Caricom leaders agree regional measures to ease rising cost of living pressures

Caricom has agreed to step up regional cooperation and roll out relief measures as oil prices climb and the cost of living rises across member states. Leaders outlined the decisions at a closing press conference following their summit.

On Wednesday, Brent crude traded at roughly US$80 per barrel, with no clear end to the United States–Israeli war on Iran. Caricom leaders acknowledged they cannot control global oil prices but said they would push to diversify energy sources.

"We agreed to strengthen regional cooperation to protect consumers, improve affordability, and explore additional measures that can provide relief to vulnerable households," leaders said. "We also agreed to strengthen consumer protection and work together to address rising prices across the community."

Member states will also work to cut the cost of intra-island cargo and certain taxes. Officials are reviewing adjustments to the common external tariff on basic food items, and some countries have sought arrangements to remove the tariff to lower prices on essential goods.

Beyond the cost-of-living response, Caricom approved a 10-point reparations plan and agreed to deepen cooperation in health care and other sectors.

Leaders also backed a regional blue-ribbon commission on artificial intelligence to guide policy so the Caribbean can benefit from the technology while managing its risks. They agreed to advance a regional insurance and reinsurance strategy to better protect people, infrastructure, and economies from hurricanes and other natural disasters.

Caricom countries continue to mobilise resources for humanitarian assistance to Venezuela and Cuba.

On the controversial United States third-country national programme, leaders said positions across the region remain unclear. "Right now, we are not clear," they said. "We decided to share some information among ourselves so we possibly come out with a more definitive position in the future."

Antigua and Barbuda is set to table a white paper outlining its position on the programme. Jamaica has signed a memorandum of understanding with the United States, and the proposal remains under development.