Existing links to the Caribbean do not justify joining Caricom, according to the Opposition United Bermuda Party (UBP).

And the regional body's main goals are irrelevant to “Bermuda's unique economic situation,” goes the party's argument against Government's bid to formalise those links.

“There is nothing that Caricom has to offer or that we do not possess already or are not capable of acquiring on our own.”

According to the UBP, joining Caricom will be a colossal waste of money.

The party's caucus met last week to formalise its stand prior to a debate on the issue which was scheduled to take place on Friday, but has now been postponed.

In response to a request from this newspaper, UBP leader Grant Gibbons sent a written statement outlining his party's official position.

Government's position paper was tabled in the House of Assembly on Friday.

“This is not objecting for the sake of objecting. We do not believe the community has been given enough information to demonstrate that the benefits of membership justify taking these steps,” reads the statement.

And it goes on to say that the organisation's two “principal objectives” are to create a single market and coordinate foreign policy.

“It achieves these goals by dropping interisland customs duties, for example, or removing barriers to immigration and the movement of funds. These are measures that can be of no benefit to Bermuda. In the international trade arena Bermuda has a service economy, producing little in the way of trade products. The free movement of labour between Bermuda and the other islands is of course out of the question.”

Government has said that Bermuda will not be involved in the single market or foreign policy coordination goals of Caricom and that the Island's Immigration or labour laws will not be affected, but that their main interest is in a third objective which is pooling resources to provide common services.

The statement goes on to say that the ruling party had promised that the Caricom link would be good value for money, that they will not allow free movement of labour from the Caribbean or be part of the common market and that Bermuda will not have to spend more than the $100,000 annual fee.

“But the long trail of wasted money and broken promises that the PLP has left in its wake since 1998 gives us no confidence that these promises will be kept,” continued the statement.

“We believe that it will not be long before we will be listening to a litany of excuses for making a donation to Caricom here, dropping some customs tariffs there, bringing in some experts at our own expense, underwriting meetings and sports events... the possibilities are endless.”

The UBP is also dismissive of what they said were the benefits of associate membership. It says that Bermuda does not need Caricom's help in getting a “greater voice” on the world stage. “Some in Caricom must have forgotten that Bermuda fought hard and successfully on its own to avoid being put on the (OECD) list in the first place.”

And it says that Bermuda has already been able to influence health, education and social policy in the region to “the extent that it is important to us”.

Nor would Bermuda's employment levels and standard of living increase because they are already “the envy of the world”.

“Membership would provide opportunities for nationals to study and work in Caricom countries. But this is happening already, with Bermudians studying and working in the Caribbean since the early part of the last century.”

The statement also says that an “astonishing 168 meetings”, in the Caribbean and the rest of the world, were scheduled by Caricom for the first six months of this year.

Travel costs alone will make the $100,000 annual fee “look like pocket change,” says the UBP.