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Showing posts with label Treaty of Chaguaramas. Show all posts
Showing posts with label Treaty of Chaguaramas. Show all posts

Sunday, March 13, 2022

The Group of Financial Services Regulators (GFSR) of The Bahamas direct all financial institutions to review dealings with Russians, Belarusians, and Russian and Belarusian entities

Statement from The Bahamas Ministry of Foreign Affairs on the Ongoing Review of the Invasion of Ukraine



Honourable Fred Mitchell
Pursuant to our ongoing review of the situation in Ukraine and consultations with our CARICOM partners, The Bahamas Foreign Ministry advises the public of recent orders from the regulators of the Financial Services Sector and the Attorney General as follow:
They are the INTERNATIONAL OBLIGATIONS (ECONOMIC AND ANCILLARY MEASURES) ACT (CHAPTER 16) and INTERNATIONAL OBLIGATIONS (ECONOMIC AND ANCILLARY MEASURES) (UNITED STATES OF AMERICA) (UNILATERAL SANCTIONS) DIRECTIONS 2022 and the Group of Financial Services Regulators Directive on Russian Business Activities.
Pursuant to our Treaty Obligations under the Revised Treaty of Chaguaramas, we have shared these directives with our Caricom partners. The conversation continues with them.
Foreign Ministers of Caricom have been charged by the Heads of Government to continue an active review of these matters and keep the heads advised.

The measures by the Group of Financial Services Regulators (GFSR) of The Bahamas direct all financial institutions to review dealings with Russians, Belarusians, and Russian and Belarusian entities on the prescribed schedule and report back to the Attorney General. The Financial Regulators have advised all financial institutions not to engage in dealings with Russians, Russian entities, Belarusian and Belarusian entities who are subject to international sanctions.

The directive from the Central Bank, the Securities Commission, the Insurance Commission and the Gaming Board issued on 13 March 2022 reads in part: "Regulated entities should apply the highest level of risk management controls to deter the potential for any misuse of the Bahamian financial system in the current global environment and indeed, every circumstance.
"For the purposes of this directive, sanctions include those issued by the United States, Canada, United Kingdom, the European Union and any other jurisdiction which the Group of Financial Service Regulators may specify from time to time."

This is an evolving story and remains under active review.

Sunday, May 19, 2013

Kick CARICOM to the kerb (Part 2)

Jamaica is half the market of CARICOM, without Haiti


Say No to Caricom


By Ronald Mason, Jamaica Gleaner Contributor



It would be foolhardy at the commencement of any trial for attorneys to believe they will be persuasive with only an opening statement.  I dare not believe that, and as such I welcome the dialogue triggered by the response to my column on May 5.

I do not fear globalisation because this country can rival others on the world stage in the areas of our competitive advantage.  Think coffee, bauxite, ginger, cocoa, tourism, music, aggregate, track and field, and the history of sugar.  However, let me advance the argument for our withdrawal from CARICOM on the cold, hard realities.

FACT 1: There is a geographic, cultural, interpersonal relationship among people in the Eastern Caribbean.  The distance between Antigua & Barbuda in the north and Trinidad & Tobago in the south is 445 miles.

The distance between Jamaica and Trinidad is 1,151 miles.  The constant flow of commerce and people in the Eastern Caribbean is undisputed.

Farmers in Dominica help to feed Antigua.  Trinidad and Barbados have disputes born out of territorial proximity.  The Leeward and Windward Islands each present teams in Caribbean cricket.

The population in each member state of CARICOM, not counting Jamaica and Haiti, ranges from 6,000 in Montserrat to 1.34 million in Trinidad.

There is a forum of seven member states and two associated states with a total population of 636,000 persons.  Schooners and ferries bridge the islands in the east.  They have a basis for this creature called CARICOM.

FACT 2: In recognition of how much the states in the Eastern Caribbean are interdependent, they created, from as far as back as 1981, the Organisation of Eastern Caribbean States.  It is an intergovernmental organisation dedicated to economic harmonisation and integration, and protection of human and legal rights.  They are all virtually contiguous in their boundaries.

On August 13, 2008, the leaders of Trinidad & Tobago, Grenada, St Lucia, and St Vincent & the Grenadines announced their intention to pursue a subregional 'political union'.  A 2013 target date was set for full political union for these countries. (CANA, October 24, 2008) Notice, they did not invite Jamaica.  Note also that on June 21, 2010, they signed the treaty that established their countries as a single economic and financial space.

