Course summary (Caribbean Community and Common market (CARICOM))
CARICOM: Economic integration of the member states by the establishment of a Common market regime and the coordination of the foreign policies ...
The establishment of the Caribbean Community and Common market (CARICOM) was
the result of a 15-year effort to fulfill the hope of regional integration which
was born with the establishment of the British West Indies Federation in 1958.
The objectives of the Caribbean Community and Common market (CARICOM)
are the economic integration of the member states by the
establishment of a Common market regime and the coordination of the foreign
policies of member states.
CARICOM member states: 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, Trinidad and Tobago
CARICOM associate members: Anguilla, Bermuda, British Virgin Islands, Cayman
Islands, Turks and Caicos Islands.
The CARICOM Single Market and Economy (CSME). In the Grande Anse Declaration
and Work Programme for the Advancement of the Integration Movement, Heads of Government expressed their determination to work toward establishing a single
market and economy. The CARICOM Single Market and Economy is intended to benefit
the people of the Region by providing more and better opportunities to produce
and sell our goods and services and to attract investment. It will create one
large market among the participating member states.
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. It is expected that these objectives will in turn
provide improved standards of living and work and sustained economic
development.
Organisation of Eastern Caribbean States (OECS)
The OECS was established by the Treaty of Basseterre signed on June 18, 1981 in
an effort to deepen the sub-regional arrangements among the then WISA Members.
The Objectives of the OECS are to: promote co-operation among its Members and
defend their sovereignty, territorial integrity; promote economic integration;
assist them in meeting their international obligations and responsibilities; and
establish wherever possible, arrangements for joint overseas representation and
common services.
Caribbean Development Bank (CDB)
The CDB is a regional financial development institution established by an
Agreement signed on October 18, 1969 by eighteen countries and territories,
including all the then CARIFTA Member States, Belize (then British Honduras) and
The Bahamas.
The Bank has 25 Members as follows:
- 17 Regional Borrowing Members, namely: Anguilla, Antigua and Barbuda, The
Bahamas, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica,
Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, Saint Lucia, St
Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands;
- 3 Regional Non-Borrowing Members, namely:
Colombia,
Mexico and Venezuela; and
- 5 non-Regional, non-borrowing members, namely:
Canada,
China, Germany, Italy
and the United Kingdom.
- France was also a non-regional non-borrowing member of the CDB until its
withdrawal in 2000. The Bank has its headquarters in Barbados, and is headed by
a President.
The Eastern Caribbean Central Bank is the Monetary Authority for the
Eastern Caribbean countries of Anguilla, Antigua & Barbuda, Commonwealth of
Dominica, Grenada, Montserrat, St Kitts & Nevis, St Lucia, and St Vincent & The
Grenadines.
Example of the course Caribbean Community and Common market
(CARICOM):
CARIFORUM Economic Partnership Agreement (EPA)
The EPA was signed on October 15 2008 by the European Community and the
following members of CARIFORUM: Antigua and Barbuda, Bahamas, Barbados, Belize,
Dominica, the Dominican Republic, Grenada, Jamaica, Saint Christopher and Nevis,
Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago.
Guyana later signed on October 20, 2008. Haiti signed the Agreement on December
11 2009.
CARICOM bilateral trade accords include:
- CARICOM - Cuba
- CARICOM - Venezuela
- CARICOM - Colombia.
- CARICOM - Dominican Republic
- CARICOM - Costa Rica.
- CARICOM – US (United States)
Agreement on Trade, Economic and
Technical Cooperation between the Caribbean Community (CARICOM) and Colombia :
Caribbean Community, Common market, CARICOM, Americas, Economic integration, member states, Common market, foreign policies, Master, international business
EENI International Business
Course learning materials: 
