— The House of Representatives has ratified an amendment to the Eastern Caribbean Central Bank Agreement that changes how participating countries’ shares of distributable investment profits and losses are calculated.

The resolution, moved by Prime Minister Gaston Browne, approves an amendment to Annex 1, Paragraph 3 of the Eastern Caribbean Central Bank Agreement 1983.

Under the change, the gross domestic product of participating states will replace currency in circulation as the basis used to determine each country’s share of distributable profits or losses from investments.

Browne told Parliament that the amendment had already been considered and approved by the Monetary Council of the Eastern Caribbean Central Bank.

Antigua and Barbuda is a signatory to the 1983 agreement and a member of the Eastern Caribbean Currency Union.

Because the amendment concerns Antigua and Barbuda’s relationship with an international organization and is governed by international law, parliamentary ratification was required under the Ratification of Treaties Act.

The resolution therefore authorized the amendment to be ratified as a treaty under Section 3(1)(c) of the act.

There was no debate on the measure.

The Speaker described it as a “simple administrative change” before putting the resolution to the House.

Members voted in favor, and the resolution was declared carried.

This article was originally published by Antigua News Room. Read the original article here: Parliament Ratifies Change to ECCB Profit and Loss Distribution Formula.