The Advantages and Disadvantages of Caricom Single Market and Economy ( Csme)
The Advantages and Disadvantages of the CARICOM Single Market and Economy (CSME) CARIBBEAN INTEGRATION
Introduction
Throughout the world many countries have tried to form strong alliances for varying reasons and among the top of that list would be for war and trade. The Caribbean as a region has found it necessary to form such an alliance, not for war but for trade. The need for such alliance gave way to the birth of a Single Market for the Caribbean region - The CARICOM Single Market and Economy (CSME).
In order to understand the advantages and disadvantages of such a single market one must seek to understand what is meant by a single market and how the SCME come about.
What is a Single Market?
Although the concept of a Single Market was never precisely defined, it may be interpreted as a single large economic space – covering a large geographical areas- with common policies on product regulation and freedom of movement of all the factors of production . This single market structure promotes the removal of all physical (borders), technical (standards) and fiscal (taxes) barriers among member states. Therefore the goal that movement of capital, labour, goods and services between the members would become as easy as within any one particular state.
The CARICOM Single Market & Economy – A Brief History
The Caribbean Community (CARICOM) consists of fifteen (15) small-sized countries, situated along the Caribbean Sea, and including 6 million inhabitants. It is the smallest "economic bloc" in Americas, if not in the world. The CARICOM Single Market & Economy is the vision of these 15 CARICOM states to build shared prosperity by removing trade barriers.
The history of the CARICOM Single Market & Economy dates as far back as 1968 where the Caribbean Free Trade area was established. The CARIFTA served the purpose, though limited, of removing tariffs and other barriers to the trade of goods within the Caribbean region. This integration process was
Introduction
Throughout the world many countries have tried to form strong alliances for varying reasons and among the top of that list would be for war and trade. The Caribbean as a region has found it necessary to form such an alliance, not for war but for trade. The need for such alliance gave way to the birth of a Single Market for the Caribbean region - The CARICOM Single Market and Economy (CSME).
In order to understand the advantages and disadvantages of such a single market one must seek to understand what is meant by a single market and how the SCME come about.
What is a Single Market?
Although the concept of a Single Market was never precisely defined, it may be interpreted as a single large economic space – covering a large geographical areas- with common policies on product regulation and freedom of movement of all the factors of production . This single market structure promotes the removal of all physical (borders), technical (standards) and fiscal (taxes) barriers among member states. Therefore the goal that movement of capital, labour, goods and services between the members would become as easy as within any one particular state.
The CARICOM Single Market & Economy – A Brief History
The Caribbean Community (CARICOM) consists of fifteen (15) small-sized countries, situated along the Caribbean Sea, and including 6 million inhabitants. It is the smallest "economic bloc" in Americas, if not in the world. The CARICOM Single Market & Economy is the vision of these 15 CARICOM states to build shared prosperity by removing trade barriers.
The history of the CARICOM Single Market & Economy dates as far back as 1968 where the Caribbean Free Trade area was established. The CARIFTA served the purpose, though limited, of removing tariffs and other barriers to the trade of goods within the Caribbean region. This integration process was