What is the Caribbean Community CARICOM
The current integration now under away in the Caribbean has major implications for the Caribbean people around the world. The current integration process is called the Caribbean Community CARICOM. Mainly known as CARICOM. CARICOM is a trading bloc of 15 Caribbean countries: Antigua and Barbuda, Barbados, Bahamas, Belize, Dominica, Guyana, Grenada, Haiti, Jamaica, Montserrat, St Lucia, St Vincent and Grenadines, St. Kitts and Nevis, Suriname, Trinidad & Tobago.
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 that was born with the establishment of the British West Indies Federation in 1958. It was a Federal Government drawn from 10 member islands. Although a plan for a Customs Union was drawn up, emphasis was not placed on economic aspects of Federation during the four years of its existence. Economically the Region remained as it had been for centuries and not even Free Trade was introduced between the Member Countries during this period. The West Indies Federation came to an end in 1962 but its end, in many ways must be regarded as the real beginning of what is now the Caribbean Community.
This bloc was created from the failure of the West Indies Federation where many of the current members became independent. The mandate now of CARICOM is to create a single Market and Economy (CSME). Meaning removal of restrictions; free movement of; Labour, services, products within the community, capital, right to establish businesses anywhere within the Single Market, a Caribbean Court of Justice and as final Appellate court replacing Privy Council in London England and a single currency for 12 members of the community.
The overall objectives of implementing the CSME are economic integration, foreign policy coordination and functional cooperation. “The economic integration process has as its goal, a Single Market and Economy. This means that all participating countries within the Organization of Eastern Caribbean States (OECS) [Antigua and Barbuda, Dominica, Montserrat, Grenada, St Lucia, St Vincent and Grenadines, St. Kitts and Nevis] member states must also cooperate and coordinate in the strengthening and regulation of the economic and trade relations among member States to promote; an accelerated harmonious and balanced development; the sustained expansion and continuing integration of economic activities, which the benefits of which shall be equally shared, the achievement of a greater measure of economic independence and effectiveness of its member states.
This will allow CSME Caribbean Diasporas [Nationals] to be exposed to a wide range of benefits and opportunities including setting up of business in any CARICOM Member State and relocating to Member State using their country of birth documents. CSME in full capacity will allow businesses to grow and small developing countries to expand.
The original jurisdiction of the Caribbean Court of Justice is essential for the successful operations of the CSME. The CSME will bring it a number of job opportunities. Barbados, Jamaica and Trinidad and Tobago have already implemented the CSME and the remaining countries are expected to do the same in January of 2006. Guyana and Barbados are currently the only two Caricom States using the CCJ as its final appellate court. Other member States whom many require a referendum will come on board shortly.
The Single Economy: - will facilitate the coordination foreign exchange and interest rate policies, tax regimes, laws and common currency, among other things so as to achieve more balance economic performance across CARICOM member states. Both arrangements should lead to greater efficiency for the benefit of the region and the Caribbean people and Diasporas.
One of CPMUC main priority is to promote investment to the Caribbean region by the Caribbean Diasporas and International community. We seek to do so through CPMUC first Canada-Caricom Investment-Trade & Business Networking Forum. CPMUC will seek to unite the Caribbean and Diasporas business communities with Caricom.
