Question

What would you strengthen in the CSME?

Answer 1

Q- What would you strengthen in the CSME?

Answer- The CARICOM Single Market and Economy, also known as the Caribbean Single Market and Economy (CSME), is an integrated development strategy envisioned at the 10th Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) which took place in July 1989 in Grand Anse, Grenada.

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 (e.g. 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.

Key component or strengths of CSME as follows-

1)   Free Movement of Goods- There has to be agreement on regional standards for the production of goods throughout the Community. This has led to the establishment of the Caribbean Regional Organization for Standards and Quality.A CET for goods originating outside of CSME; rules of origin that determine which goods should be traded within CSME without the application of tariffs and non-tariff barriers.

2) Free Movement of Services- Removal of restrictions on trade in services; Common standards and regulations to govern cross-border movement of services and service providers; Access to information;

3) Free Movement of Persons- Elimination of the need for passports by CSME nationals traveling within CSME; Facilitation of CSME nationals at immigration points within the region; Elimination of the need for work permits for skilled CSME nationals; Mechanisms for assessing equivalency of qualifications and for accreditation on a common basis; Harmonization and transferability of Social Security benefits across Member States.

4) Free Movement of Capital- Monetary measures, Fiscal measures, Economic measures, Other supporting measures

5)   The Caribbean Court of Justice (CCJ)- This will provide a solid judicial foundation for the success of the CSME as it will protect and enforce a range of rights. It will be the Court of Original Jurisdiction - the CCJ will be vested with the original jurisdiction in respect of the interpretation and application of the Revised CSME Treaty.