What is the difference between oecs and caricom

How do OECS people benefit? These are just some examples of the questions which are asked. The purpose of this publication FAQs is not only to provide information on the OECS but of equal importance to encourage support and a deepened commitment by all OECS citizens to OECS integration since at this time and well into the foreseeable future integration is the only tool that will effectively bring about the social and economic development of the people of the Member States of the OECS.

Monday August 1, heralded the commencement of full free movement of OECS citizens throughout the six independent countries of the Organisation.

Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines from that date, permits OECS citizens to enter their territories and remain for an indefinite period in order to work, establish businesses, provide services or reside.

In order to facilitate the free movement of citizens, the following administrative arrangements and procedures are in effect in Member States:. The Revised Treaty establishes new governance mechanisms to enhance the ability of the OECS to respond to global and regional challenges. Further papers will seek to provide documentation on various aspects relating to the matter of Closer Political Union.

Address delivered by Dr. Gonsalves Prime Minister of St. Vincent and the Grenadines at Castries, St. It is considered critical to the future growth and development of the Region, and intended to ensure that CARJCOM effectively surmounts the challenges and difficulties that confront Member States and keep pace with the changing global economic climate.

Monetary union imposes significant cost on some of the members of the union and they can quite easily be large in comparison to the benefits. Such cost are usually higher for small economies and countries with the stronger currencies, both characteristics of the OECS countries. The major selling card for monetary union in the Caribbean is the stability which it brings to the currency. The EC dollar is already quite stable and the existing arrangements coupled with sound economic management should ensure that it remains that way.

The stability of the EC dollar was achieved through sacrifices in the form of the forgone development projects in the entire subregion and higher unemployment in some countries. While this work focuses on economic relations it is understood that political, social and cultural effects are equally relevant.

Situated at the pivot of North and South America, the Caribbean is inevitably swept up in the wave of economic - and perhaps political - change that has seized the Americas.

Time for Action West Indian Commission, , the report of the West Indian Commission set up by the Heads of Government of Caricom1, began the process of conditioning the Caribbean to a new economic and political reality. In , this treaty was revised to establish an economic union, removing or reducing trade and customs barriers and allowing goods, people, and capital to move more freely.

The associate members of the OECS are:. As an economic union, the OECS is a single market and customs union where goods, people, and capital are free to move. The organization also works to unify monetary policy and policies related to government taxes and revenue, in addition to harmonizing their approach toward trade, health, education, the environment, agriculture, tourism, and energy.

Eight members share a single currency, the Eastern Caribbean Dollar. Kitts and Nevis, Saint Lucia, and St. Vincent and The Grenadines. Geographically, these islands form a near-continuous archipelago across the Caribbean Sea, known as the Lesser Antilles.

Citizens of protocol members are free to travel and work across borders without restrictions. They can do so with a passport, though a driver's license, national ID card, voter registration card, and social security card are also accepted.

To live in another protocol member state, a person is not required to demonstrate means of support. They can live and work in another protocol member state indefinitely.

In addition, the Eastern Caribbean Telecommunications Authority is the regulatory body that oversees the telecommunications sector in the region. Organisation of Eastern Caribbean States. Eastern Caribbean Central Bank. Government of the Virgin Islands. European Central Bank. Income Tax. International Markets. Monetary Policy. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.

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