The CARICOM Single Market and Economy
The CARICOM Single Market and Economy (CSME) was created following the tenth meeting of the Conference of Heads of Government of the Caribbean Community, in Grand Anse, Grenada in 1989. It represented a way forward for the Community through a deepening of the integration process into a single market and economy which would facilitate the pooling of the region’s financial, human and natural resources to build the economic capacity required to effectively respond to the challenges resulting from globalization and the emergence of super trading blocs.
What is CSME?
The Grand Anse Declaration
Its main pillars as articulated in the Grand Anse Declaration (1989) are:
Provisions for the free movement of capital;
Provisions for the free movement of goods, services and people within the CSME;
The establishment of common trade and economic policy in dealing with the rest of the world;
Harmonization of economic, fiscal and monetary policies
A common currency
The CSME is designed to be a single economic space created by unifying the markets of all Member States of the Community. It will thus allow persons in CARICOM Member States to be better able to conduct business transactions by a common set of rules and regulations and to be accorded the same treatment as nationals of any Member State.
All persons will have the same rights and privileges and the process of doing business among Member States would be more seamless.
Who Is A CARICOM Citizen?
A citizen of that State; or
Has a connection with that State of a kind which entitles him/her to be regarded as belonging to, or, if it be so expressed, as being a native or resident of the State for the purpose of the laws thereof relating to immigration.
Rights Of CARICOM Nationals
The implementation of the CSME means that persons in Member States have certain rights. These include:
The right to judicial review of a decision of a relevant authority
There are core rights and obligations as provided for in the Revised Treaty in respect of persons wishing to travel to Member States.
Obligations Of CARICOM Nationals
To obey the laws of the Member State
To have a valid passport issued by a CARICOM Member State
To have a return ticket
Proof of financial resources for personal maintenance, namely credit cards, travellers’ cheques, cash or combination thereof
To be truthful at all times to the relevant authorities of the Member State
Rights of the CARICOM National Traveller
The right to refuse entry of a CARICOM National if the Member State can prove that the CARICOM National violates any of the obligations laid out above under the Rights and obligations of the CARICOM National Traveller
Obligations of the CARICOM National Traveller
To give entry to any CARICOM National who meets all of the obligations outlined above in the Rights and Obligations of the CARICOM National Traveller.
To treat the CARICOM National Traveller no less favourably than a National of the receiving state or the National of any other state.