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Caribbean moves towards single market at CARICOM summit

By Prensa Latina

Bridgetown : The Caribbean Community (Caricom) summit, now deliberating here, has resolved to make a concerted drive for regional integration to achieve a common economic space by 2015 with a single currency.

The three-day summit inaugurated Sunday by Barbadian Prime Minister Owen Arthur will specially focus on the implementation of the Caribbean Single Market and Economy (CSME) in 2008.

"Shaping a single economy has to be put in the context of world economic relations," Arthur said.

He said the summit would analyse the progress in the integration process to implement "free movement of people in 2008 and reaching a common economic space in 2015."

The plan will be implemented in two stages: creation of a single regional market by 2009, and secondly, harmonization of taxation and monetary policies and introduction of a single currency by 2015, he said.

Caricom comprises Antigua and Barbuda, Bahamas, Barbados, Belize, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago.