Overview of The CSME

Copyright 2008 Ministry of Finance and the Economy
(Industry and Commerce)

Overview of the CARICOM Single
Market and Economy
Presenters: Ms. Michelle N. Henry &

Ms. Sherese Edwards –
Research Officers
Ministry of Finance and the Economy


Presentation Overview
 Historical Overview of the Integration within CARICOM
 Reasons for Integration
 Importance of the CSME
 Basic Provisions of the CSME
 Conclusion

Member Countries of CARICOM
and Signatories to the CSME
Antigua and Barbuda Belize
Barbados Guyana
Bahamas * Suriname
Dominica
Haiti *
Grenada
Montserrat
St. Kitts and Nevis
Trinidad and Tobago
St. Lucia
St. Vincent and the Jamaica
Grenadines
Map of the Caribbean

Historical Overview of Integration
with the CARICOM
The History of integration within the
Caribbean started with the:
 Establishment of the British West Indies

Federation on January 3rd 1958 – May 31st
1962.
 15thDecember 1965 CARIFTA – Free

Trade Area
with the CARICOM
 CARIFTA was transformed into the
Caribbean Community and Common
Market.
 Signing of the Treaty of Chaguaramas

establishing the Caribbean Community
(CARICOM) – 4th July 1973

CARICOM SECRETARIAT
Turkeyen, Georgetown, GUYANA.
Tel: (592) 222 0001-75 Fax: (592) 222 0171

CARICOM Secretary General
Dr. Edwin Carrington

GENERAL OBJECTIVES OF
CARICOM
 Improved Standards of living and work
 Full utilization of labour and other factors
of production
 Sustained economic development
 Expansion of trade and economic relations
with states outside of the community
 Enhanced levels of international
competitiveness
with the CARICOM
The Grand Anse (Grenada) Declaration in
1989 - set the foundation for the
advancement of the Integration Movement

Reasons for Integration
“Strengthen the Caribbean Community in
all of its dimensions to respond to the
challenges and opportunities presented by
the changes in the global economy.”
(Grand Anse Declaration)

Why Integration
 CARICOM Countries were being forced to
fundamentally adjust : restructure their
internal economies; as a result of
globalization and liberalization.
 Protected markets were under assault.
 CARICOM Countries were involved in

External Negotiation.
What is the CSME ?
The CARICOM Single Market and Economy is
the creation of a single enlarged social and
economic space through the free movement
of persons, goods, capital and services.
This CARICOM mandate was established through

the Revised Treaty of Chaguaramas
Establishing the Caribbean Community
including the CARICOM Single Market and
Economy signed by the Heads of Government
on 5th July 2001.

What is CSME?
A Single Market (CSM)
In 2006 the Single Market came into effect with the
following elements:
 Free movement of skills and labour (Skilled
Certificate)
 Free movement of goods - (Need for regional
shipping line)
 Free movement of service
 Free movement of Capital
 Right to establishment (businesses)
All without tariffs, barriers and restrictions
What is CSME?
A Single Economy
 This will provide further economic, monetary,
and fiscal harmonization across all member
states.
 This will call for all member states coordinating
their policies to facilitate a common foreign
exchange rate, interest rate, tax regimes and
laws. ( This is the OECS’ Reality).
Important to Note: The CSME is not a Political
Union.
Importance of the CSME
 It a platform on which to increase the
competitiveness of the region.
 A market for goods and services of the

region.

 The movement of all forms of capital
without restrictions.

The movement of professionals within the
Community:
University Graduates
Media workers
Sports Persons
Artistes
Musicians
Teachers
Nurses

 The CSME gives this region of small states the
benefit of greater critical mass, pooled
resources, and achieve greater economies of
scale for enhanced external competitiveness.
 The CSME serves as a basis for a stronger

and more effective negotiating and lobbying
force than individual territories acting on their
own.

Basic Provisions of the CSME
 Chapter 8: Competition Policy and
Consumer Protection
Competition Policy – “prohibition of anti-

competitive business conduct which
prevents, restricts or distorts competition
or which constitutes the abuse of a
dominant position in the market…” (Article
169)
Promotion of Consumer Interests in the
Community
Protection of consumers from

discrimination against producers and
suppliers of goods (Article 185).
Chapter 9 – Dispute Settlement

Caribbean Court of Justice (CCJ)
Original Jurisdiction
It ensures uniform interpretation and application
of the Revised Treaty of Chaguaramas, thereby
underpinning and advancing the CARICOM
Single Market and Economy.
Appellate Jurisdiction
As the final court of appeal for member

states of the Caribbean Community it
fosters the development of an indigenous
Caribbean jurisprudence.

A Practical look at the functioning
of the CSME
CONTINGENT RIGHTS:
Rights entitled to non – nationals working and living in another CARICOM

Member State, under the same terms and conditions of nationals of the
host country.
Non – Discrimination (Article 7)
Can the CSME effectively exist without settling the issues on Contingent
Rights?

Conclusion
Do you think the CSME is the

best option for the Community
in a competitive global
economy?

Contact Information
Ministry of Finance and the Economy
Redcliffe Street
P. O. Box 1550
St. John’s
Tel #: 462-1542
Fax #: 462-1625
E-mail: trade@antigua.gov.ag
Thank You


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Copyright 2008 Ministry of Finance and the Economy

(Industry and Commerce)

Presenters: Ms. Michelle N. Henry &

Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

 Reasons for Integration

 Importance of the CSME

 Basic Provisions of the CSME

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

 Establishment of the British West Indies

 15thDecember 1965 CARIFTA – Free

 Signing of the Treaty of Chaguaramas

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

 Protected markets were under assault.

 CARICOM Countries were involved in

This CARICOM mandate was established through

Copyright 2008 Ministry of Finance and the Economy

 A market for goods and services of the

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

 The CSME serves as a basis for a stronger

Copyright 2008 Ministry of Finance and the Economy

Competition Policy – “prohibition of anti-

Protection of consumers from

Chapter 9 – Dispute Settlement

As the final court of appeal for member

Copyright 2008 Ministry of Finance and the Economy

Rights entitled to non – nationals working and living in another CARICOM

Non – Discrimination (Article 7)

Copyright 2008 Ministry of Finance and the Economy

Do you think the CSME is the

Copyright 2008 Ministry of Finance and the Economy

Copyright 2008 Ministry of Finance and the Economy

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