Curacao wants to keep SXM in monetary union

POSTED: 10/28/13 12:36 PM

WILLEMSTAD – “I have to establish that St. Maarten substantially contributes to the foreign exchange and that we therefore have to handle two monetary unions with great care,” Curacao’s Minister of Economic Development Stanley Palm said on Friday during the country’s budget debate.

The committee that had to evaluate the monetary unions still has to be established, though Palm said that the Finance Ministry is busy with it and that the evaluation will be able to begin one of these days.

“If St. Maarten steps out of the monetary union it has serious consequences for Curacao,” Palm said.

The minister furthermore referred to a conference of the World Trade organization in December. The Kingdom will take part in this conference as a member and a part of the European Union. Curacao and St. Maarten will attend the conference each with their own delegation – a moment to consult with each other about the situation of the monetary union.

“We want to become a member of the World Trade organization,” Palm said, adding that this will enable Curacao to trade internationally based on international treaties. “This way we are able to work more on the export of our products and services.”

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