The OECS on Wednesday unveiled a new Economic Union Treaty as celebrations continue for the 25th anniversary of the sub-regional integration movement. 

The new Treaty will guide the thrust by the OECS region to create an Economic Union among Member States, and replaces the Treaty of Basseterre which established the OECS on June 18th 1981.

Heads of Government signed a Declaration of Intent in support of the Treaty which now goes to the OECS public for a year-long period of consultation.  The Treaty is expected to be signed by the Heads on July 1st   2007 followed by ratification by their respective parliaments.

Following is the Text of the Declaration of Intent signed by the OECS Heads of Government:

DECLARATION OF INTENT BY HEADS OF GOVERNMENT OF THE OECS ON THE PARTICIPATION OF THEIR COUNTRIES IN THE OECS ECONOMIC UNION

WE, the Heads of Government of the Member States of the OECS meeting in St. Kitts on the 21st day of June 2006 who have affixed their signature hereunder;

RECALLING that the decision to strengthen cooperation between our respective states and peoples and establish common institutions is enshrined in the Treaty of Basseterre on 1981;

CONVINCED that continued social and economic development in a challenging global environment requires greater cooperation and collaboration in the elaboration and execution of development policies for the benefit of all our peoples;

RECOGNISING that the benefits realized under the Treaty of Basseterre will be enshrined through establishment of an Economic Union;

DETERMINED that the benefits of cooperation resulting from an Economic Union should be shared equitably among all our members;

MINDFUL that our States while being an integral part of CARICOM are a distinct group with special shared peculiarities of an economic and social nature;

NOW SOLEMNLY AFFIRM our commitment to the establishment of an OECS Economic Union by 1st July 2007.