Having already established a Single Market for intra-regional trade in goods, the Caribbean Community has taken a significant step towards the creation of a Single market for Services, Capital and the Establishment of Businesses by CARICOM Nationals.
As of 1 March 2002 CARICOM Member States have started implementing a programme with a timetable for the removal of existing restrictions that would impede or infringe upon the rights of CARICOM Nationals to provide Service, move Capital and establish business enterprises. To this end CARICOM Member States have given a commitment to having those restrictions included in the programmes removed as of 2003, 2004 and finally 2005.
By extension restrictions must also be removed from the categories of persons who have the right to move freely to include self-employed service providers and entrepreneurs together with their managerial, technical and supervisory staff and spouses and immediately dependent family members.
The restrictions to be removed are those that CARICOM Member States, could not immediately remove upon the signing of Protocol II of the Revised Treaty of Chaguaramas, the legal foundation for the Single Market and Economy. From 1 March 2002, there should therefore be no restrictions on the Right of Establishment, the Provision of Services and the Movement of Capital within the Community other than those included in the Programmes.
The absence of restrictions on Services, Capital and Right of Establishment is a major frontier for the CSME and Member States therefore, are required to remove existing restrictions, and are furthermore mandated not to introduce new ones.
