Organisation of Eastern Caribbean States (OECS)

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Definition of 'Organisation of Eastern Caribbean States (OECS)'

The Organisation of Eastern Caribbean States (OECS) is a regional organisation of eight sovereign states in the eastern Caribbean Sea. It was established in 1981 with the aim of promoting economic integration and cooperation among its members. The OECS has a population of approximately 600,000 people and a combined GDP of US$10.5 billion.

The OECS is governed by a Council of Ministers, which is composed of the heads of government of the member states. The Council meets twice a year to discuss matters of common interest. The OECS also has a Secretariat, which is responsible for implementing the decisions of the Council.

The OECS has a number of objectives, including:

* Promoting economic integration and cooperation among its members
* Facilitating trade and investment
* Promoting regional security
* Protecting the environment
* Promoting good governance

The OECS has a number of achievements to its credit, including:

* The establishment of a common market and customs union
* The creation of a regional central bank
* The establishment of a regional stock exchange
* The development of a regional tourism strategy

The OECS faces a number of challenges, including:

* The high cost of living
* The high unemployment rate
* The vulnerability to natural disasters
* The need to diversify the economy

The OECS is committed to addressing these challenges and working towards a more prosperous future for its members.

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