Caribbean Community and Common Market (CARICOM)

Published: 28th Sep, 2019

All about Caribbean Community and Common Market (CARICOM) and recent developments such as its support for India in getting a membership in UNSC

Context

All about Caribbean Community and Common Market (CARICOM) and recent developments such as its support for India in getting a membership in UNSC

About

The Caribbean Community and Common Market (CARICOM) is a group of twenty developing countries in the Caribbean that have come together to form an economic and political community that works together to shape policies for the region and encourages economic growth and trade.
Seat of Secretariat: Georgetown, Guyana
Fifteen of these countries are full-fledged members of the community while five of them only retain associate member status.
The fifteen full-time countries are Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, Saint Kits and Nevis, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago. The associate members are Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Turks and Caicos.
These nations have collectively joined together to expand their trade and economic relations internationally, including further development of activity in international markets.

History

CARICOM was formed in 1973 after the founders had enacted the Treaty of Chaguaramas.
The Caribbean Community and Common Market was established to replace the Caribbean Free Trade Area which had failed in its mission to develop policies in the region pertaining to labor and capital.

Pillars of Integration

To improve standards of living and work
Full employment of labor and other factors of production
Accelerated, coordinated and sustained economic development and convergence
Expansion of trade and economic relations with Third States
Enhanced levels of international competitiveness
Organization for increased production and productivity
Achievement of a greater measure of economic leverage
Effectiveness of Member States in dealing with Third States, groups of States and entities of any description
The enhanced coordination of Member States’ foreign and foreign economic policies and enhanced functional cooperation.

CURRENT AFFAIRS FOR UPSC IAS