Economic Integration in the Caribbean Region
Economic Integration in the Caribbean Region
Re-Discussing the Capacity of the CARICOM
When the Treaty of Chaguaramas establishing the Caribbean Community and Common Market (CARICOM) became operative in August 1973, there were great expectations that at long last there were in place an institutional framework for economic integration in the Caribbean. This implied that the challenge of market fragmentation would be an issue of the past. But after the entry into force of the treaty, not much progress has been made in the economic integration of Caribbean markets. Issues abound as to whether the CARICOM, one of the world’s oldest still-functioning regional economic institutions, would ever be able to survive and, if it does, whether it would plug the Caribbean region into global commerce. This chapter holds that there are still weak areas in the framework of the Revised Treaty of Chaguaramas that could not support market integration. It suggests that the CARICOM must play a greater role to strengthen this framework.
Keywords: Caribbean community, CARICOM, economic integration, sub-regional organizations, Treaty of Chaguaramas
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