CARICOM was established in 1973 by the Treaty of Chaguaramas. The former Caribbean Free Trade Association (CARIFTA), was replaced by CARICOM.
The purpose of this trade agreement was to promote economic growth and cooperation between the members involved in it.
There are 15 member countries.
Antigua and Barbuda
Trinidad and Tobago
Saint Vincent and the Grenadines
Saint Kitts and Nevis
There are 5 associate countries.
There are 6 main observer countries.
Turks and Caicos Islands
The trade also helps economic policies and development planning. It promotes special projects for the less-developed countries within its agreement. It operates as a single market of it's the countries who are members and it handles their regional trade disputes. Another object of the CARICOM is to improve the living standards of it's members.
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Industries included in the trade agreement:
CARICOM was objected to help it's members. Its members are geographically small and isolated economies. This makes them have disadvantages relative to larger economies, mainly when being in an increasingly competitive global economy. CARICOM however, was solution to these problems because of it enlarged the market, increased returns to scale, improved competition, efficiency, productivity, and transfer of technology and knowledge throughout it's member countries.
CARICOM has allowed it's small membered countries to catch up to the globe's competitiveness in trade. This resulted in increase in their economies.
Although, CARICOM trade shows little promise for more economic growth. This doesn't help its membered economies because this means that they will have to stay in a position in which they are pressured. If they don't stay on track with it's exports and trade, then they could fall back behind on global competition. If this happens, then their economies could fall.
-Sandra Mejia Mejia
Caribbean Community and Common Market (CARICOM)- S.M.M.