top History of CARICOM
The Caribbean Community and Common Market known commonly as CARICOM, was established by the Treaty of Chaguaramas and came into effect on August 1, 1973. The establishment of CARICOM was the result of a 15-year effort to fulfill the hope of regional integration, which started in 1958 with the establishment of the British West Indies Federation, a federal government drawn from 10 member islands.
top General Objectives of CARICOM
The objectives of CARICOM have dealt with the coordination of foreign policy, functional cooperation in matters such as health, education, culture, communications and industrial relations. The objective of economic cooperation is achieved through the CSME.
top Member States of CARICOM (Caribbean Community)
There are presently 15 member states of the Caribbean Community including, Bahamas, Jamaica, Antigua & Barbuda, Montserrat, St. Kitts & Nevis, Dominica, Grenada, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, Guyana, Suriname, Belize, Barbados and Haiti.
top Associate Members of CARICOM
In 1991, the British Virgin Islands and the Turks and Caicos islands became associated members of CARICOM. At the recently concluded Heads of Government meeting in Jamaica, Bermuda became the most recent (and fifth) Associate Member of CARICOM. Twelve other states from Latin America and the Caribbean enjoy observer status in various institutions of the Community and CARICOM Ministerial bodies.
top The Principal Organs of the Community
The Conference of Heads of Government is the supreme organ of the Community. It consists of the Heads of Government of all Member States, expect in the case of Guyana and Surname whose executive Presidents represent their respective countries. The primary responsibility of the Conference is to determine and to provide the policy direction of the Community. It is the final authority for the conclusion of Treaties on behalf of the Community and for entering into relationships between the Community and International Organisations and States. The Conference is also responsible for making the financial arrangements to meet the expenses of the Community.
The Community Council of Ministers is the second highest Organ. It consists of Ministers responsible for the Community Affairs. It is responsible for the development of Community strategic planning and coordination in the areas of economic integration functional cooperation and external affairs.
Other Community Organs: The Council for Trade and Economic Development (COTED) promotes trade and economic development of the Community and oversees the operation of CARICOM Single market and Economy CSME. The Council for Foreign and Community Relations (COFCOR) determines relations between the Community and international organizations and third states. The Council for Human and Social Development (COHOSD) promotes human and social development. The Council for Finance and Planning (COFAP) coordinates economic policy and financial and monetary integration of Members States. This represents the basic organizational structure of the Community there are however other committees and institution which deals with specific issues.
Associate Institutions of the Community includes Caribbean Development Ban (CDB), University of the West Indies (UWI), Organisation of Eastern Caribbean States(OECS).
top The CARICOM Single Market and Economy
In an effort to further integrate the countries of the Caribbean Community through economic cooperation the CARICOM Single Market & Economy (CSME) was established in 1992. The present population size of the grouping is 14 million with the inclusion of Haiti.
Achieving economic cooperation is the main focus of the CSME. To better understand the CSME two important components (Single Market and Single Economy) are defined.
The Single Market: is a market area created by the unification of the national markets of several countries. It is an arrangement which allows CARICOM goods, services, people and capital to move throughout the Caribbean Community without tariffs/barriers and without restrictions so as, to achieve a single large economic space, and to provide for one economic and trade policy for all CARICOM states.
The Single Economy: means the creation of an economic space that approximates a single country from the economies of several countries. It is an arrangement in which foreign exchange and interest rate policies, tax regimes, laws and common currency, among other things, are coordinated and harmonized. It would also achieve a more level economic performance across CARICOM Member States.
Essentially, the CSME is an arrangement, which allows CARICOM goods, services, people and capital to move throughout the Caribbean Community; it allows for movement without tariffs and without restrictions to achieve a single large economic space.
The thinking behind the establishment of the CSME is that the Caribbean states would have more economic and political strength and better prospects within this type of framework than they would have if they face the global economy individually. The central tenant of globalisation is the creation of mega trading blocs such as the WTO, FTAA, and EU. Within this global dispensation the countries of the region will not enjoy any preferential treatment or arrangements as before. Thus "equal competition" becomes the "mainstream". Small developing countries with a small population size, a vulnerable economic and political structure will not survive within this arrangement.
The CSME (grouping of many rather than one) would therefore provide a sound basis on which the region could interface with the rest of the world, given the changing global environment in which we are now required to operate. Additionally, opportunities for employment, investment, production and trade for over six million inhabitants (14 million with the inclusion of Haiti) of the Caribbean Community would be greatly enhanced.
top CARIBBEAN COURT OF JUSTICE (CCJ) AND THE CSME - THE LINK
In an effort to further integrate the countries of the Caribbean Community through economic cooperation the CARICOM Single Market & Economy (CSME) was established in 1992. The present population size of the grouping is 14 million with the inclusion of Haiti.
Achieving economic cooperation is the main focus of the CSME. To better understand the CSME two important components (Single Market and Single Economy) are defined.
The Single Market: is a market area created by the unification of the national markets of several countries. It is an arrangement which allows CARICOM goods, services, people and capital to move throughout the Caribbean Community without tariffs/barriers and without restrictions so as, to achieve a single large economic space, and to provide for one economic and trade policy for all CARICOM states.
The Single Economy: means the creation of an economic space that approximates a single country from the economies of several countries. It is an arrangement in which foreign exchange and interest rate policies, tax regimes, laws and common currency, among other things, are coordinated and harmonized. It would also achieve a more level economic performance across CARICOM Member States.
Essentially, the CSME is an arrangement, which allows CARICOM goods, services, people and capital to move throughout the Caribbean Community; it allows for movement without tariffs and without restrictions to achieve a single large economic space.
The thinking behind the establishment of the CSME is that the Caribbean states would have more economic and political strength and better prospects within this type of framework than they would have if they face the global economy individually. The central tenant of globalisation is the creation of mega trading blocs such as the WTO, FTAA, and EU. Within this global dispensation the countries of the region will not enjoy any preferential treatment or arrangements as before. Thus "equal competition" becomes the "mainstream". Small developing countries with a small population size, a vulnerable economic and political structure will not survive within this arrangement.
The CSME (grouping of many rather than one) would therefore provide a sound basis on which the region could interface with the rest of the world, given the changing global environment in which we are now required to operate. Additionally, opportunities for employment, investment, production and trade for over six million inhabitants (14 million with the inclusion of Haiti) of the Caribbean Community would be greatly enhanced.
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