PRINCIPLES OF BUSINESS

PRESENTATION ON MAJOR ECONOMIC

INSTITUTIONS AND AGREEMENTS

Name: Jahlina Hagley

Topic: Caribbean Community and Common Market (CARICOM)
Description of the
Economic Institution
The Caribbean Community and Common Market
(CARICOM) is a group of 20 developing Caribbean
countries that have come together to form an economic
and political community that works together to to shape
policies for the region and encourages economic growth
and trade.
The Caribbean Single Market and Economy (CSME)
would integrate all the member- states into a single
economic unit.

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Headquarters
TheCaribbean Community and Common Market’s
(CARICOM) secretariat headquarters is located in
Georgetown, Guyana

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History/Background of
the Organization
CARICOM was established by the Treaty of Chaguaramas. This
Treaty was signed on July 4th,1973 by Prime Minister Errol Barrow
(prime minister of Barbados), Forbes Burnham representative for
Guyana, Michael Manley for Jamaica and Eric Williams for Trinidad
and Tobago. The treaty was then implemented on August 1,1973.

Itswas established in hoped of achieving reginal integration after

the federation disassembles in 1958. The political leaders of the
Caribbean created CARICOM to strengthen the relationships
between the islands.

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 Member States
CARICOM consists of 20 countries in total. 15 being member states
and 5 being associate member states. These include;

Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada,

Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St Kitts and Nevis, St
Vincent and the Grenadines, Suriname, Trinidad and Tobago
Associate members:
Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Turks and
Caicos Islands

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Main Functions and Objectives
Main functions of CARICOM:
 Economic integration and cooperation among its members to ensure that the benefits of integration
are equitably shared.
 Coordinate foreign policies of independent member states. Polices are made and decided upon to
necessitate the strategic alignment of the national/ reginal interests with concern.
 Its an organization for increased production and productivity.

Main Objectives of CARICOM:

 To improve the standard of living and work. This is to full employment of labour and other factors of
production
 Devising and instituting special projects for the less- developed countries within the CARICOM
jurisdiction.
 To expand trade and economic relations with third states.
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Impact of the Economic Institution on the Caribbean
 The economic institution strives to improve the standard of living and work amongst each Caribbean island
and community through economic development.
 CARICOM works to expand trade and economic relations with third states to further help with the
Caribbeans development and funding.
 CARICOM has also increased production within its member islands. This has increased productivity within
production as well as within the work force.
 The institution has also implemented various special projects to aid the more underdeveloped countries
within CARICOM jurisdiction. Allowing for more production and productivity to increase with the country.
 CARICOM has united all the islands together with the Treaty of Chaguaramas which allowed for further
integration of the islands. This resulted in a large Caribbean community that will help one another with their
economic problems.
 CARICOM also enhanced the levels of international competitiveness of good/services that come from the
Caribbean. And many islands rose to the top in the world for their exports (i.e. Grenada with nutmeg)

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 Economic Problems in the Caribbean
Limited of Physical Resources- this is
due to the lack of factories that produce
products made from raw materials.
This results in the islands having to
outsource from other countries.
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Poverty- is a state or condition in
which a person lacks the financial
resources and essentials for a certain
standard of living. Poverty rate in the
Caribbean is about 30%.
Poor infrastructure- this occurs due to
the lack of financing a country has.
Which results in poor infrastructures
such as bad roads, quality of health
care facilities is poor etc.
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Unemployment- this occurs when
someone is willing and able to work
but does not have a paid job. This is
seen more often in the Caribbean due
to lack of education, technological
changes etc. the overall unemployment
rate of the Caribbean is 7.3%
Lack of Diversification- this occurs due
to the lack of variety amongst
goods/services produces withing the
Caribbean region.
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Solution for Economic Problems in the Caribbean
1. Limited Physical Resources – to expand the physical resources produced the Caribbean countries
within CARICOM must unite to build/finance factories in countries that may not have them and aid in
producing goods.
2. Poverty- this can be solved by focusing on improving the education system. This results in persons
receiving the education they need whether its knowledge or skill. Which teaches them to become
educated members of society with a future.
3. Unemployment- this can be solved using the education system and having it be available to persons of
all ages. As well launch empowerment programs and encourage self-employment and lots more.
4. Lack of Diversification- can be solved by small Caribbean countries being financed/aided by some sort
of bank that will enforce the construction of factories that can produce new good/services that the
country doesn’t already have.
5. Poor infrastructure- this can be solved through financing as well. The money being loaned or donated
would go towards repaving roads, ensuring healthcare facilities are up to code and sanitary, renovating
schools that are in poor condition/adding on or fixing parts of the school to upgrade learning etc.

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Thank you! Jahlina Hagley

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