PRE-VIEWING:
WHILE-VIEWING:
While watching, pay attention to the following words and expressions in context. Use them in your answers to the questions below and discussion.
AFTER-VIEWING:
What Is the Caribbean Community and Common Market (CARICOM)?
HIGHLIGHTS:
- read the passage
- focus on key terms
- summarize the information
- elaborate on the concepts
The Caribbean Community and Common Market (CARICOM) is a group of 20 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.
Key Takeaways
- The Caribbean Community and Common Market (CARICOM) is a regional group of nations that encourage common policy and economic goals.
- The CARICOM was formed in 1973 and consists of 20 nations, including 15 full-time members and five associate members.
- The treaty was revised in 2002 to allow for the eventual establishment of a single market and a single economy.
- The single market and economy is known as the Caribbean Single Market and Economy (CSME), which is meant to integrate all of the member states of CARICOM. It is still in development.
- The benefits of a free-trade region include increased economic growth and innovation and a transfer of technological and intellectual knowledge.
Understanding the Caribbean Community and Common Market (CARICOM)
The CARICOM consists of 20 countries. Fifteen of these countries are full-fledged members of the community, while five of them only retain associate member status. The 15 full-time countries are as follows:
- Antigua and Barbuda
- Bahamas
- Barbados
- Belize
- Dominica
- Grenada
- Guyana
- Haiti
- Jamaica
- Montserrat
- Saint Lucia
- Saint Kits and Nevis
- Saint Vincent and the Grenadines
- Suriname
- Trinidad and Tobago
The associate members are Anguilla, Bermuda, British Virgin Islands, Cayman Islands, and Turks and Caicos. Associate members retain part-time privileges.
These nations have collectively joined together to expand their trade and economic relations internationally, including further development of activity in international markets.
The CARICOM was formed in 1973 after the founders had enacted the Treaty of Chaguaramas. It 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.
Benefits of CARICOM
A free trade area is a collection of multiple countries that have established a free trade market between their nations. These markets will have very little, if any, tariffs on imports and exports. There will be no price controls enacted, either.
The benefit of free trade areas is that they allow countries to cease competing with one another for market shares on certain products and instead allow them to focus on the products that they are most qualified to produce or resources that they alone possess. This also presents an advantage to consumers as they receive higher quality products at a lower price.
CARICOM has many institutions that carry out its objectives, including the CARICOM Private Sector Organization (CPSO), Caribbean Tourism Organization (CTO), and the CARICOM Development Fund (CDF).
Free trade areas allow for the economic growth of the countries participating in the agreements. In addition, free trade motivates the industries in the countries to be more competitive, thereby spurring innovation and avoiding stagnation. There is also a significant technological and intellectual knowledge transfer between countries participating in free trade areas.
The Caribbean Single Market and Economy (CSME)
In 2002, steps were taken to eventually allow CARICOM to integrate all of its member-states into a single economic unit. The Caribbean Single Market and Economy (CSME) would result in the elimination of all tariff barriers within the region. The hope was that such an economic unification would resolve a number of issues faced by small developing CARICOM economies that find it difficult to compete with larger international competitors on a global market.
When fully completed, the CSME will allow for free intra-regional movement of capital and labor among member-states. Additionally, member-states will share monetary and fiscal policies, and businesses operating in the economic union will have access to a larger market.
As of 2021, there are still various aspects of CSME that need to be finalized by the different member states. The revision to the original treaty contains nine protocols and other additions that have still not been signed by all members.
There are also other aspects that are still in the research and development phase, such as e-commerce protocols. Progress, however, has been made, particularly in the areas of tax systems, regulatory environments, and governmental policies.
What Is the Largest CARICOM Country?
The largest CARICOM country by population is Haiti, with a 2021 population of 11.5 million people.
Who Is the President of CARICOM?
CARICOM does not have a president but rather has a Chairman of the Conference of Heads of Government of the Caribbean Community (CARICOM). The current Chairman is the Prime Minister of Antigua and Barbuda, the Hon. Gaston Browne.
Where Is CARICOM Headquarters?
The headquarters of CARICOM is in Georgetown, Guyana.
What Are the Main Objectives of CARICOM?
The main objectives of CARICOM are to «promote economic integration and cooperation among its members, to ensure that the benefits of integration are equitably shared, and to coordinate foreign policy.»
Why Has CARICOM Produced Limited Trade Improvements?
There are many challenges that CARICOM still faces, including «regional governance, institutional political representation, and non-automaticity of financing regional institutions.» These challenges have limited the extent of trade improvements.
Latin America is a difficult region when referring to regional integration. The practical and theoretical outcomes achieved regarding integration have evidenced for decades that it is not working well. Being the region in which the issue was first discussed, the reality is that it is still far from reaching a minimum regional dialogue that would allow joint work among its countries. There are many reasons for this situation. However, the lack of conceptual comprehension (basically by practitioners) and low political commitment, especially regarding supra-nationalism, are the two most relevant issues.
