CARIBBEAN SINGLE MARKET ECONOMY (C.S.M.

E)
Done by: Safiya George Darcelle Lewis Gyenelle Raymond

WHAT IS THE CSME?

It is s the creation of a single large market and economic space among 15 Caribbean nations as opposed to 15 separate and distinct markets and economies, each governed by their own rules and divided from each other by formidable barriers.

It is a structure that ought to further harmonizes economic, monetary and fiscal policies and measures across all CARICOM Member States.

WHY WAS THE CSME ESTABLISHED?

It will create greater economic and political strength from a grouping of 15 countries as apposed to each individual country. Small states will be better able to negotiate with regional groupings and superpowers as a group than individually. It creates more opportunities for employment, investment, production and trade for the inhabitants of the Caribbean Community. The closer and larger market created will help todiversify the range of markets in which CARICOM goods and services will be traded and therefore reduce our dependence on our few traditional markets.

The Caribbean Single Market Economy (C.S.M.E) was established in 1968. Treaty of Chaguramas Founded in 1973 Revised version in 2002

HISTORY OF THE C.S.M.E

Year of Establishment Treaty of Chaguaramas

MEMBER STATES OF THE C.S.M.E

Antigua & Barbuda Bahamas Barbados Belize Dominica Grenada

Guyana Haiti Jamaica Montserrat Saint Lucia St Kitts and Nevis

St Vincent & Grenadines Suriname Trinidad and Tobago

MAIN OBJECTIVES OF C.S.M.E

The main objectives of the CSME are: full use of labour (full employment) and full exploitation of the other factors of production (natural resources and capital) competitive production leading to greater variety and quantity of products and services to trade with other countries.

KEY ELEMENTS

Free Movement of Goods and Services Right of Establishment A Common External Tariff Free Circulation Free Movement of Capital A Common Trade Policy Free Movement of Labour Harmonisation of Laws Economic Policy Monetary Policy Fiscal Policy