And how do we harmonize all these things across all the countries in the Caribbean, keeping in mind that there may be existing laws in some territories that might affect it.  For example, consumer protection, trading goods, implementation of how so we use AI and digital trade. Great discussion surrounding the movement of goods and logistics, how can we implement a ferry or cargo service for the Caribbean. As it stands right now, everything must move north, and then come back down south, which adds to the cost of logistics and transportation which then is paid by the end consumer. So, during the caucus it was discussed that it is very important that we try to reduce the imported inflation into the region, because many of these small island imports a large percentage of the goods they use and the pinch is being felt all around with the cost of fuel.”

 

The meeting was chaired by Prime Minister Phillip J Pierre.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

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