Singl Market Economy Bahamas

The arguments stated by Mr. Kevin Alcena in relation to the issue of the Caribbean Single Market Economy itself and the role of the Bahamas to make it happen are clear and concise. Therefore, from reviewing the article and through my research, I am in total agreement with him.

There is absolutely no reason for the Bahamas to join and the statement made by Mr. Owen Arthur, “our future would be in jeopardy if the Bahamas was not to join”, is outright flattery that is being used to distract the Bahamian people into signing and agreement to share in the hardship, poverty, crime torn and socially impoverished nations within Caricom. Places like Jamaica and Haiti are crime torn with over 500 murders a year and poverty is very high. The government officials in these nations have had a history of corruption and a lack of harmony with its citizens. Many have to stay under close protection in order to prevent falling victims to assassination attempts and hostile takeovers from rebel groups.

In addition, there has been little benefit from the Bahamas being apart of Caricom to the organization. The Bahamas is responsible for the Tourism development portfolio (Suva Partnership Agreement provision) and basically what we have to offer is information and education through the growth of the tourism industry in the Bahamas mainly due to United States as the largest customer because of its closeness and status. This is mainly why the Bahamas has thrived for so long, along with the helpful hand that the U.S. stretches out to the country. As can be seen, our geographical location is of the utmost importance to our development, which cannot be duplicated.

Also, the safety of persons, the legal systems and the extent of financial service providers in most of these countries are nowhere in comparison with the Bahamas and as a result most of the countries of Caricom are listed as high risk areas. In turn, investors are reluctant to invest in these countries adding to the numerous development problems.

In my opinion, the idea of a single economy is not a good idea for the Bahamas because there is little development in the issues surrounding it and we will lose considerably more than gain if we joined.

One reason why it wont work is the need for the establishment of the Caribbean Court of Justice which is presently established under a treaty for the time being but may be functionally established in the near future. There is much skepticism that this court will be manipulated by political influence and will contribute to injustice and disharmony in the region as a result of unfair practices. In addition, legislation surrounding the issues of property rights, company law, financial services and customs law are still not developed