The Caribbean Common Market, also known as CARICOM, is an integration initiative among Caribbean countries aimed at promoting economic cooperation and development. Established in 1973, CARICOM seeks to create a single market and economy among its member states, fostering economic growth, trade facilitation, and regional integration. It promotes cooperation in various sectors such as agriculture, tourism, transportation, and education, aiming to enhance the economic well-being of Caribbean nations through collective action and shared resources.
The Caribbean Common Market (Caricom) is a regional organisation of Caribbean countries aimed at promoting economic integration and cooperation among its member states. It was established by the Treaty of Chaguaramas in 1973 and has since expanded to include 15 member states. Caricom’s main objectives include the creation of a single market and economy, the coordination of foreign policy, and the promotion of regional development. The organisation operates through various institutions and bodies, including the Caricom Secretariat and the Caribbean Court of Justice.
Caricom is a regional integration organisation consisting of 15 Caribbean countries that aims to promote economic integration, cooperation, and development among its member states.
Membership in Caricom provides several benefits, including access to a larger market for goods and services, the free movement of goods, services, and capital among member states, and the ability to participate in regional decision-making processes.
Caricom promotes economic integration through the establishment of a common external tariff, the harmonisation of trade policies, the coordination of macroeconomic policies, and the implementation of regional programmes and projects aimed at fostering economic development.
Yes, Caricom member states have implemented the Caribbean Community Free Movement of Persons (CSME) regime, which allows for the free movement of skilled workers, professionals, and their dependents within the region.
The CCJ is the regional judicial institution of Caricom and serves as the final court of appeal for member states. It ensures the uniform interpretation and application of Caricom law and resolves disputes among member states.
Caricom has established the Caribbean Community Climate Change Centre (CCCCC) to address climate change and environmental issues in the region. The CCCCC coordinates regional efforts, provides technical assistance, and promotes sustainable development practices.
Caricom has established the Caribbean Community Implementation Agency for Crime and Security (CARICOM IMPACS) to address security concerns. CARICOM IMPACS coordinates regional efforts to combat crime, terrorism, and drug trafficking.
Disputes among Caricom member states are primarily resolved through diplomatic negotiations and consultations. If diplomatic efforts fail, the matter may be referred to the Caribbean Court of Justice for resolution.
Caricom member states have the option to opt out of certain initiatives or agreements if they believe it is not in their national interest. However, such decisions require consultation and agreement among member states to ensure the integrity and cohesion of the regional integration process.
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This glossary post was last updated: 28th April 2024.
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