Organisation of Eastern Caribbean States (OECS)
Candlefocus EditorThe primary mission of the OECS is to facilitate economic development and integration among its member states, and to promote economic principles relevant to the region. To this end, the organisation developed an Economic Union in 1983 and launched a common central bank, the Eastern Caribbean Central Bank (ECCB), in 1983.
The OECS currently has seven protocol members - Anguilla, Antigua and Barbuda, Common Wealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, and Saint Lucia – as well as four associate members – the British Virgin Islands, Guadeloupe, Martinique, and Saint Vincent and the Grenadines.
Members of the economic union enjoy the benefits of free movement of people, capital, and goods, while associate members have access to the same benefits, including access to the eastern Caribbean dollar, but do not have full voting rights in OECS meetings.
The OECS seeks to foster economic prosperity in the region by formulating and implementing long-term policies on regional economic integration. The main objectives of the OECS include eliminating barriers to intra-regional trade and diversifying regional trade and productive capacities. Through its partnership with the European Union, it has launched several projects aimed at enhancing regional integration, including an investment promotion centre, a regional tourism initiative, and a regional competition policy.
Another key policy of the organisation is to promote infrastructure development in its member countries. This includes initiatives to strengthen port infrastructure, improve energy efficiency, and promote renewable energy sources.
In addition to its economic activities, the OECS is also actively engaged in protecting the environment of its member countries. The organisation has a policy to promote sustainable utilisation of the Caribbean Sea and its coastal and marine resources. Other initiatives include protecting the region’s biodiversity, combating climate change, and promoting sustainable development.
The OECS is guided by the Treaty of Basseterre which outlines the organisation’s core principles and objectives as well as its operating mechanisms. The organisation is managed by the OECS Executive Council and the OECS Commission which is responsible for the implementation of programmes and activities approved by the Council.
The Organisation of Eastern Caribbean States is an important regional actor that has been leading the way in economic integration and sustainable development in the region. By facilitating free trade, improving infrastructure, mitigating the impact of climate change, and protecting the environment, the OECS is helping its member states achieve their economic and development goals.