The promise of "joint action" and "joint policies" within areas such as the judiciary and administration of justice, external relations, including overseas representation, international trade agreements, education, telecommunications, intellectual property rights, external transportation, and connections and public administrations and management.

This is a single space without common external boundaries.  A country in every respect.  No Jamaica.

If it looks like a duck, waddles like a duck, quacks like duck, it is a duck.  They only associate with Jamaica because we represent the easier trade destination that satisfies their economies of scale.  Jamaica is half the market of CARICOM, without Haiti.

A decline in trade deficit

FACT 3: Jamaica has had, for years, a large trade deficit with CARICOM, not factoring Haiti, and a trade surplus with Haiti.

Jamaica's trade deficit with CARICOM for January-November 2012 (latest figures available) is US$743.5m, a decline of US$157m recorded the previous year, largely caused by reduced spending on fuel.

Jamaica, for the same period, exported US$76.8m.  Most of the inbound trade is with Trinidad and Tobago.  The peanuts, biscuits, candy, etc.

FACT 4: Chapter 5, Part 3 of the Revised Treaty of Chaguaramas addresses the issue of subsidies by one member of CARICOM to the detriment of the other.  Trinidad owns Caribbean Airlines.  Ask Grenada's prime minister why he recently had to comment on the impact Trinidad's full subsidy is having on LIAT, part owned by Grenada.

Remember when we were dumb enough to believe that integration included Jamaica and proposed an aluminium smelter with its demand for lots of aluminium ingots to be located in Trinidad and Tobago using Jamaican bauxite to improve value added for aluminium?  Never materialised.

FACT 5: Remember how the Dominican Republic accessed CARIFORUM for the European Union Economic Partnership Agreement?  There is your blueprint, as the Dominican Republic is not a member of CARICOM.

FACT 6: The language of Article 45 of the Revised Treaty of Chaguaramas references the movement of nationals across the region.  Here is the direct quote: "Member states commit themselves to the GOAL [emphasis mine] of free movement of their nationals within the Community."  A goal, that's all.

Yet Jamaica allows Eastern Caribbean people to come here without reservation, while reciprocity, at the same rate and without discriminatory barbs, is often denied Jamaicans.

Last week, there was news of the dispute between Trinidad & Tobago and Jamaica regarding lube oil.  This arose between private interests in Jamaica and entities that are publicly owned by T&T.

Yes, governments do not trade, but they are players in field of international commerce.  This action, by design or neglect, results in a breach of trade protocols.

Some members of the Jamaican business community have long complained about the lax CARICOM conditionalities.  I provided an airing of the oft-whispered sentiments.

I never suggested that Jamaica should go it alone.  We have multiple trade agreements, and currently Costa Rica is under consideration.  The United States is our largest trading partner.  O for the distinction and awareness of reading and comprehension!

That we should deal with the world as it is and forge our way therein as best we can has been misinterpreted as supportive of Jamaica's isolation.  Far from being isolationist, we should forge links with the larger markets of Haiti, Cuba, Dominican Republic, North America and Latin America where the business community of traders can enjoy economies of scale.

GraceKennedy and other Jamaican corporate entities are making their entry into Ghana.  They can continue to set up entities and trade with whomever, and they should.  But do not presume it can only be done by integration, commercial or political.

Ronald Mason is an immigration attorney/mediator. Email feedback to columns@gleanerjm.com and nationsagenda@gmail.com.

May 19, 2013

Kick CARICOM to the kerb (Part 1)

Jamaica Gleaner

Thursday, November 18, 2010

Of Sir Edwin, CARICOM and regional integration

by Carlos James, Esq.


CARICOM Secretary General Sir Edwin Carrington has had his share of work cut out for him. However, after nearly 20 years as head of the Caribbean Community, there is little to be excited about in terms of progress made towards full integration.

This, however, does not minimise the significance of the ceremonial activities held in Antigua last week to mark his knighthood, one of the highest honours of an individual’s contribution to national life. Some may rightly argue that a Caribbean Community Award would have been even more symbolic and appropriate, considering his contribution to the region spanning nearly two decades.

