Last Updated on October 14, 2022, 2:57 AM AST by Anthony Morris
Dr Denzil Douglas, The minister of international trade for the government of St Kitts and Nevis, travelled to Barbados on October 11 and October 12, 2022, to attend the Joint CARIFORUM – EU Ministerial Meeting.
Permanent Secretary Jasemin Weekes also travelled with Dr Douglas for the event. During the ministerial Meeting, Dr Denzil Douglas addressed the ministers from the member states of the CARIFORUM and the European Union.
During his address at the meeting, he spoke about the subject of de-risking policies on global banks. According to him, these policies continue to threaten the region’s economies. He called for timely action on the same.
He said, “For small open economies such as (St Kitts and Nevis) where international transaction flows play a critical role in our economic development, complete closure or near closure to international financial payment system would have crippling effects.”
He expressed his trust in the institution while urging the CARIFORUM to come together to try and reach timely solutions for the issues.
Dr Denzil Douglas stated, We (St Kitts and Nevis) look forward to some balance between these regulatory de-risking regimes and the ability of our customers to conduct their businesses more seamlessly.
Additionally, Dr Denzil Douglas asserted that it was time to put an end to this global de-risking phenomenon, which has undesirably affected certain classes of businesses, customers, and jurisdictions in the Caribbean.
The CARIFORUM Ministers also met with the EU Commissioner, Jutta Urpilainen. Their meeting culminated in open and active discussions with achievable results.
The CARIFORUM-EU authorities hosted the joint Ministerial Meeting in Barbados to witness the launch of a new framework for EU-CARIFORUM cooperations. This framework is outlined in the Caribbean Regional Multi-Annual Indicative Program.
Further, the Ministers of the CARIFORUM-EU convened the meeting to offer political direction for CARIFORUM-EU cooperation and the upcoming flagship initiatives.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
