The Organisation of Eastern Caribbean States (OECS) is an intergovernmental organization that promotes economic integration and trade cooperation among its member states in the Eastern Caribbean.
Key Takeaways
- The Organisation of Eastern Caribbean States is an economic union comprising 11 member states in the Eastern Caribbean.
- Seven states are protocol members, enjoying the benefits of free movement of people, capital, and goods, while four are associate members.
- Eight members share a currency, the Eastern Caribbean Dollar.
Understanding the Organisation of Eastern Caribbean States (OECS)
The OECS was founded on June 18, 1981, when the original seven members signed the Treaty of Basseterre in the capital city of St. Kitts and Nevis, for which the agreement is named. In 2010, this treaty was revised to establish an economic union, removing or reducing trade and customs barriers and allowing goods, people, and capital to move more freely.
Protocol Members of OECS:
- Antigua and Barbuda
- Commonwealth of Dominica
- Grenada
- Montserrat
- St. Kitts and Nevis
- Saint Lucia
- St. Vincent and The Grenadines
Associate Members of OECS:
- The British Virgin Islands
- Anguilla
- Martinique
- Guadeloupe
OECS: A Singular Economic Union
As an economic union, the OECS is a single market and customs union where goods, people, and capital can flow freely. The organization also works to unify monetary policy and align taxation and revenue policies. Additionally, the OECS harmonizes their approach towards trade, health, education, the environment, agriculture, tourism, and energy.
Shared Currency
Eight members use the Eastern Caribbean Dollar:
- Anguilla
- Antigua and Barbuda
- Commonwealth of Dominica
- Grenada
- Montserrat
- St. Kitts and Nevis
- Saint Lucia
- St. Vincent and The Grenadines
The British Virgin Islands use the United States dollar, while Martinique and Guadeloupe, as overseas departments of France, use the euro.
Geographic Landscape
Geographically, these islands form a continuous archipelago across the Caribbean Sea, known as the Lesser Antilles.
Benefits of OECS Membership
Citizens of protocol members are free to travel and work across borders without restrictions. They can do so with a passport, but a driver’s license, national ID card, voter registration card, and social security card are also accepted documentation. To live in another protocol member state, no demonstration of means of support is required, allowing indefinite residence and work opportunities.
All protocol member states are also members of the larger grouping, the Caribbean Community and Common Market (CARICOM), and its initiative, the Caribbean Single Market and Economy (CSME). Policies of the OECS are coordinated to align with members’ participation in the CSME. Anguilla and the British Virgin Islands are also associate members of CARICOM.
Key Institutions
In addition to the Eastern Caribbean Central Bank governing monetary policy and the Eastern Caribbean Dollar, the OECS recognizes two other main institutions: the Eastern Caribbean Supreme Court and the Eastern Caribbean Civil Aviation Authority. Additionally, the Eastern Caribbean Telecommunications Authority regulates the telecommunications sector in the region.
Related Terms: Caribbean Community, Economic Integration, Regional Cooperation, Monetary Policy
References
- Organisation of Eastern Caribbean States. “About the OECS”.
- Eastern Caribbean Central Bank. “About the ECCB”.
- Eastern Caribbean Central Bank. “Member States”.
- Government of the Virgin Islands. “Changing USD Currency Not An Option For The BVI.”
- European Central Bank. “The Euro Outside Europe”.
- Organisation of Eastern Caribbean States. “Frequently Asked Questions”.
- CARICOM. “Member States and Associate Members”.
- Organisation of Eastern Caribbean States. “Our Institutions”.
