| CARICOM Single Market and Economy (CSME)
CSME stands for CARICOM Single Market and Economy. It is a single economic system that is designed to facilitate the pooling of the region’s financial, human and natural resources in order to build the economic capacity required to effectively respond to globalisation and the emergence of mega trading blocs. Here are some things you should know about the CSME What is the CSME? CSME stands for CARICOM Single Market and Economy. It is a single economic system that is designed to facilitate the pooling of the region’s financial, human and natural resources in order to build the economic capacity required to effectively respond to globalisation and the emergence of mega trading blocs.
How did the CSME originate? In 1989, the tenth meeting of the Conference of the Heads of Government of the Caribbean Community recognised the need to deepen the integration process in response to the changing world economic environment. This led to the decision to establish a Single Market and Economy.
How many countries comprise the CSME? The CSME is comprised of 13 member states. They are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monsterrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago with a combined population of approximately 6 million people.
When will the CSME come into effect? The CSME is already happening as there is the free movement of goods produced in the region, the free movement of accredited skilled personnel and the provision of services provided through a locally established company. Trinidad and Tobago, Jamaica and Barbados have agreed to be CSME ready in order to kick-start the workings of the Single Market. January 1, 2006 has however, been identified as the date when the other member states will be ready.
How will the Public know about the CSME? An intensive National Public Education Programme has begun in Trinidad and Tobago. The purpose of this programme is to ensure that every citizen is made aware of the opportunities and challenges that the CSME will bring.
The Public Education Programme is being executed through information sharing in the print and electronic media and outreach sessions with the public at large. Students can anticipate school competitions on this subject matter while the wider population will have access to a CSME Website - www.csmett.com and e-mail: csme@foreign.gov.tt or Tel.: 627-CSME or 627-2763.
What is the CARICOM Single Market? The CARICOM Single Market is an arrangement which allows CARICOM goods, services, people and capital to move throughout the Caribbean Community without tariffs and without restrictions to achieve a single, large economic space, and to provide for a common economic and trade policy.
What is the CARICOM Single Economy? The CARICOM Single Economy is an arrangement which further harmonises economic, monetary and fiscal policies and measures across all Member States of the Caribbean Community to underpin the sustainable development of the region. This would mean the coordination of foreign exchange and interest rate policies, the harmonisation of tax regimes and of laws and the convergence of economic performance among other measures.
Why the Single Market? There is more economic and political strength from a grouping of 13 countries as against the strength of a single country. The small states of the Caribbean face better prospects within the CARICOM grouping than they do if they face megablocs and superpowers across the negotiating tables individually.
The Single Market and Economy creates more opportunities for employment, investment, production and trade for the inhabitants of the Caribbean Community.
How will the CARICOM Single Market and Economy be implemented? (a) By amending the Treaty which established the Caribbean Community (the Treaty of Chaguaramas) (b) By modification of the national laws, policies and programmes of Member States to accommodate these and other decisions made at the regional level (c) By active interest in and participation of the region’s people in the CARICOM Single Market and Economy.
The Treaty was amended by way of protocols. There are nine protocols: • Protocol I addresses organs, institutions and procedures of the community • Protocol II addresses right of establishment, the right to provide services and the right to move capital by any CARICOM national in the Community, which has been defined to include the Single Market and Economy • Protocol III addresses the Community Industrial Policy • Protocol IV addresses trade liberalisation • Protocol V addresses the Community Agricultural Policy • Protocol VI addresses the Community Transport Policy • Protocol VII addresses disadvantaged countries, regions and sectors • Protocol VIII addresses disputes settlement • Protocol IX addresses rules of competition
These protocols have now been incorporated as chapters within the Revised Treaty.
Is the CARICOM Single Market and Economy a political union? The CARICOM Single Market and Economy is not a political union.
Does the CARICOM Single Market and Economy replace national identity and sovereignty? The CARICOM Single Market and Economy is not a replacement for national identity and sovereignty.
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 approximately 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 |
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