Caribbean Court of Justice
Table of Contents
Introduction 3
Contextual View of the Caribbean Court of Justice 4
The CSME and CCJ Connection 6
Funding and Integration 8
Two Significant Cases 9
Appendix 3
INTRODUCTION
It is said that within the economic sphere, the Caribbean is caught between two worlds. The old world of trade preferences, concessional flows of financial resources to the region, domestic protectionism, state dominated, and over-regulated economic activity is vanishing or is already gone. The new Caribbean economy has now become a free spirit. We will now have to make our place in a world of declining special preferences, equal treatment for national and foreign investment and enterprise and the end of managed trade. It is in this context that the Caribbean Court of Justice (CCJ) and the Caribbean Single Market and Economy (CSME) will have an impact on regional and local businesses.
The underlying philosophy of the CSME is the principle that the free movement of capital, people, services and enterprise between Caricom states, will lead to various actors in the economic process maximizing their talents and resources, thereby leading to greater efficiency and increased profits and prosperity. Prime Minister Owen Arthur of Barbados has highlighted the importance of the CSME to the very economic survival of the region as a whole, noting that prosperity in the region depends upon the removal of those restrictions impinging upon the free movement of the factors of production.
The Caribbean Single Market and Economy is expected to create a favorable business environment. Its purpose is to remove differences and all restrictions to trade among
CARICOM countries, and in so doing encourage the perception of the Caribbean as a harmonized investment area. Previously, many markets were closed and local producers and business people were not subject to the same taxes as outside manufacturers. However, under the CSME, business people will enjoy an unlimited market
Introduction 3
Contextual View of the Caribbean Court of Justice 4
The CSME and CCJ Connection 6
Funding and Integration 8
Two Significant Cases 9
Appendix 3
INTRODUCTION
It is said that within the economic sphere, the Caribbean is caught between two worlds. The old world of trade preferences, concessional flows of financial resources to the region, domestic protectionism, state dominated, and over-regulated economic activity is vanishing or is already gone. The new Caribbean economy has now become a free spirit. We will now have to make our place in a world of declining special preferences, equal treatment for national and foreign investment and enterprise and the end of managed trade. It is in this context that the Caribbean Court of Justice (CCJ) and the Caribbean Single Market and Economy (CSME) will have an impact on regional and local businesses.
The underlying philosophy of the CSME is the principle that the free movement of capital, people, services and enterprise between Caricom states, will lead to various actors in the economic process maximizing their talents and resources, thereby leading to greater efficiency and increased profits and prosperity. Prime Minister Owen Arthur of Barbados has highlighted the importance of the CSME to the very economic survival of the region as a whole, noting that prosperity in the region depends upon the removal of those restrictions impinging upon the free movement of the factors of production.
The Caribbean Single Market and Economy is expected to create a favorable business environment. Its purpose is to remove differences and all restrictions to trade among
CARICOM countries, and in so doing encourage the perception of the Caribbean as a harmonized investment area. Previously, many markets were closed and local producers and business people were not subject to the same taxes as outside manufacturers. However, under the CSME, business people will enjoy an unlimited market