Your Excellency the President of the Republic of Suriname, Drs. Ronald Runaldo Venetiaan
His Excellency the Vice-President of Suriname
Speaker of the National Assembly
Minister of Trade and Industry of Suriname, Honourable Clifford Marica
Other Honourable Ministers
Members of the National Assembly of Suriname
Chairman of the Regional Judicial and Legal Services Commission, Mr. Justice Michael de la Bastide
Representative of the European Union Competition Commissioner, His Excellency Ambassador Gert Heikens, Delegate of the European Union
Other Members of the Diplomatic Corps
Distinguished Representatives of CARICOM Member States
President of the Jamaica Fair Trading Commission, Dr. Derrik McCoy
President of the Caribbean Association of Industry and Commerce, Mr. Nigel John
Commissioners Designate of the CARICOM Competition Commission
Distinguished Guests
Representatives of the Media
Ladies and Gentlemen

Today – January 18 2008 - is a day that fills me with pride that as Secretary-General of the Caribbean Community, I address this Ceremony inaugurating the CARICOM Competition Commission.

Ladies and Gentlemen, this event is the culmination of almost four years of planning, consultations, negotiations and a variety of other actions by several parties within the Caribbean Community. The boldness and courage of the President of the Republic of Suriname is what really set us on course. I recall well his letter to me in 2004 requesting that I draw to the attention of the Conference of Heads of Government of CARICOM, the willingness of Suriname to be the host of the Competition Commission, which is provided for in the Revised Treaty of Chaguaramas.

On the basis of that request from the President, the Heads of Government took the decision at their Tenth Special Meeting held in Port of Spain in November 2004, that Suriname would be the Headquarters State of the Competition Commission. That decision was the effective starting point that triggered a volley of actions, spearheaded by the then Prime Minister of Barbados and Lead Head of Government with responsibility for the CARICOM Single Market and Economy (CSME), the Rt. Hon. Owen Arthur.

Under his guidance, a Task Force on the implementation of the CARICOM Competition Policy was established under the leadership of Her Excellency Manorma Soeknandan, Suriname’s Ambassador to Guyana and to the Caribbean Community. Her determined and resolute leadership was instrumental in bringing us to this day and I wish to convey the Community’s thanks and appreciation to her and to the members of the Task Force. I also wish to take this opportunity to convey my thanks and appreciation as well as that of the Members of the Task Force, as indeed the entire Community, to the former Prime Minister of Barbados for his staunch support and sterling leadership of the entire process and to the overall integration arrangements over the last fourteen years. We look forward to working in similar manner with his successor, the Hon. David Thompson.

Our thanks must also go to the European Union whose continuous and unstinting support to the Institutional design to build the Caribbean Community is much appreciated.

As is to be expected in a critical Community enterprise such as the establishment of the Competition Commission, there were significant contributions from a number of quarters. Apart from the Task Force, the Community Council of Ministers, the Council for Trade and Economic Development (COTED), the Regional Judicial and Legal Services Commission (RJLSC) and the CARICOM Secretariat, there was also contribution from the key players in the Regional economy. This is as it should be, for the task of creating an institutional framework for integration must be a truly Community effort. The Community owes all involved in the creation of this particular Institution, a great debt of gratitude. That gratitude is also extended to the seven men and women who have now agreed to serve as the Commissioners of this critical Institution. I extend a most heartfelt welcome to them and pledge the full support of the CARICOM Secretariat.

Ladies and Gentlemen, institution building is a fundamental dimension of deepening the regional integration process. This is particularly so in the current phase of building the CSME. Such institutions while supporting the technical, management and operational aspects of the CSME, must be geared towards ensuring an efficient market as well ensuring benefits to all stakeholders.

The CARICOM Competition Commission, which was created under Article 171 of the Revised Treaty of Chaguaramas, is one such institution in the CSME architecture. Like the Caribbean Court of Justice (CCJ), the CARICOM Regional Organisation for Standards and Quality (CROSQ) and the soon to be established Regional Accreditation Body, it is a vital Institution. Its particular focus is on fostering efficiency in the market place, promoting consumer welfare and protecting their interest.

This Commission is similar in many ways to those found in most modern and modernising Market Economies, whether developed, such as Canada and the USA, or developing such as India and Brazil. Their role invariably involves a combination of both education and active application of competition law. They settle disputes between and among competitors and seek to prevent the abuse of dominant positions in the market including seeking the interest of the consumer. To perform these tasks, the Commissions are by law, normally endowed with special quasi judicial powers including powers to monitor competition in the market, receive complaints, initiate investigations and take action on complaints from aggrieved market agents and if necessary impose penalties on those in breach of the law and rules.

There are however unique features of Competition Commissions in integration movements like ours and the European Union. These include the protection of benefits from trade liberalisation among the Member States of the integration grouping and the application of a single set of Competition Rules across all Member States comprising the Market in a fair, impartial, transparent and consistent manner.

As institutions, the operations of Competition Commissions have generally served to generate the following benefits: improved economic efficiency leading to greater competitiveness – which for us in CARIFORUM is of quintessential importance as we face the implementation of the CARIFORUM-EU Economic Partnership Agreement; progressive technical development; enhanced structure and organisation of markets; and of course bringing to households and consumers wider variety of choices and improved quality of goods and services – overall providing greater value for money. Clearly, if as is evident, the future economic development of the Community will be essentially market-driven, then the CARICOM Competition Commission is not only necessary but indispensable. Indeed, it seems set to become yet another important pillar of our integration structure.

A notable feature of the CARICOM Competition Commission, is its enforcement role. This role represents a major paradigm shift in the way the Caribbean Community does business. The operations of our institutions thus far, have eschewed punitive measures. However, the smooth and efficient operation of the Single Market and Economy requires adherence to the law and the rules. It is for this reason that the Commission must have powers of sanction.

Mr President, Ladies and Gentlemen, in the face of all this, it can be truly said that, as we celebrate today the launch of the Competition Commission, the Community is essentially opening a new chapter in its almost 35-year history.

I invite all stakeholders to make effective use of this Institution which, in the discharge of its role and purpose, could very well determine the future course of the Community’s development in the decades ahead.

May I, in concluding, on behalf of the Caribbean Community once again express sincere thanks to the Government and People of Suriname – I say again, as I did so yesterday at the launch of the Caribbean Regional Information and Translation Institute - for their generosity in offering to host this vital Community Institution and for doing so in this splendid building. Mr. President, this significant contribution further enhances Suriname’s already high standing within the Community, of which your country is such an integral part.

I thank you.