CSME - Caribbean Single Market and Economy
What is the CSME?
- In 1989, 13 of the now 15 members of CARICOM decided on an integrated
development strategy to chart their way into the 21st century. This
strategy, elaborated in the Grand Anse Declaration has as its key features.
- Deepening economic integration by advancing beyond a common market
towards a Single Market and Economy.
- Widening the membership and thereby expanding the economic mass
of the Caribbean Community – thus Suriname and Haiti were admitted
as full members in 1995 and 2002 respectively.
- Progressive insertion of the region into the global trading and
economic system by strengthening trading links with non-traditional
partners
The strengthening of CARICOM’s participation in the global trading
arena has been done through a series of bilateral trade agreements
– Venezuela, Colombia, Dominican Republic, Cuba and most recently,
Costa Rica – as well as by the full and effective participation in
multilateral and other major trade negotiations, e.g., the World Trade
Organization, the renegotiation of the Lomé and Cotonou arrangements
with the European Union and the FTAA.
As a result, CARICOM has been very active in implementing all three
components of this strategy.
The Revised Treaty of Chaguaramas provides the legal basis for the
operation of the CSME. Matters regarding the legal interpretation of
the Treaty will be addressed by the Caribbean Court of Justice (CCJ)
which is due to be inaugurated in 2005.
The CSME is designed to represent a single economic space where people,
goods, services and capital can move freely. This will also require
the harmonisation and coordination of social, economic and trade policies
by participating Member States.
Many of the required changes have been made by participating territories
on a gradual basis, in keeping with national Programmes for the Removal
of Restrictions on the Right of Establishment, the Provision of Services
and the Movement of Capital. Jamaica notified its Programme to CARICOM
in 2000.
Jamaica, Trinidad and Tobago and Barbados have agreed to lead the
CSME implementation process by completing all of the required provisions
as of 31 December 2004 in order to be fully CSME compliant on 1 January
2005. The remaining 11 countries will complete the process by 31 December
2005 to enable the region-wide launch of the CSME on 1 January 2006.
Caribbean Court of Justice
The Government of Jamaica has taken steps to the Agreement establishing
the CCJ into domestic law. In this regard, we have passed the CCJ Act,
amended Section 110 of the Constitution to make the CCJ the highest
Court of Jamaica in place of the Judicial Committee of the Privy Council,
and amended the Judicature (Appellate Jurisdiction) Act to make the
CCJ the final Court of Appeal. Steps are now being taken to amend the
final piece of applicable legislation i.e., the Diplomatic Privileges
and Immunities Act to ensure that the court and its staff have the
necessary privileges and immunities to function as an International
Judicial Institution. Read more
The above excerpt was taken from the website of the
JIS
News Articles on the emerging CSME - THE CSME: A ROUTE TO GREATER WEALTH AND PROSPERITY
Taken from: Jamaica Information Service
The Caricom Single Market and Economy (CSME) will create a wider field
of opportunity for Jamaican firms and individuals. Already, many businesses
and Jamaican workers are taking advantage of regionalisation. Consider:
under the CSME the job market for Jamaicans extends beyond our geographic
boundaries to include all Caricom states. Jamaican firms will be able
to supply goods and services to an additional 12 million people.
Read More
PM blasts CSME ignorance
Taken from: The Nation Newspaper
PRIME MINISTER OWEN ARTHUR has blasted some Caribbean nationals for
displaying little or no knowledge about the CARICOM Single Market
and Economy (CSME), and expressing that ignorance in public as a
badge
of honour. Read More
Jamaica fully prepared for CSME
Taken from: Caribbean Net News
KINGSTON, Jamaica: Jamaica is fully prepared for the CARICOM Single
Market and Economy (CSME) having instituted all the legal and administrative
requirements to facilitate the implementation of the Single Market
aspect of the process. Read More
Dean: Cricket key to CSME
Taken from: The Nation Newspaper
THE SUCCESS of the CARICOM Single Market and Economy (CSME) is hinged
on the resurgence of cricket.
This is the opinion of Dean of St Michael Cathedral Frank Marshall,
who was preaching the sermon at a service to celebrate the life of
cricketing icon Sir Frank Worrell yesterday. Read More
Other CSME/CARICOM Links
Caricom
CSME Blog
Talk CSME
CSME Website of Trinidad and Tobago
Caribbean Web Directory
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