The Caricom Single Market & Economy
The CARICOM Single Market and Economy (CSME) is indeed a mixed blessing as it carries various benefits as well as challenges for the Caribbean islands. Firstly I will attempt to describe the CSME in its entirety giving the benefits and the shortfalls of its implementation and how it will affect the islands positively or negatively and the factors that may result in the contrasting outcomes.
Overview of the CSME The CSME is also known as the Caribbean Single Market and Economy was first envisioned at the 10th meeting of the Conference of Heads of Government of the Caribbean Community in July 1989 in Grenada. The CSME consists currently of thirteen member states which are Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname and Trinidad & Tobago.
The CSME is designed as a single economic system to facilitate the pooling of the Caribbean region’s financial, human and natural resources in order to build the economic capacity required to effectively respond to globalization and to be competitive against large capital intensive manufacturing countries. Globalization has created a marketplace in which most countries are attempting to capitalize by joining forces in trade agreements e.g. the European Union (EU), the North American Free Trade Agreement (NAFTA).
The preferential treatment that used to be meted out to Caribbean countries by the larger countries is now almost non-existent and as a result of this, it is becoming increasingly difficult for Caribbean countries to compete effectively within the global marketplace. The CSME is being implemented in an attempt to achieve a competitive standard within the global arena and eventually gain financial independence from these larger countries.
Composition of the CSME As the name suggests, the CSME comprises of two sections i.e. the market and the economy. The market is an
Overview of the CSME The CSME is also known as the Caribbean Single Market and Economy was first envisioned at the 10th meeting of the Conference of Heads of Government of the Caribbean Community in July 1989 in Grenada. The CSME consists currently of thirteen member states which are Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname and Trinidad & Tobago.
The CSME is designed as a single economic system to facilitate the pooling of the Caribbean region’s financial, human and natural resources in order to build the economic capacity required to effectively respond to globalization and to be competitive against large capital intensive manufacturing countries. Globalization has created a marketplace in which most countries are attempting to capitalize by joining forces in trade agreements e.g. the European Union (EU), the North American Free Trade Agreement (NAFTA).
The preferential treatment that used to be meted out to Caribbean countries by the larger countries is now almost non-existent and as a result of this, it is becoming increasingly difficult for Caribbean countries to compete effectively within the global marketplace. The CSME is being implemented in an attempt to achieve a competitive standard within the global arena and eventually gain financial independence from these larger countries.
Composition of the CSME As the name suggests, the CSME comprises of two sections i.e. the market and the economy. The market is an
Bibliography: Tutor: Mr. Warren Ruiz Date: June 24, 2008