Frequently Asked Questions

 

Frequently Asked Questions

Which countries are members of CARICOM?
The CARICOM member states are: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

What is the Treaty of Chaguaramas?
The Treaty of Chaguaramas is the Treaty which established the Caribbean Community (CARICOM). It was signed at Chaguaramas, Trinidad, on July 4, 1973 and entered into force on August 1, 1973.

What is the CARICOM Single Market and Economy (CSME)?
The CARICOM Single Market and Economy (CSME) had its beginnings in the 1989 Grande Anse Declaration in Grenada, when the Heads of Government decided to work towards establishing a single market and economy to provide improved standards of living and work and sustained economic development. The implementation of the (CSME) is intended to create one large market among the participating member states by providing CARICOM nationals with more and better opportunities to produce and sell their goods and services and to attract investment.

The main objectives of the CSME are:

  • full use of labour (full employment) and full exploitation of the other factors of production (natural resources and capital);
  • competitive production leading to greater variety and quantity of products and services to trade with other countries.

The key elements of the CSME include:

  • Free movement of goods and services
  • Right of establishment
  • A Common External Tariff
  • Free movement of capital
  • Free circulation
  • A common trade policy
  • Free movement of labour

What are some of the benefits of the Caricom Single Market and Economy?
Some benefits of the CARICOM Single Market and Economy are:

  • Increased production and trade in goods and services in a combined market of over 6 million persons and for the world beyond;
  • Competitive products of better quality and prices;
  • Improved services provided by enterprises and individuals, including transportation and communication
    Greater opportunity for travel;
  • Opportunities for nationals to study and work in CARICOM countries of their choice;
  • Increased employment and improved standards of living

What are the specific portfolios of the CARICOM Member States within the CSME?
In addition to maintaining sovereignty member states will have specific portfolios within the CSME. The specific portfolios of the Member States are as follows:

  • Antigua and Barbuda – Services, including Information Technology and Telecommunications;
  • Barbados – the CSME, including the Monetary Union;
  • Belize – Sustainable Development, including Environment and Disaster Management and Water;
  • Dominica – Labour, including Intra-Community Movement of Skills;
  • Grenada – Science and Technology;
  • Guyana – Agriculture and Food Security;
  • Jamaica – External Trade Negotiations;
  • St. Kitts and Nevis – Health, including HIV/AIDS and Human Resource Development;
  • St. Lucia – Justice and Governance;
  • St. Vincent and the Grenadines – Bananas and Air Transport;
  • Suriname – Community Development and Cultural Co-operation, including Culture, Gender, Youth and Sport;
  • Trinidad and Tobago – Security as this relates to Drugs and Illicit Arms, and Energy.

What is CARIFORUM?
The CARIFORUM was established in 1992 by the CARICOM countries and Haiti and the Dominican Republic, to supervise the programming of the Caribbean regional resources under the 7th Economic Development Fund (EDF) under the Lomé IV Convention.

What is the Common External Tariff (CET)?
The CET is a rate of duty applied by all Members of the Common Market to a product imported from a country which is not a member of the Common Market. To date eleven (11) member states have implemented the fourth phase with the exception of St. Kitts and Nevis. The rate of duties under this phase range from 5% to 20% for More Developed Countries (MDCs) and 0-5% to 20% for Less Developed Countries (LDCs).

 

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