CARICOM Single Market and Economy and Free Movement
Established in 2001, it is an important part of the regional integration process and a driver of economic integration and resilience. The CSME is a single economic space that promotes intra-regional commerce and increases private sector competitiveness. It was created to help overcome the issues associated with limited market size by grouping markets within the Community. The CSME’s key components include free movement, macroeconomic policy coordination, and production integration across sectors such as agriculture, manufacturing, and services.
The CSME is also considered as a method to tackle small-scale difficulties, since the aggregated markets of the Caribbean Community would provide a far more feasible economic space for production and consumption of products and services, the free mobility of skills, and the development of enterprises in any Member State.
The CSME is also considered as a method to tackle small-scale difficulties, since the aggregated markets of the Caribbean Community would provide a far more feasible economic space for production and consumption of products and services, the free mobility of skills, and the development of enterprises in any Member State.
Prime Minister of Barbados, Mia Mottley, Lead Head of Government in the CARICOM Quasi Cabinet on the CSME
The CSME Focus On
the integration of the five core Free Movement regimes for the creation of a single market as well as the protocols being developed under the built-in agenda (public procurement, free zones, free circulation, e-commerce and contingent rights (Article 239);
macro-economic policy coordination and harmonization supportive of competitive production; and
production integration and sector development – agriculture, manufacturing and services.
Flyer on the launch of an E-Application for CSME Skilled Certificates in Trinidad and Tobago
The CSME involves:
(i) the integration of the five core Free Movement regimes for the creation of a single market as well as the protocols being developed under the built-in agenda (public procurement, free zones, free circulation, e-commerce and contingent rights (Article 239);
(ii) macro-economic policy coordination and harmonization supportive of competitive production; and
(iii) production integration and sector development – agriculture, manufacturing and services.
(i) the integration of the five core Free Movement regimes for the creation of a single market as well as the protocols being developed under the built-in agenda (public procurement, free zones, free circulation, e-commerce and contingent rights (Article 239);
(ii) macro-economic policy coordination and harmonization supportive of competitive production; and
(iii) production integration and sector development – agriculture, manufacturing and services.
Barbados's PM and other government officials preparing for the 18th Special Heads of Government Meeting on the CSME, December 2018
Prime Minister John Briceno participating in the 11th Meeting of the Prime Ministerial Sub-committee on the CSME to look closely at accelerating the region’s implementation of the CSME, June 2021
Several supportive measures are in place to help the CSME function effectively, including a robust competition legislation and policy framework, consumer protection, the promotion and protection of intellectual property rights, ICT, and transportation.
The 47th Regular Meeting of the Conference of Heads of Government, set for 3-5 July 2024 in Grenada, is expected to provide an update on full Free Movement. At the 45th Meeting of the Conference, which coincided with CARICOM’s 50th anniversary, the Heads of Government decided to work toward free movement of all CARICOM nationals within the Community.
In that Decision, the Heads of Government underscored the need for basic safeguards for CARICOM nationals who will exercise the right to full free movement, when the provision comes into effect. At the 46th Meeting of the Conference in February in Guyana, the Heads received a report on the work of the reconstituted Inter-Governmental Task Force (ITGF), which is working tirelessly to facilitate the implementation of the resolution on full free movement. Heads reemphasized that draft modifications to the Revised Treaty of Chaguaramas should include basic protections for nationals. Against this backdrop, they asked the IGTF and the Legal Affairs Committee to intensify their work ahead of a Special Meeting of the Conference in March 2024.
In that Decision, the Heads of Government underscored the need for basic safeguards for CARICOM nationals who will exercise the right to full free movement, when the provision comes into effect. At the 46th Meeting of the Conference in February in Guyana, the Heads received a report on the work of the reconstituted Inter-Governmental Task Force (ITGF), which is working tirelessly to facilitate the implementation of the resolution on full free movement. Heads reemphasized that draft modifications to the Revised Treaty of Chaguaramas should include basic protections for nationals. Against this backdrop, they asked the IGTF and the Legal Affairs Committee to intensify their work ahead of a Special Meeting of the Conference in March 2024.
Macroeconomic Policy
As the Community seeks to speed up the implementation of the CARICOM Single Market and Economy, the Conference of Heads of Government is expected to receive an update on draft policy and regulatory work to establish the regional capital market by July 2024. The Councils for Finance and Planning (COFAP), the Council of Trade and Economic Development (COTED), the Council for Human and Social Development (COHSOD), and the Legal Affairs Committee have been working together on this issue, with guidance from the Prime Ministerial Sub-Committee on the CSME and the CARICOM Bureau of Heads of Government. Their efforts are aimed at meeting the Conference’s mandate for a macroeconomic policy agenda for the CSME, which includes the operationalisation of the regional capital market, to be tabled for adoption by Member States by July 2024.