Carlos James, Esq. is a barrister-at-law and former journalistIt was interesting to read Sir Edwin’s comments, admitting that the institution had failed to bring home its policies to the common Caribbean man, who simply does not see or understand the workings of CARICOM. If I may suggest, Sir Edwin’s comments on CARICOM’s failed public relations policy is more than just a lack of public awareness. What can CARICOM really put forward to the region and flaunt as effective integration policies?

Yes, the people of the region understand what CARICOM means to them, what it implies and what it requires of them, but what exactly is being done, where are the functional policies?

Frankly, there is not much to look forward to from CARICOM as a regional entity. It has lost its sparkle. No longer are we hearing the chorus of regional leaders, who once sang the same tune of regionalism, a single market and a single economic space.

Interestingly enough, Sir Edwin has admitted that the framework to make the CARICOM Single Market (CSM) and the CARICOM Single Market and Economy (CSME) fully operational is in place. In what can be considered a diplomatic cry for help, Sir Edwin confessed that more thrust is needed for both initiatives to take firm steps towards realisation.

In plainer language, for farmers in North Leeward and North Windward, and other rural communities across the region who want better regional access to markets for trade purposes, the vision of a Caribbean single market is failing because of the lack of interest from regional leaders.

CARICOM has become stagnant and cannot handle the surmountable challenges of our region’s changing political economy. It is swiftly withering into a failed institution lacking the energy, vision and the political will to carry forward its mandate which is central to regionalism - The Revised Treaty of Chaguaramas. In no uncertain terms can a framework for integration survive solely on the technical machinery of the CARICOM Secretariat without the political will of the region’s leaders. The structure for the integration process is merely skeletal, crippled, non-functional and hangs on life support.

No amount of media relations, as Sir Edwin envisaged, can connect the people of the region to something that lacks any form of functional capacity without coming across in an ostentatious way. The need for reforms at every faction of the CARICOM fibre is needed.

I must agree that formalising a single economic space is no easy task, the difficulties faced by the powerful European Union is evidence of this, but we must be reminded that the Caribbean Community is characterised by a people of common cultural and political identity. The socio-political dynamics of our region puts us in a more suitable position to establish and benefit from such a union.

Even the big capitalist countries are moving away from monopolistic ideals and trade protectionism. German Chancellor Angela Merkel, ahead of this week’s G20 meeting in Seoul, has warned that the greater danger facing the global economy is a return to trade protectionism. So why is CARICOM failing to further develop its single market and economic space? Where is the political will?

St Vincent’s Prime Minister Dr Ralph Gonsalves, and perhaps a few others, stand out as the lone batsmen at the crease, so vocal and tirelessly struggling to add to the score of the opening political giants of Eric Williams, Tom Adams, Errol Barrow, Michael Manley, et al.

It was Dr Gonsalves in 2003 who, while presenting a lecture in Trinidad to commemorate CARICOM’s 30th Anniversary, questioned:

-- What is the most advanced model of regional integration that the political market nationally can bear?

-- Do the leaders of the region -- political, economic, community and social -- and the people themselves possess the political will and readiness to go beyond the parameters of the individual nation-states and embrace a union deeper than that which currently exists?

-- What is to be done right now to construct, or prepare for the construction of a deeper union between CARICOM countries, or at least between those who are ready and determined, to go forward?

The Caribbean community has yet to answer. CARICOM is in retreat and this makes it hard for the region to get its voice heard. We need to reinvigorate the CSME process or CARICOM will suffer.

Instead of moving towards full integration as a region, we are seeing prime ministers becoming more nationalistic in their policies and utterances. These unreasoning allegiances are insensitive to the harmonisation efforts made by our leaders over the years.

I note the recent tongue-tied comments by Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar while the hurricane ravaged islands lay open and vulnerable after the onslaughts of hurricane Tomas.

PM Persad-Bissessar, has made similar gaffes in the past, including her now infamous ATM reference at the CARICOM Heads of Government meeting in July. Her utterances on regional matters have been extraordinarily undiplomatic for someone holding the office of prime minister and Commonwealth Chair-in-Office. It is hard to distinguish her constructive utterances from insentient reasoning.

Common foreign policy?

Sir Edwin rightly pointed out that the region needs to develop a strategic foreign policy in order to represent itself on the international stage. I am in agreement with the position that co-ordination of such a framework is paramount, but it must be noted that, while some countries take an aggressive approach towards foreign relations, others are quite stagnant and remain passive in befriending new diplomatic allies. We must not be seen as chiding regional countries who take on new focus in forging diplomatic relations with emerging economies.

