CARICOM Single Market and Economy

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. The Grand Anse Declaration 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 (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.
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A precursor to CARICOM and its CSME was the Caribbean Free Trade Agreement, formed in 1965 and dissolved in 1973.

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