Economy, Government, Politics

CARICOM moves to harmonize business rules in CSME


Published on August 15, 2014

GEORGETOWN, Guyana — The Caribbean Community (CARICOM) has started work towards creating a harmonized framework within which companies and other businesses can be established and operate in the CARICOM Single Market and Economy (CSME).

CARICOM heads gave this mandate to ensure that the rules for establishing and operating businesses in one country apply throughout the CSME. The consultant BKP Development Research and Consulting, in consortium with AESA, has been awarded the contract to strengthen the CSME regulatory and market regimes.Caricom

The two-year consultancy started last month, July 2014, with funding through the 10th European Development Fund and is expected to be complete by July 2016. There are four result areas within the project. In addition to the single jurisdiction, the project will also strengthen the framework for regulating competition, strengthen consumer protection and create the structure for companies from startup to bankruptcy.

It is expected that systems and practices for business complaints administration and determination of competition disputes will be put in place through the training of staff of national competition authorities. A number of deliverables will also focus on enhancing consumer protection within the CSME.

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