Caribbean Community and Common Market
- Caribbean Community and Common Market
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organization of Caribbean nations and dependencies that was established in 1973 by the Treaty of Chaguaramas. It replaced the former Caribbean Free Trade Association (Carifta), which had become effective in 1968. The
treaty spurred the development of associate institutions, including the Caribbean Development Bank and the Organization of East Caribbean States, both of which promote economic growth and cooperation. Members include Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago. Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands have associate member status, and Aruba, Colombia, the Dominican Republic, Mexico, the Netherlands Antilles, Puerto Rico, and Venezuela maintain observer status. The permanent secretariat has its headquarters in Georgetown, Guyana.
Caricom's main purposes are to promote economic integration and cooperation among its members, to ensure that the benefits of integration are equitably shared, and to coordinate foreign policy. Its major activities have centred on coordinating economic policies and development planning; it also devises and institutes special projects for the less-developed countries within its jurisdiction. In the late 1980s Caricom's heads of government declared their support for the creation of a regional common market, and in 1990 members agreed to develop common protectionist policies for trade with countries outside the organization, though many members were slow to implement these and other decisions. Movement toward a single market and economy was delayed over disagreements about the division of benefits, but in 2006 the Caricom Single Market was implemented by all member states, except The Bahamas and Haiti. A year earlier Caricom had officially inaugurated the Caribbean Court of Justice (CCJ), which replaced the
Judicial Committee of the Privy Council in London. CCJ serves as the final court of appeal for Caricom members and also handles regional trade disputes.
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Universalium.
2010.
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