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Carribbean Community And Common Market

Summary of Carribbean Community And Common Market

Commonly known as Caricom, the successor organization to the defunct Caribbean Free Trade Association (Carifta). The object of CARICOM was to stimulate regional development through the adoption of a common external tariff and uniform protectionist measures, harmonization of fiscal affairs, and concerted industrialization efforts. During the period between the inception of Caricom (1973) and 1978, the region suffered a decline in trade in absolute terms, which resulted in the adoption of intragroup protectionist controls by Jamaica and Guyana. These and other unilateral actions by Caricom members have impeded Caribbean economic development as a whole, although a dialogue among the members continues.

The member states of Caricom in 1984 were: Antigua, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts-Nevis and Anguilla, Saint Lucia, Saint Vincent, Trinidad and Tobago.

(Main Author: William J. Miller)