CARICOM Single Market and Economy
Flag of CARICOM and the CSME
The CARICOM Single Market
and
Economy also known as the Caribbean
Single Market and Economy or CSME is
an integrated development strategy envi-
sioned at the 10th Meeting of the Conference
of Heads of Government of the Caribbean
Community which took place in July 1989 in
Grand Anse, Grenada. The Grand Anse De-
claration[1] had three key Features:
1. Deepening economic integration by
advancing beyond a common market
towards a Single Market and Economy.
2. Widening the membership and thereby
expanding the economic mass of the
Caribbean Community (eg. Suriname and
Haiti were admitted as full members in
1995 and 2002 respectively).
3. Progressive insertion of the region into
the global trading and economic system by
strengthening trading links with non-
traditional partners.
A precursor to CARICOM and its CSME was
the Caribbean Free Trade Agreement,
formed in 1965 and dissolved in 1973.
Single Market and
Economy
The CSME will be implemented through a
number of phases,
the
first being the
CARICOM Single Market (CSM). The CSM
was initially implemented on January 1, 2006
with the signing of the document for its im-
plementation by six original member states.
As of July 3, 2006, it now has 12 members.
Although the Caribbean Single Market and
Economy (CSME) has been established, it is
only expected to be fully implemented in
2008. This will be achieved with the harmon-
ization of economic policy, and possibly a
single currency.[2]
At
the
eighteenth
Inter-Sessional
CARICOM Heads of Government Conference
in St. Vincent and the Grenadines from 12-14
February 2007,[3] it was agreed that while
the framework for the Single Economy would
be on target for 2008, the recommendations
of a report on the CSME for the phased im-
plementation of the Single Economy would
be accepted.[4] The Single Economy is now
expected to be implemented in two phases.
Phase 1 is to take place between 2008 and
2009[4] with the consolidation of the Single
Market and the initiation of the Sing