CARICOM Single Market and Economy (CSME)
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Following a proposal Jul 1989, Grand Anse (Grenada), by Conference of Heads of Government of the Caribbean Community, within the framework of D-XD4579 - Caribbean Community (CARICOM). Based on 9 Protocols amending the T-XT7373 - Treaty of Chaguaramas, the first of which came into force on 4 Jul 1997. The last remaining 2 Protocols were signed in early 2000. T-XT0125 - Treaty of Chaguaramas - Revised, signed Jul 2001, Georgetown, paves the way for CSME, which was institutionalized 16 Nov 2004. CARICOM decided during 18th Inter-Sessional Meeting, St Vincent-Grenadines, Feb 2007, to phase single economy component in between 2009-2015. Phase I: consolidation of the single market and initiation of a single economy implemented no later than 1 Jan 2009. Phase II: consolidation and completion of the single market expected to cover 2009-2015. Replaces and expands the concept of Caribbean Common Market – Marché commun des Caraïbes – Mercado Común del Caribe.
Enable CARICOM to participate in the globalized arena by establishing systems for: hassle-free and unrestricted movement of all citizens, whether visitors, traders, skilled persons, job-seekers or entrepreneurs; unrestricted trade in goods originating from CARICOM; free movement of services; free movement of capital to purchase, sell, trade or negotiate in all legitimate forms across participating member states.
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Council for Trade and Economic Development (COTED) is ministerial body with principal responsibility. Council for Human and Social Development (COHSOD) also involved in establishment of CSME. F-XF3668 - Caribbean Court of Justice (CCJ) discharges the functions of an international tribunal in respect of interpretation and application of the Treaty of Chaguaramas. Key institutions include: F-XM6107 - CARICOM Development Fund (CDF); E-XM6106 - CARICOM Competition Commission (CCC).
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UN Sustainable Development Goals **
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