The Government of Jamaica has officially signed a landmark CARICOM agreement that will allow groups of Member States to advance deeper regional cooperation and economic integration, even if others are not yet ready to participate.
On Thursday, Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, signed the Protocol to Amend the Revised Treaty of Chaguaramas, which governs the Caribbean Community (CARICOM) and the CARICOM Single Market and Economy (CSME). The protocol enables at least three CARICOM nations to move ahead with joint initiatives in areas such as trade and investment, while providing a pathway for other countries to join when ready.
“The protocol will provide CARICOM with a practical tool to move forward, even when consensus is not immediate, by allowing three or more Member States to deepen cooperation in areas like trade and investment, while keeping the door open for others to join initiatives when ready. Jamaica’s signature takes the process one step further,” Johnson Smith stated.
The agreement amends the Revised Treaty of Chaguaramas, replacing Article 50 on Accelerated Implementation, and is expected to expedite the implementation of the CSME while safeguarding the rights of non-participating states.
Johnson Smith emphasized that Jamaica played an active role in shaping the protocol, seeing it as a mechanism to strengthen business development and regional economic ties. She also confirmed that Jamaica will not need to pass new legislation or adjust financial commitments to CARICOM for its implementation.
The protocol will take provisional effect once all CARICOM member states sign, with full ratification to follow.