The Standard of the Caribbean Community features a blue background – the upper part being of a light blue representing the sky and the lower part of a dark blue representing the Caribbean Sea. The yellow circle in the centre of the Standard represents the sun on which is printed in black, the logo of the Caribbean Community – two interlocking Cs. The two Cs are in the form of broken links in a chain, symbolising both unity and the break with our colonial past. The narrow ring of green around the sun represents the vegetation of the Region.
KEY TERMS
MATCH THE TERM WITH ITS DEFINITION:
| full-time members | working or operating for the entire time appropriate to an activity of an organization |
| associate members | to have reference or relation to; relate |
| full-fledged members | as a member of an organization having only partial rights and privileges or subordinate status |
| part-time privileges | occurring between, or existing between two or more regions |
| pertain | the persevering act of politicians which ensures that they are achieving results |
| cease | understanding the connection of concepts, operations, and relations |
| intra-regional | fair and reasonable in a way that gives equal treatment or ownership to everyone |
| equitably share | a right or advantage enjoyed on a part-time basis |
| conceptual comprehension | to stop or discontinue |
| political commitment | of full rank or standing; completely developed or qualified member |
RESTORE THE SENTENCE BY FILLING IN THE KEY TERM:
| The CARICOM was formed in 1973 and consists of 20 nations, including 15 1. ……………… and five 2. ……………… . |
| Fifteen of these countries are 3. ……………… of the community, while five of them only retain associate member status. |
| The associate members, among which are Anguilla, Bermuda, British Virgin Islands, Cayman Islands, and Turks and Caicos, retain 4. ……………… . |
| The Treaty of Chaguaramas was established to replace the Caribbean Free Trade Area, which had failed in its mission to develop policies in the region 5. ……………… to labor and capital. |
| The benefit of free trade areas is that they allow countries to 6. ……………… competing with one another for market shares on certain products and instead allow them to focus on the products that they are most qualified to produce or resources that they alone possess. |
| When fully completed, the CSME will allow for free 7. ……………… movement of capital and labor among member-states. |
| The main objectives of CARICOM are to «promote economic integration and cooperation among its members, to ensure that the benefits of integration are 8. ……………… , and to coordinate foreign policy.» |
| There are many reasons for this situation. However, the lack of 9. ……………… (basically by practitioners) and low 10. ……………… , especially regarding supra-nationalism, are the two most relevant issues. |
COMPLETE THE PASSAGE WITH THE WORDS FROM THE BOX:
| respect reduce affirm promote ensure mainstream encourage project create realise |
The Community works together to deepen integration and build resilience so as to:
1. ……………. the collective identity and facilitate social cohesion of the people of the Community;
2. …………… our human potential as defined by the Ideal Caribbean Person, full employment and full enjoyment of human rights;
3. …………… that social and economic justice and the principles of good governance are enshrined in law and embedded in practice;
4. systematically …………… poverty, unemployment and social exclusion and their impacts;
5. …………… all aspects of sustainable development, including the environment, economic and social dimensions;
6. …………… the environment for innovation, the development and application of technology, productivity and global competitiveness, in which the collective strength of the Region is unleashed;
7. …………… optimum sustainable use of the Region’s natural resources on land and in the marine environment, and protect and preserve the health and integrity of the environment;
8. …………… the rule of law, protect the assets of the Community, and abhor corruption, crime and criminality in all its forms;
9. …………… citizens to willingly accept responsibility to contribute to the welfare of their
fellow citizens and to the common good ,practice healthy living and lifestyles, respect the rule of law, protect the assets of the Community, and abhor corruption, crime and criminality in all its forms;
10. …………… ‘one voice’ on international issues;
increase savings and the flow of investment within the Community.
MIXED BAG
The Caribbean Community (CARICOM) is a grouping of twenty countries: fifteen Member States and five Associate Members. It is home 1) to/ of 2) approximately/ approximetely sixteen million citizens, 60% of 3) which/ whom are under the age of 30 4) x/, and from the main 5) ethnical/ ethnic groups of Indigenous Peoples, Africans, Indians, Europeans, Chinese, Portuguese and Javanese. The Community is multilingual; with English as the major language complemented by French and Dutch and variations of these, as well as African and Asian expressions.
Stretching from The Bahamas in the north to Suriname and Guyana in 6) the/x South America, CARICOM comprises states that are considered 7) developing/ developed countries, and except for Belize, in Central America and Guyana and Suriname in South America, all Members and Associate Members are island states.
8) As long as/ While these states are all relatively small, both in terms of population and size, there is also great diversity 9) in/ with regards to geography and population as well as the levels of 10) economic/ economical and social development.