Strengthening regional ties key in light of Brexit

Britain’s exit from the European Union (EU) will pose a threat to the economic performance of CARICOM countries, and as such, CARICOM leaders have been urged to not adopt a wait-and-see approach, but use this development in order to deepen and strengthen their ties and operations.

 

Vice Chancellor of the University of the West Indies (UWI), Sir Hilary Beckles called for a strengthening of regional ties during a Brexit Symposium held at UWI Regional Headquarters, Jamaica, yesterday. The forum, entitled “Brexit: Implications for the Caribbean”, was hosted by the Office of the Vice Chancellor in collaboration with the university’s Department of Economics, and the Caribbean Policy Research Institute.

 

“There is no doubt that the current situation is a threat to our economy. There is no doubt it is a threat to the fragile stability that we have put in place in the last ten years. The Governments have worked hard, the private sectors have stepped up to the plate to stabilise the situation, to lay the foundations for growth. This circumstance is going to adversely affect that fragile stability that we have achieved through hard work and at the costs of the people of the Caribbean,” Sir Hilary remarked.

 

“The trade agreements will have to be renegotiated, the international banking systems are already looking to re-domicile, investments are being put on hold, all of the projections we have had in this region for growth were predicated upon a kind of stability in the world economy, that would allow us to plan. We cannot now do this in the short term,” Beckles suggested.

 

“Britain will now renegotiate their relations. So in the next two years, while Britain is renegotiating its relationship to the European Union, we also now have to begin right now to renegotiate our relationship with the European Union and conceptualise what our relationship will be with an independent Britain. We have to do this and do this now,” he added.

 

The Vice Chancellor then suggested that a move be made to protect and enhance the ACP (African Caribbean and Pacific) grouping, whilst moving to consolidate the CARIFORUM grouping.

 

“We must dig in with the ACP, expand the CARIFORUM and strengthen the regional economy, strengthen the regional movement at this point in time,” Sir Hilary said.

 

Following Sir Hilary’s presentation, a panel discussion then followed and former prime minister and chair of the CARICOM (Caribbean Community) Review Commission Bruce Golding; British High Commissioner to Jamaica David Fitton; and Dana Dixon, business development and research executive at Jamaica National Building Society, examined further implications that Brexit may have on regional countries.  (RSM)