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    CARICOM Single Market Economy

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    Narvelle Ferdinand
    The CARICOM Single Market and Economy (CSME) is an integrated development strategy agreed upon in 1990 that aims to deepen economic integration and cooperation among Caribbean nations by advancing beyond a common market to a single market and economy. It seeks to improve quality of life by widening membership and progressively integrating members into the global economy through strengthened trade links and free movement of skills and labor. The CSME was first implemented in 2006 by six founding members and has since expanded to include most CARICOM nations, achieving a single market for some goods while preserving Caribbean culture and allowing free movement within members. However, it also faces challenges related to scarce resources and varying economic development levels between members.

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    CARICOM Single Market Economy

    Uploaded by

    Narvelle Ferdinand
    198 views2 pages
    The CARICOM Single Market and Economy (CSME) is an integrated development strategy agreed upon in 1990 that aims to deepen economic integration and cooperation among Caribbean nations by advancing beyond a common market to a single market and economy. It seeks to improve quality of life by widening membership and progressively integrating members into the global economy through strengthened trade links and free movement of skills and labor. The CSME was first implemented in 2006 by six founding members and has since expanded to include most CARICOM nations, achieving a single market for some goods while preserving Caribbean culture and allowing free movement within members. However, it also faces challenges related to scarce resources and varying economic development levels between members.

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    The CARICOM Single Market and Economy (CSME) is an integrated development strategy agreed upon in 1990 that aims to deepen economic integration and cooperation among Caribbean nations by advancing beyond a common market to a single market and economy. It seeks to improve quality of life by widening membership and progressively integrating members into the global economy through strengthened trade links and free movement of skills and labor. The CSME was first implemented in 2006 by six founding members and has since expanded to include most CARICOM nations, achieving a single market for some goods while preserving Caribbean culture and allowing free movement within members. However, it also faces challenges related to scarce resources and varying economic development levels between members.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    198 views2 pages

    CARICOM Single Market Economy

    Uploaded by

    Narvelle Ferdinand
    The CARICOM Single Market and Economy (CSME) is an integrated development strategy agreed upon in 1990 that aims to deepen economic integration and cooperation among Caribbean nations by advancing beyond a common market to a single market and economy. It seeks to improve quality of life by widening membership and progressively integrating members into the global economy through strengthened trade links and free movement of skills and labor. The CSME was first implemented in 2006 by six founding members and has since expanded to include most CARICOM nations, achieving a single market for some goods while preserving Caribbean culture and allowing free movement within members. However, it also faces challenges related to scarce resources and varying economic development levels between members.

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    © All Rights Reserved
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    CARICOM Single Market Economy

    The CARICOM Single Market and Economy, also known as the Caribbean Single
    Market and Economy (CSME), is an integrated development strategy envisioned at
    the 10th Meeting of the Conference of Heads of Government of the Caribbean
    Community (CARICOM) which took place in July 1990 in Grand Anse, Grenada.

    Before CSME was implemented there existed the Caribbean Free Trade Agreement
    (CARIFTA) which was organized to remove tariffs and barriers to trade, formed in
    1965 and dissolved in 1973.

    The Grand Anse Declaration had three key Features:

    Deepening economic integration by advancing beyond a common market


    towards a Single Market and Economy because a single economy will help
    improve the quality of life in the Caribbean.
    Widening the membership and thereby expanding the economic mass of the
    Caribbean Community (e.g. Suriname and Haiti were admitted as full
    members in 1995 and 2002 respectively).
    Progressive insertion of the region into the global trading and economic
    system by strengthening trading links with non-traditional partners. Free
    movement of skills/labour

    Members:

    Antigua and Barbuda


    Barbados
    Belize
    Dominica
    Grenada
    Guyana
    *Haiti
    Jamaica
    Saint Kitts and Nevis
    Saint Lucia
    Saint Vincent and the Grenadines
    Suriname
    Trinidad and Tobago
    Current full members of CARICOM but not the CSME:

    Bahamas

    Current 5 associate members of CARICOM but not the CSME:

    British Virgin Islands (July 1991)


    Turks and Caicos Islands (July 1991)
    Anguilla (July 1999)
    Cayman Islands (15 May 2002)
    Bermuda (2 July 2003)

    Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago were the first
    six to implement the CARICOM Single Market on 1 January 2006. Antigua and
    Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the
    Grenadines were the next batch of members (six in all) that joined the CSM on July
    3, 2006 at the recent CARICOM Heads of Government Conference.

    Achievements:
    Provided a single market place for goods such as rice and shrimp Guyana and
    oil and soap from Dominica and Beverages and snacks from Trinidad.
    Preserves and promotes Caribbean culture through CARIFESTA which allows
    artists from the region to shoe skills and talents.
    Free movement of of:
    skills/labour
    of goods
    of services
    of capital

    Challenges:
    Scarce resources in the region
    Varying views in leaders and varying trade and economic development
    between regions.
    Associate institutions that also play roles in Caribbean development such as
    the CDB (established 1970) which has 18 member states offers loans which
    have aided the leeward and windward islands and small businesses and also
    the OECS.

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