In fact, we are in trouble if we continue to sit on the laps of traditional allies, who themselves are going further East, seeking new trading partners and political friends. It is important to our sovereignty to move away from this docile form of diplomacy, no country owns us. We need to shift from this conservative foreign policy focus on bilateral relationships and focus on multilateral action.

Not surprisingly, we see foreign policies grounded on national interest, ignoring the obvious regional implications of which Sir Edwin is so concerned about. Relations with China and Taiwan among our regional states is a never ending game of diplomatic hopscotch, while some continue to act as political stooges to the US and other G8 countries.

A point of interest is the headlines this week where the US and Britain are courting both India and China. The West has turned to the East. So what is so wrong with diplomatic relations with Brazil, Russia, India and China (BRIC), Cuba, Venezuela and oil-rich Iran?

Caribbean countries need to let go of this erroneous belief of indirect dependency on the so-called powerful traditional allies and provide a common foreign policy agenda that can attract the courting eyes of industrialised and emerging economies.

We have made many strides as a region, let’s not turn the wheel back. Let us continue the process of region-wide engagement on the issue integration. There are obvious lessons that the OECS can offer the larger bloc.

November 18, 2010

caribbeannewsnow

Wednesday, July 14, 2010

Caricom SME — soon come

By ANTHONY GOMES




PRECIOUS little has been reported in the media about the outcome of the 31st meeting of Caricom Heads of Government in Montego Bay. Apart from the sparse attendance by Heads of Government that can only be described as disappointing, the meeting was successful in bringing to the fore the three cardinal issues that for years have haunted the agenda of the conference. These are the issues of governance, that is, leadership, difficulties with intra-Caricom trade, the selection of a new Caricom Secretary General and reform of the Secretariat.

However, we are encouraged by Prime Minister Persad-Bissessar's expression of goodwill by promising to address several trade disputes existing between Jamaica and Trinidad and Tobago. The PM made reference to concerns about a "few perceived issues" related to the cost of production and inputs in both Trinidad and Jamaica, which would include the preferential cost of energy in Trinidad. She said, "We will assess and reassess and review, and where we can find amicable solutions that will endure and enure for the benefit of our people here in Jamaica and in Trinidad and Tobago."

The PM continued, "Now is not the time for the regional business community to be combative rather desperately, we need to join forces to impact in a sustainable way on the international scenario, so let us not in some ways concentrate on our differences and engage in warfare in the region." These remarks are well intentioned, indicating where the inquiry process should begin and the amicable attitude that should prevail.

The foregoing comments were well received and it is now clear that the PM is aware of our continued "bleating and bitching" about these "perceived issues" over the years. It is certainly not the intention to be "combative" as the issues at hand are legitimate trade problems encountered as part of our developing Caribbean trade regime, to be settled within the purview of the Revised Treaty of Chaguaramas without recourse to the World Trade Organisation, if possible.

The PM also gave advice on how the two states can enjoy successful commercial relationships. Three changes for improvement were recommended. First, engage in innovative improvements to their businesses. Second, create alliances between the business communities of both countries. Third, engage in meetings to discuss ways in which businesses could establish partnerships. These business liaisons are already in progress evidenced by the continuing investment by Trinidadian interests in new projects being developed in Jamaica. However, as the adage goes, "The largest room in the world is the room for improvement", and so we support and concur with the offered advice.

Regarding the paramount issue of governance, PM Golding as Chair of Caricom for the next six months said, "We acknowledge that there is an issue with governance, and we have not solved that problem. We are aware of the proposal to put in place a permanent executive commission or a group of commissioners who have executive powers and then, in effecting the decisions of heads, would translate it to a domestic legislation with a certain amount of automaticity. There is need for continuity and follow-up. There is need for coordination to ensure that those decisions can be implemented." We await the report of the sub-committee in January 2011 covering this key proposal for a Caribbean Commission. The issue of the inequitable terms of trade between the states has been dealt with above.

