And he wants the private sector to play a pivotal part in the process.

"The Single Market and Economy relies heavily on the private sector because it is essentially an economic agreement between member states," the Prime Minister told businessmen attending the Barbados Chamber of Commerce luncheon at the Savannah Hotel on Wednesday.

As such, he said, the private sector in Barbados needed to seize the opportunities that would come with the emergence of a Single Market and Economy.

"Just let Government know what you need to do this," Thompson said.

"I need to know from you what has been working and where we can improve as a nation that is open for regional business."

In terms of trade, the Prime Minister recognised that reliable air transport remained a major challenge and was a "serious impediment" to all commercial activity.

In this regard, he said, Government, as a major shareholder in the regional air carrier LIAT, would do all in its power to address the problems faced by the airline. That apart, he urged businessmen to work with Government to make the Single Economy a reality.

"As I understand it, the Heads of Government recently agreed to a 2015 deadline for the completion of the Single Economy within CARICOM," he said. "Many persons question these deadlines due to the continued postponements, but it is imperative for all to understand that CARICOM is composed

of sovereign states . . . which naturally assess their individual readiness before assuming complex obligations."

But, he explained, in the changing global environment, the region had to put aside its differences and form a cohesive bloc. (CG)