-to bring down the cost of living
Caribbean leaders have agreed on a series of measures aimed at easing the rising cost of living across the region. The issue dominated discussions at the 51st CARICOM Heads of Government meeting in St. Lucia as leaders looked at ways to reduce the burden on citizens.
Guyana has been pushing for the region to feed itself and reduce imported inflation that contributes to the rising cost of living. The Guyanese solution lies in growing more food and expanding intraregional trade, which requires more cost-effective transportation.
At this 51st meeting of the Heads, it has now been agreed that while the private sector takes steps to procure the vessels for a regional ferry service, the governments will utilize one of Trinidad’s vessels as proof of concept. This process is being spearheaded by Barbados Prime Minister Mia Mottley.
“I’ve undertaken the responsibility of working with colleagues to be able to get the treaty arrangements for mutual recognition of licenses, insurance, so that vehicles, cargo vehicles can literally go on and come off where possible.This is a work in progress,” she said.
In the meantime, the heads have also agreed to strengthen regional cooperation to protect consumers and improve affordability. Also, the CARICOM Council for Trade and Economic Development (COTED) has been tasked with adjusting the Common External Tariffs (CET) on basic food items to further reduce the cost of goods.
The CET was put in place to protect regional production and can be used as a tool to bring down the cost of goods, including food items traded among member countries.
Chairman of CARICOM and Prime Minister of St. Lucia Philip J. Pierre said the community remains focused on addressing the issue that matters most to the Caribbean people at this time, the rising cost of living.
“Our discussions over the past four days were guided by one central objective: ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” he said.