The View from Europe - The crucial importance of a new, regional private sector organisation

A little over a week ago, private sector associations from around the Caribbean agreed to establish by June of next year a new regional body able to represent their interests authoritatively to CARICOM.

The new organisation – a decision still has to be taken as to whether the name Caribbean Business Council (CBC) will be adopted – is an important step forward, creating something much needed in the region; a single strong private sector voice.

For years, the Caribbean private sector has been talking about the need for a better dialogue with CARICOM. However, for a variety of reasons it has failed to put in place a body worthy of the vital role the regional private sector has in delivering economic growth.

Now a new institution seems set to emerge, able to make representations on the issues that have all but stymied the potential of the Caribbean Single Market and Economy (CSME).
The new initiative aims to create a viable mechanism that bridges the public-private divide, enables business to raise formally issues of common concern at a regional level, and has the capacity to argue for change in ways that spurs regional growth.

As with so many issues in the Caribbean, the background to this is complicated.

In 2006 it was agreed that a body known as the CBC would be established to act as an interface with CARICOM and be formally recognised as an Associate Institution. However, the concept lacked substance or a wide buy-in from much of the regional private sector.

Consequently, virtually nothing happened until 2014 when a meeting of CARICOM’s Council for Trade and Economic Development (COTED) made clear that the establishment of a single private sector interlocutor should be pursued as a priority.

After extensive consultations, a detailed study, ‘CARICOM/CARIFORUM Public-Private Sector Dialogue: A road map for re-engagement’ was produced by James Moss-Solomon. This indicated that the regional private sector recognised the need for a strong regional private sector institution and was largely ready to move forward with a viable new body. Subsequently, a draft constitution and institutional framework was developed.

Then, crucially, in June this year, the leading private sector organisations of Jamaica and Trinidad met and agreed as a joint aspiration that a new well-supported regional business organisation should emerge, able to develop strategies and shared outcomes for the private sector.

Subsequently this led to the convening of the Kingston meeting facilitated by the Caribbean Export Development Agency (CEDA) and involving more than forty leading business organisations from around the region, plus representatives of CARICOM and interested parties.