CARICOM Single Market and Economy (CSME)

Meaning of CSME CSME stands for CARICOM Single Market and Economy .

Member states of CSME Antigua and Barbuda Barbados Belize Dominica Grenada Guyana Jamaica Monsterrat St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Suriname Trinidad and Tobago

Mission Statement of CSME We envision a Caribbean Community in which every citizen has the opportunity to realise his or her human potential and is guaranteed the full enjoyment of their human rights in every sphere; in which social and economic justice is enshrined in law and embedded in practice; a Community from which poverty, unemployment and social exclusion have been banished; in which all citizens willingly accept a responsibility to contribute to the welfare of their fellow citizens and to the common good; and one which serves as a vehicle for the exercise of the collective strength of the Caribbean region, and the affirmation of the collective identity of the Caribbean people, in the world community.

CSME CSME was be implemented in two phases

CARICOM Single Market The CARICOM Single Market is an arrangement which allows CARICOM goods, services, people and capital, also movements throughout the Caribbean Community without tariffs and without restrictions which would assist in achieving a single, large economic space, and provide a common economic and trade policy.

Aims of CARICOM Single Market Extension of free movement of labour to teachers, nurses and domestic workers. Streamlining of procedures for free movement of labour including contingent rights and transfer of social security benefits. Implementation of free movement of service providers, with streamlined procedures. Implementation of Legal status for the CARICOM Charter for Civil Society.

Aims of CARICOM Single Market Implementation of recommendations of the Technical Working Group on Governance along with the preparation and agreement of a regional Human Resource Development. Establishment and commencement of operations of the Regional Development Fund.

Aims of CARICOM Single Market Agreement among Central Banks on common CARICOM currency. Establishment of the Regional Stock Exchange.

Aims of CARICOM Single Market Agreement among Central Banks on common CARICOM currency. Establishment of the Regional Stock Exchange.

CARICOM Single Economy The CARICOM Single Economy is an arrangement which further harmonises economic, monetary and fiscal policies and measures across all Member States of the Caribbean Community to strengthen and support the sustainable development of the region.

Aims of CARICOM Single Economy Implementation of common policies in Energy-related industries, Agriculture, Sustainable tourism and agro-tourism, Transport, and Small and medium enterprises. Harmonization of taxation systems, incentives, and financial and regulatory environment.

Aims of CARICOM Single Economy Harmonisation of fiscal and monetary policies. Implementation of Regional Competition Policy and Regional Intellectual Property Regime. Implementation of CARICOM Monetary Union.

Organs of CSME

Principal Organs of CSME are: The Conference of Heads of Government (and its Bureau) The Community Council of Ministers (The Community Council)

The Conference of Heads of Government Consists of the Heads of Government of the Member States. The primary responsibility of the Conference is to determine and to provide the policy direction for the Community. The Conference is the supreme Organ of the Community. The Conference may establish such Organs or Bodies as it considers necessary for the achievement of the objectives of the Community.

The Conference of Heads of Government The Conference may take decisions in order to establish the financial arrangements necessary to defray the expenses of the Community. The Conference may consider and resolve disputes between Member States.

The Bureau of the Conference of Heads of Government The decision to create the Bureau of the Conference was taken at the special meeting of Heads of Government in October 1992.

The Bureau of the Conference of Heads of Government The Bureau, consisting of the current Chairman and the immediately outgoing and incoming Chairmen of the Conference, shall perform the following functions: (a) initiate proposals for development and approval by the Ministerial Councils as it considers necessary; (b) update the consensus of the Member States on issues falling to be determined by the Conference;

The Bureau of the Conference of Heads of Government (c) facilitate implementation of Community decisions, both at the regional and local levels, in an expeditious and informed manner; (d) provide guidance to the Secretariat on policy issues

The Community Council of Ministers The council is the second highest organ. It consists of Ministers responsible for community affairs. It is responsible for the development of the Community’s strategic planning and co ordination.

Contributing Community Organs and Bodies The Council for Trade and Economic Development (COTED) promotes trade and economic development of the community and oversees the operations of the CSME. The Council for Foreign and Community Relations (COFCOR) determines relations, with international organizations.

