Question

What is the CSME?

What would you strengthen in the CSME?

Answer 1

1. The Caribbean Single Market and Economy (CSME) is an initiative currently under discussion by the Caribbean Community and Common Market (CARICOM) that would incorporate all its member states into one single economic entity. Which will contribute to the removal of all tariff barriers within the country. Such economic union is hoped to resolve a number of issues faced by small developing CARICOM economies which find it difficult to compete on a global market with larger international competitors.

Once the CSME is fully completed, CARICOM will succeed and enable free intra-regional movement of capital and labour among member states. Member States will also exchange monetary and fiscal policies, and businesses operating in the Economic Union will have access to a wider market. This will help optimize the productive potential of Caribbean nations as well as help diversify the scope of markets where goods and services are traded in.

2. Training of consumer protection officers and members of NGOs in consumer protection policy and the CARICOM Rapid Warning System for the Exchange of Information on Dangerous Nonfood Products (CARREX) will improve the CSME. In addition, the opposing ministry personnel should also be educated in Competition Law and Policy.