SVG Assumes Chairmanship of OECS Economic Affairs Council (EAC)
At the Fourth Council of Ministers: Economic Affairs meeting held today, March 25, 2025, at the Holiday Inn Express in St. Vincent and the Grenadines, Hon. Camillo Gonsalves, Minister of Finance officially assumed the chairmanship of the Organisation of Eastern Caribbean States (OECS) Economic Affairs Council (EAC), succeeding Saint Lucia’s Minister for Finance, Hon. Wayne Girard.
In his inaugural address, Minister Gonsalves commended his predecessor for his dedicated leadership and emphasized the importance of unity and cooperation among OECS member states, especially in the face of global challenges such as climate change, economic instability, and shifting geopolitical dynamics.
Minister Gonsalves highlighted the growing backlash against globalization and collective climate action in many developed countries, noting that such trends have produced policymakers who are willing to disregard international treaties and agreements. He cited the International Monetary Fund’s observation that a retreat from a rules-based global trading system prompts unilateral actions, which could disrupt global supply chains and hinder medium-term growth prospects.
Addressing the implications for small island developing states, Minister Gonsalves remarked, “We defend international law because without it, our survival depends solely on the kindness of strangers.” He underscored the necessity for OECS countries to advocate for adherence to international rules and norms to protect their sovereignty.
The meeting’s agenda included critical discussions on advancing the OECS Development Strategy 2024-2030, strengthening the Customs Union, implementing the Free Movement of Persons Regime, and developing a framework for Competition Policy and Law within the union.