overview of the csme[1]
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Copyright 2008 Ministry of Finance and the EconomyCopyright 2008 Ministry of Finance and the Economy(Industry and Commerce)(Industry and Commerce)
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Overview of the CARICOM SingleOverview of the CARICOM SingleMarket and EconomyMarket and Economy
Presenters: Ms. Michelle N. Henry &Presenters: Ms. Michelle N. Henry &Ms. Sherese EdwardsMs. Sherese Edwards Research OfficersResearch Officers
Ministry of Finance and the EconomyMinistry of Finance and the Economy(Industry and Commerce)(Industry and Commerce)
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Presentation OverviewPresentation Overview
Historical Overview of the Integration withinHistorical Overview of the Integration withinCARICOMCARICOM
Reasons for IntegrationReasons for Integration
Importance of the CSMEImportance of the CSME
Basic Provisions of the CSMEBasic Provisions of the CSME
ConclusionConclusion
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Member Countries of CARICOMMember Countries of CARICOM
and Signatories to the CSMEand Signatories to the CSMEAntigua and BarbudaAntigua and BarbudaBarbadosBarbados
Bahamas *Bahamas *
DominicaDominica
GrenadaGrenada
St. Kitts and NevisSt. Kitts and Nevis
St. LuciaSt. LuciaSt. Vincent and theSt. Vincent and the
GrenadinesGrenadines
BelizeBelize
GuyanaGuyana
SurinameSuriname
Haiti *Haiti *
MontserratMontserrat
Trinidad and TobagoTrinidad and Tobago
JamaicaJamaica
Copyright 2008 Ministry of Finance and the EconomyCopyright 2008 Ministry of Finance and the Economy(Industry and Commerce)(Industry and Commerce)
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Map of the CaribbeanMap of the Caribbean
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Historical Overview of IntegrationHistorical Overview of Integration
with the CARICOMwith the CARICOMThe History of integration within theThe History of integration within theCaribbean started with the:Caribbean started with the:
Establishment of the British West IndiesEstablishment of the British West IndiesFederation on January 3Federation on January 3rdrd 19581958 May 31May 31stst
1962.1962.
1515thth December 1965 CARIFTADecember 1965 CARIFTA FreeFreeTrade AreaTrade Area
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Historical Overview of IntegrationHistorical Overview of Integration
with the CARICOMwith the CARICOMCARIFTA was transformed into theCARIFTA was transformed into the
Caribbean Community and CommonCaribbean Community and Common
Market.Market.
Signing of the Treaty of ChaguaramasSigning of the Treaty of Chaguaramas
establishing the Caribbean Communityestablishing the Caribbean Community
(CARICOM)(CARICOM) 44thth July 1973July 1973
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CARICOM SECRETARIATCARICOM SECRETARIAT
Turkeyen, Georgetown, GUYANA.Turkeyen, Georgetown, GUYANA.
Tel: (592) 222 0001Tel: (592) 222 0001--75 Fax: (592) 222 017175 Fax: (592) 222 0171
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(Industry and Commerce)(Industry and Commerce)
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CARICOM Secretary GeneralCARICOM Secretary General
Dr. Edwin CarringtonDr. Edwin Carrington
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GENERAL OBJECTIVES OFGENERAL OBJECTIVES OF
CARICOMCARICOM Improved Standards of living and workImproved Standards of living and work
Full utilization of labour and other factorsFull utilization of labour and other factors
of productionof production Sustained economic developmentSustained economic development
Expansion of trade and economic relationsExpansion of trade and economic relations
with states outside of the communitywith states outside of the community Enhanced levels of internationalEnhanced levels of international
competitivenesscompetitiveness
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Historical Overview of IntegrationHistorical Overview of Integration
with the CARICOMwith the CARICOM
The Grand Anse (Grenada) Declaration in
1989 - set the foundation for theadvancement of the Integration Movement
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Reasons for IntegrationReasons for Integration
Strengthen the Caribbean Community inStrengthen the Caribbean Community in
all of its dimensions to respond to theall of its dimensions to respond to the
challenges and opportunities presented bychallenges and opportunities presented by
the changes in the global economy.the changes in the global economy.
(Grand Anse Declaration)(Grand Anse Declaration)
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Why IntegrationWhy Integration
CARICOM Countries were being forced toCARICOM Countries were being forced tofundamentally adjust : restructure theirfundamentally adjust : restructure theirinternal economies; as a result ofinternal economies; as a result of
globalization and liberalization.globalization and liberalization.
Protected markets were under assault.Protected markets were under assault.
CARICOM Countries were involved inCARICOM Countries were involved inExternal Negotiation.External Negotiation.
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What is the CSME ?What is the CSME ?The CARICOM Single Market and Economy is
the creation of a single enlarged social andeconomic space through the free movementof persons, goods, capital and services.
This CARICOM mandate was established throughthe Revised Treaty of ChaguaramasEstablishing the Caribbean Community
including the CARICOM Single Market andEconomy signed by the Heads of Governmenton 5th July 2001.
