Jamaican PM Pledges Full Support for CARICOM Single Economy

Prime Minister of Jamaica, Bruce Golding, has emphasized that much more needs to be done within the region to achieve the goals of the Single Market, particularly as it relates to harmonizing critical areas.

“A market can’t be single if the market has so many features that are different from country to country. Some effort has been made in harmonizing critical areas, but much more work needs to be done”, said Mr. Golding while addressing a meeting of the diplomatic and consular corps.

He pointed out that Europe for example even with all its resources and history, still has challenges under a unified system.

“We (the Government) have pledged our full support for the establishment of a Single Market, and therefore we would want to continue to accelerate the processes that are involved in harmonizing as many critical areas that have to do with (for example) incentives, and tax regimes. We support for example, a regional stock market, and we hope that that will become a reality,” he told the gathering of diplomats and foreign officials.

Golding maintained however that a single economic space must be supported by a political structure. “You can’t have a single economy, but within that economy you have different fiscal policies being pursued, different monetary policies, and different central banks. To have that unitization requires a political authority, and that political authority will have to be put there by the people,” he asserted.