The Government is to undertake a comprehensive study and analysis of Jamaica's current status within the Caribbean Community (CARICOM), and its relationships with other member states, Finance and Planning Minister Dr Peter Phillips has disclosed.

Speaking at Thursday's post - 2012-13 Budget Debate media briefing at Jamaica House, Dr Phillips advised that the study, directives for which were issued by Prime Minister Portia Simpson Miller, seeks to focus on and address several issues relating to, among other things, trade imbalance; and the current overall cost benefits accruing to Jamaica from its involvement in the regional body.

The study is being conducted against the background of reported concerns by the Private Sector Working Group (PSWG) of the approximately $12 billion in taxes which they contend Jamaica is forgoing from matters related to its participation in CARICOM. Counter proposals to this include the imposition of tariff adjustments by Jamaica.

However, Dr Phillips said any such move would represent a breach of the Treaty of Chaguaramas, which laid the framework for CARICOM's establishment, adding that "we don't propose, as an administration, to undertake either reckless or precipitous or unilateral action to abrogate the Treaty of Chaguaramas".

disadvantage

"We are very mindful of the need to ensure that the playing field is a level one, and that Jamaica is not being put at a disadvantage, because other member states may be trying to play by a different set of rules. So, at the very minimum, what it would require is a more careful study," the finance minister added.

Dr Phillips said he is mindful of the 'considerable' benefits which have accrued to Jamaica over the years from its involvement in CARICOM, and the administration still believes in the concept of regionalism, "but not at the expense of Jamaica's interest".