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What is CSME?What is CSME?A Single Market (CSM)In 2006 the Single Market came into effect with the
following elements:
Free movement of skills and labour (SkilledCertificate)
Free movement of goods - (Need for regionalshipping line)
Free movement of service
Free movement of Capital
Right to establishment (businesses)
All without tariffs, barriers and restrictions
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What is CSME?What is CSME?
A Single Economy
This will provide further economic, monetary,and fiscal harmonization across all member
states. This will call for all member states coordinating
their policies to facilitate a common foreignexchange rate, interest rate, tax regimes and
laws. ( This is the OECS Reality).Important to Note: The CSME is not a Political
Union.
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Importance of the CSMEImportance of the CSME
It a platform on which to increase theIt a platform on which to increase the
competitiveness of the region.competitiveness of the region.
A market for goods and services of theA market for goods and services of the
region.region.
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Importance of the CSMEImportance of the CSME
The movement of all forms of capitalThe movement of all forms of capital
without restrictions.without restrictions.
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Importance of the CSMEImportance of the CSME
The movement of professionals within theThe movement of professionals within theCommunity:Community:
University GraduatesUniversity Graduates
Media workersMedia workers
Sports PersonsSports Persons
ArtistesArtistes
MusiciansMusicians
TeachersTeachers
NursesNurses
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Importance of the CSMEImportance of the CSME
The CSME gives this region of small states theThe CSME gives this region of small states the
benefit of greater critical mass, pooledbenefit of greater critical mass, pooled
resources, and achieve greater economies ofresources, and achieve greater economies of
scale for enhanced external competitiveness.scale for enhanced external competitiveness.
The CSME serves as a basis for a strongerThe CSME serves as a basis for a stronger
and more effective negotiating and lobbyingand more effective negotiating and lobbying
force than individual territories acting on theirforce than individual territories acting on their
own.own.
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Basic Provisions of the CSMEBasic Provisions of the CSME
Chapter 8: Competition Policy andChapter 8: Competition Policy andConsumer ProtectionConsumer Protection
Competition PolicyCompetition Policy prohibition of antiprohibition of anti--competitive business conduct whichcompetitive business conduct whichprevents, restricts or distorts competitionprevents, restricts or distorts competition
or which constitutes the abuse of aor which constitutes the abuse of adominant position in the market (Articledominant position in the market (Article169)169)
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Basic Provisions of the CSMEBasic Provisions of the CSME
Promotion of Consumer Interests in thePromotion of Consumer Interests in the
CommunityCommunity
Protection of consumers fromProtection of consumers from
discrimination against producers anddiscrimination against producers and
suppliers of goods (Article 185)suppliers of goods (Article 185)..
Chapter 9 Dispute SettlementCopyright 2008 Ministry of Finance and the EconomyCopyright 2008 Ministry of Finance and the Economy
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Basic Provisions of the CSMEBasic Provisions of the CSME
Caribbean Court of Justice (CCJ)Caribbean Court of Justice (CCJ)
Original JurisdictionOriginal Jurisdiction
It ensures uniform interpretation and applicationIt ensures uniform interpretation and application
of the Revised Treaty of Chaguaramas, therebyof the Revised Treaty of Chaguaramas, therebyunderpinning and advancing the CARICOMunderpinning and advancing the CARICOM
Single Market and Economy.Single Market and Economy.
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Basic Provisions of the CSMEBasic Provisions of the CSME
Appellate JurisdictionAppellate Jurisdiction
As the final court of appeal for memberAs the final court of appeal for memberstates of the Caribbean Community itstates of the Caribbean Community it
fosters the development of an indigenousfosters the development of an indigenous
Caribbean jurisprudence.Caribbean jurisprudence.
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A Practical look at the functioningA Practical look at the functioning
of the CSMEof the CSME
CONTINGENT RIGHTS:CONTINGENT RIGHTS:
Rights entitled to nonRights entitled to non nationals working and living innationals working and living in
another CARICOM Member State, under the same termsanother CARICOM Member State, under the same termsand conditions of nationals of the host country.and conditions of nationals of the host country.
NonNon Discrimination (Article 7)Discrimination (Article 7)
Can the CSME effectively exist without settling theCan the CSME effectively exist without settling theissues on Contingent Rights?issues on Contingent Rights?
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ConclusionConclusion
Do you think the CSME is theDo you think the CSME is the
best option for the Communitybest option for the Communityin a competitive globalin a competitive global
economy?economy?
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Contact InformationContact Information
Ministry of Finance and the EconomyMinistry of Finance and the Economy
(Industry and Commerce)(Industry and Commerce)
Redcliffe StreetRedcliffe StreetP. O. Box 1550P. O. Box 1550
St. JohnsSt. Johns
Tel #: 462Tel #: 462--15421542
Fax #: 462Fax #: 462--16251625
EE--mail: trade@antigua.gov.agmail: trade@antigua.gov.ag
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Thank You
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