Csme

CARICOM SINGLE MARKET AND ECONOMY (CSME)

WHAT IS THE CARICOM SINGLE MARKET AND ECONOMY (CSME)?
The CSME is the creation of a single large market and economic space among 15 Caribbean nations. With 15 separate and distinct markets and economies, each governed by their own rules and divided from each other by formidable barriers. It allows for free movement of CARICOM goods, services, peopleand capital throughout the Caribbean Community through the removal of:
- Fiscal barriers
-legal barriers
-physical barriers
-technical barriers
-administrative barriers
Which have historically prevented such activities from taking place. It is a structure that ought to further harmonizes economic, monetary and fiscal policies and measures across all CARICOM Member States.
The mainobjectives of the CSME are:
-full employment
-full exploitation of the other factors of production (natural resources and capital)
-competitive production
Leading to greater variety and quantity of goods 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.

WHEN AND WHERETHE CSME WAS CREATED?
The Treaty of Chaguaramas established the Caribbean Community and Common Market, later known as CARICOM. It was signed on July 4, 1973 in Chaguaramas, Trinidad and Tobago. It was signed by Barbados, Guyana, Jamaica and Trinidad and Tobago on 4 July 1973, in Chaguaramas, Trinidad and Tobago. It came into effect on 1 August 1973. The treaty also established the CaribbeanCommunity including the Caribbean Single Market and Economy, replacing the Caribbean Free Trade Association which ceased to exist on 1 May 1974.

Why the CSME?
The CARICOM SINGLE MARKET AND ECONOMY creates greater economic and political strength from a grouping of 15 countries as opposed to each individual country. Small states will be better able to negotiate with regional groupings and superpowersas a group than individually. It creates more opportunities for:
- Employment
-investment
-production
-trade for the inhabitants of the Caribbean Community
The closer and larger market created will help diversify the range of markets in which CARICOM goods and services will be traded and therefore reduce our dependence on our few traditional markets.


How is the CSME beingimplemented?
This was done through the signing and ratification of nine protocols. By the modification of national laws, policies and programs of Member States to accommodate these and other decisions made at the Regional level. By active interest and participation of the Region's people in the CARICOM Single market and Economy.

What are the Key Components of the CARICOM Single Market and Economy?1) Free Movement of Goods:
There has to be agreement on regional standards for the production of goods throughout the Community. This has led to the establishment of the Caribbean Regional Organization for Standards and Quality (CROSQ). Sanitary and Phytosanitary arrangements that are scientifically based. A CET (Central European Time) for goods originating outside of CARICOM; Rules of originthat determine which goods should be traded within CARICOM without the application of tariffs and non-tariff barriers.

2) Free Movement of Services:
Removal of restrictions on trade in services; Common standards and regulations to govern cross-border movement of services and service providers; Access to information;

3) Free Movement of Persons:
Elimination of the need for passports byCARICOM nationals traveling within CARICOM; Facilitation of CARICOM nationals at immigration points within the region; Elimination of the need for work permits for skilled CARICOM nationals; Mechanisms for assessing equivalency of qualifications and for accreditation on a common basis; Harmonization and transferability of Social Security benefits across Member States.

4) Free Movement...