The selection of a successor to the Caricom Secretary General and reform of the Secretariat should be the subject of a Technical Working Group study. The world's largest current service industry is "bureaucracy" creating a multilayered structure comprising organs, bodies, treaty entities, installations and associate institutions in Caricom which excels in job creation but slows to a moribund pace of implementation of constructive decisions. To be relevant to Caricom today, it has to be reorganised from bottom up and turned into a lean, mean, multifaceted machine, equipped to manage the electronic speed of business today, without the "paper chase" that accompanies the conduct of the Secretariat's business dealings.

A point of high importance which passed unnoticed without comment, was reported by Rickey Singh in this newspaper on July 7, that referred to Trinidad's PM openly speaking about her government's reservations: "...as well as against a commitment to any form of political integration with the sub-region of the OECS as had been signalled by her predecessor, Patrick Manning." Such an outstanding rejection will surely reverberate throughout the Eastern Caribbean, but will reinforce Caricom's unity.

Mission: "The Caribbean Court of Justice shall perform to the highest standards as the supreme judicial organ in the Caribbean Community. In its Original Jurisdiction it insures uniform interpretation and applications of the Revised Treaty of Chaguaramas, thereby underpinning and advancing the Caricom Single Market and Economy. As the final court of appeal for member states of the Caribbean Community, it fosters the development of an indigenous Caribbean Jurisprudence."

There should be no rush to enjoin the CCJ in its original jurisdiction on the sensitive issue of disadvantaged trade in Caricom. The issue could be resolved by dialogue, investigation and conciliation, given the goodwill and understanding expressed by Kamla Persad-Bissessar during her visit to Jamaica. As with all things temporal, should the critical path as suggested not succeed, then referral to the CCJ should be considered. It is sincerely hoped that such recourse would not come to pass.

July 14, 2010

jamaicaobserver

Monday, December 7, 2009

Mixed reviews for the Caribbean Court of Justice (CCJ)

Mark Beckford, Staff Reporter





Susan Goffe, chairperson, Jamaicans for Justice.




Despite assurances from the Caribbean Court of Justice (CCJ) about measures put in place for the independence of the court, Susan Goffe of Jamaicans for Justice is expressing some concern about how it is administered.

Goffe noted that while there was a Regional Judicial and Legal Services Commission to oversee the selection of judges, the arrangements do not go far enough to ensure the legitimacy and security of the court.

Goffe added that more changes are needed to secure the independence and permanence of the court than the amendments already made to the Treaty of Chaguaramas. This treaty is the agreement between the Caribbean states, setting up the CCJ, among other things.

Goffe believes that any legitimisation of the court should be done by enshrining whatever changes there should be in the Jamaican Constitution. With that said, she believes serious national discourse should begin.

Judiciary independence vital

Answers to concerns about the independence of the court from manipulation are posted on the CCJ website.

"It is generally accepted in our societies that independence of the judiciary is a vital and essential ingredient of the rule of law, a basic principle of social engineering in CARICOM member states.

"To ensure independence of the members of the court, appropriate provisions have been elaborated in the agreement establishing the CCJ to provide for credible institutional arrangements," the website read.

It continued: "First, unlike the situation with the European Court of Justice, where Judges are appointed by the ministers of government, judges of the CCJ are appointed by a Regional Judicial and Legal Services Commission, whose composition should offer a reasonable degree of comfort to the court's detractors."

The funding of the court by member states of CARICOM has also raised the spectre of influence by these same states. However, the CCJ on its website said that certain steps have been put in place to ensure that this does not occur.

"In order to pre-empt this eventuality, the heads of government have mandated the ministers of finance to provide funding for the recurrent expenses of the court for the first five years of its operation."

A trust fund has been established and capitalised in the sum of US$100 million, so as to enable the recurrent expenditure of the court to be financed by income from the fund which is administered by the Caribbean Development Bank.

Former Solicitor General Michael Hylton said this provision has earned his confidence in the court.

Beyond the rules

"Political influence doesn't mean that a politician is going to call you and tell you what to do, but if a country doesn't like a judgment, it can withdraw its payment. This cannot occur under the treaty and with the trust fund that is set up," he said.

Attorney-at-law R.N.A Henriques, however, believes that independence goes beyond just putting in rules.

"We have had a history in Jamaica, where the bias of rulings are in favour of the government in cases. Therefore one is not really insulated by a Constitution. The dispensation of the rulings will be based on integrity not by what is in the constitution. Time will tell, that is why it is important that the judges are of a certain calibre."


December 7, 2009


caribdaily