Contributing Community Organs and Bodies The Council for Human and Social Development (COHSOD) promotes human and social development. The Council for Finance and Planning (COFAP) co ordinates economic policy and financial monetary integration of member states.

The Council for Trade and Economic Development (COTED) The Council for Trade and Economic Development shall consist of Ministers designated by the Member States. Each Member State shall be entitled to designate alternates to represent it on COTED. 

The Council for Trade and Economic Development (COTED) COTED shall be responsible for the promotion of trade and economic development of the Community.

In particular, COTED shall: promote the development and oversee the operation of the CSME;  evaluate, promote and establish measures to enhance production, quality control and marketing of industrial and agricultural commodities so as to ensure their international competitiveness; 

In particular, COTED shall: establish and promote measures to accelerate structural diversification of industrial and agricultural production on a sustainable and regionally-integrated basis;  determine and promote measures for the accelerated development and marketing of services;

The Council for Foreign and Community Relations (COFCOR) The Council for Foreign and Community Relations (COFCOR) shall consist of Ministers Responsible for the Foreign Affairs of Member States. COFCOR shall be responsible for determining relations between the Community and international organisations and Third World States.

In particular, COFCOR shall: promote the development of friendly and mutually beneficial relations among the Member States; establish measures to co-ordinate the foreign policies of the Member States of the Community

In particular, COFCOR shall: collaborate with COTED in promoting and developing co- ordinated policies for the enhancement of external economic and trade relations of the Community; co-ordinate, in close consultation with the Member States, Community policy on International issues with the policies of States in the wider Caribbean Region in order to arrive at common positions in relation to Third States, groups of States and relevant inter-governmental organisations,

The Council for Human and Social Development (COHSOD) The Council for Human and Social Development shall consist of Ministers designated by the Member States. Is responsible for the promotion of human and social development in the Community.

In particular, COHSOD shall: promote the improvement of health, including the development and organisation of efficient and affordable health services in the Community; promote the development of education through the efficient organisation of educational and training facilities In the Community, including elementary and advanced vocational training and technical facilities;

In particular, COHSOD shall: promote and develop co-ordinated policies and programmes to improve the living and working conditions of workers; take appropriate measures to facilitate the organisation and development of harmonious labour and industrial relations in the Community;

The Council for Finance and Planning (COFAP) The Council for Finance and Planning shall consist of Ministers designated by the Member States. COFAP shall have primary responsibility for economic policy co-ordination and financial and monetary integration of Member States.

In particular, COFAP shall: establish and promote measures for the co-ordination and convergence of national macro-economic policies of the Member States and for the execution of a harmonised policy on foreign investment; promote and facilitate the adoption of measures for fiscal and monetary co-operation among the Member States, including the establishment of mechanisms for payment arrangements;   

In particular, COFAP shall: recommend measures to achieve and maintain fiscal discipline by the Governments of the Member States; pending the establishment of a monetary union in the Community, recommend arrangements for the free convertibility of the currencies of the Member States on a reciprocal basis.

The Caribbean Court of Justice (CCJ) The Caribbean Court of Justice (CCJ) is the regional judicial tribunal established by the "Agreement establishing the Caribbean Court of Justice". It had a long gestation period commencing in 1970 when the Jamaican delegation at the Sixth Heads of Government Conference, proposed its establishment.

The Caribbean Court of Justice (CCJ) The Caribbean Court of Justice will serve two main roles: To act as a court that can handle trade disputes amongst CARICOM member states. A Court that will eventually serve as a court of final appeal, replacing the Judicial Committee of the Privy Council in London.

The Caribbean Court of Justice (CCJ) By interpreting and applying the Revised Treaty of Chaguaramas which establishes the CSME, the CCJ will determine in a critical way how the CSME functions.

Advantages of CSME Increased production and trade in goods and services in a combined market of over approximately million persons and for the world beyond. Competitive products of better quality and prices. Improved services provided by enterprises and  individuals, including transportation and  communication.

Advantages of CSME Greater opportunity for travel. Opportunities for nationals to study and work in CARICOM countries of their choice. Increased employment and improved standards of living.

Challenges for CSME Members are uncertain about whether their existing businesses and workforce can survive the increased competition. Cooperation and commitment of member states is sometimes a barrier to development.