OECS Economic Union
BUILDING OUR SINGLE ECONOMY
● Allowing freedom of all forms of trade and economic activity between the Member States ● Undertaking common economic policies.
FREEDOM OF TRADE AND ECONOMIC ACTIVITY FREE MOVEMENT OF GOODS
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SOCIOLOGY
The major goods traded between the countries of the OECS are manufactured articles, fresh produce, processed foods, and beverages. In 2016 and 2017, the countries exporting the most to other OECS Member States were Grenada, St. Kitts and Nevis and St. Vincent and the Grenadines.
GEOGRAPHY
The free circulation or trade in goods within the common economic space is basic to the proper functioning of any economic union. Companies in the OECS have the right to export goods among the seven Protocol Member States without having to pay customs duties or tariffs on these goods as long as they meet the originating criteria. The goods will however be subject to domestic taxes like the value added tax. For example, rice produced in St. Vincent and the Grenadines can be exported to any of the seven Protocol Member States without having to pay the duties or tariffs charged on rice from the United States. Goods produced in the OECS are therefore made more affordable for OECS consumers than those from outside the region. The free movement of goods within the region helps the growth of local businesses.
ECONOMICS
Through the Eastern Caribbean Economic Union Protocol of the Revised Treaty of Basseterre, the Member States of the OECS are building one economy for the region. A single large economy of the seven small economies of the islands promotes trade, business and economic opportunities for all their citizens. Building one economy entails:
