OECS nations sign historic treaty to enter economic union

“Today is a great day,” said host Prime Minister Dr Denzil Douglas as he addressed the gathering during the hour-long ceremony at the Eastern Caribbean Central Bank (ECCB). (File photo)

BASSETERRE, St Kitts, December 30, 2009 – Eight of the nine countries of the Organisation of Eastern Caribbean States (OECS) yesterday signed the treaty to establish an economic union among themselves.

Representatives of Montserrat, a British Overseas Territory and a founding member of the sub-regional grouping which was unable to sign the accord since its internal approval process has not yet been completed, witnessed the historic occasion that took place in St Kitts, where the Treaty of Basseterre that established the sub-regional grouping was signed 28 years ago.

“Today is a great day,” said host Prime Minister Dr Denzil Douglas as he addressed the gathering during the hour-long ceremony at the Eastern Caribbean Central Bank (ECCB). “It is a day of profound historical import for the Governments and peoples that constitute the OECS, for it is today that we co0mmit our countries to an even closer and deeper union. And we do this by signing off on a new treaty – the Treaty of Basseterre establishing the OECS Economic Union.”

Dr Douglas added that, as was the case when the OECS was formed, the member states signing on to the treaty are facing turmoil.

“Today, the nations of the OECS are facing domestic, hemispheric and global challenges…and so it is essential that we seek out and we identify ways of increasing our resilience so as to ensure our continued viability, our continued relevance and our continued successes nationally, regionally and internationally,” he said.

“Once again we are seizing the opportunity to deepen the level of integration among ourselves by creating an entirely new construct.”

But even with the treaty signed, it will be months before any benefits are realised. Institutions and Parliaments of the OECS member states have to attach their signatures to the document.

Dr Douglas said the coming months will be spent putting together the institutional framework for an economic union and leaders will assess progress after that. His projection is that all the arrangements should be put in place by the middle of next year.

The OECS comprises Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, Montserrat, St Kitts and Nevis, Anguilla and the British Virgin Islands.