In addition, mechanisms have been put in place for the establishment of a stabilisation fund from which member States can access finances on the basis of specified guidelines.

Carrington also said the meeting of Heads of Government in celebration of the occasion of CARICOM’S 30th anniversary, was another major step for the region.

He was flanked by three Assistant Secretaries General, Dr Edward Greene, Mr Sheldon McDonald and Mr Colin Granderson at the CARICOM Secretariat in bank of Guyana building, Georgetown.

At the formal gathering, designed to be an interactive session between officials and media operatives, the main issues talked about surrounded progress made by the Community and prospects for 2003, the Government Information Agency (GINA) reported.

Carrington said numerous meetings were held with various international trade bodies and resulted in beneficial agreements for CARICOM.

Greene, who has responsibility for matters relating to human and social development, said what was achieved this year set the stage for developing the flow of youth.

According to him, the Region has made tremendous strides in the area of health, too and a major accomplishment was an agreement in principle, signed in Barcelona, Spain, last July, paving the way for the receipt of cheaper anti-retroviral drugs for treating people infected with the HIV virus.

Greene said, because of that pact, the drugs became available to the Region at one- tenth of their market value.

He said CARICOM plans more negotiations, in 2003, with the aim of further decreasing the price of the AIDS medication.

Ambassador Granderson, responsible for foreign relations, noted that the essential aspect of the Region's foreign policy negotiation has been the development of strategic alliances with the several international trading bodies, including Central America, the European Union (EU) and North America, through which CARICOM has been able to secure technical assistance, trade arrangements and aid.

Significant assistance has been obtained from Japan to help in the formation of the Caribbean Court of Justice (CCJ), Project Coordinator McDonald reported.

He said an important turning point in the Region's history has been the creation of the CCJ, because its establishment is seen as vital for regional integration.

McDonald said the key concern was finance as the survival of the Court depends on the Region raising US$100M to capitalise a trust fund, the legal implications of which are currently being looked at before its scheduled availability in April 2003.