NAME ..

DATE
.

WORKSHEET (TIMED)

FILL IN THE BLANKS WITH THE WORDS FROM THE WORD BANK.

A contract or treaty entered into by a number of states or territories which are independent of one another

but who desire to be under a single government for certain specific purposes is a

.. The .. was established in

. The aim was to establish a among its member. It did

not achieve any of its objectives and collapsed in .. As a result of this

was then founded in .. by the signing of the Dickerson

Bay agreement in It did not come into effect until

.. The aim of this association was to unite their economies, give them a

joint presence on the international scene and to encourage balanced development of the Region by:

Buying and selling more goods among the Member States .

Expanding the variety of goods and services available for trade..

Removing tariffs and quotas on goods produced and traded within the area.. in

addition to providing for free trade.

In 1973 CARIFTA became It stands for

. It was established by the treaty of

. Currently there are . Members and

.. associated members. The headquarters is in The aims

are to;

1. To encourage trade between member states ...

2. To foster cooperation in non-economic areas. ..

3. To develop links between the nations of the Caribbean and to present a common view

4. To encourage regional trade and remove trade barriers

The .. is the major organ within the institution. It is

responsible for policy-making and direction. It has the final authority on issues associated with the body.

The second major organ within this body is the Ministers of

government comprise this body and have responsibility for the proper functioning of this part of the body.

The is the organ that is charged with the responsibility of

implementing the decisions of the various groups within the institution. It deals with the operational

activities of CARICOM.

in 1994, at the Caribbean Heads of Government meeting, Caribbean governments agreed to establish a

single market and a single economy known as the .

The main aim of the CSME is to allow free movement of .., . and

.. across the region.

Expand the abbreviation of each of the following Institutions of CARICOM
(CDERA) headquarters is in Barbados
(CMI) headquarters s in Barbados
(CEHI) headquarters is in St. Lucia
(REPAHA) headquarters is in Guyana
(ACCP)
(CARICAD) headquarters is in Barbados
(CFNI) has two locations, namely at the Mona Campus of UWI (Jamaica) and the St. Augustine Campus of UWI
(Trinidad).
(CCJ)
Expand the abbreviation of each of the following Associate Institutions of CARICOM
(CDB) located in Barbados
(CXC) located in Barbados
(CLI/CLIC) located at the Faculty of Law, Cave Hill Campus of the UWI, Barbados
UWI three campuses located in Jamaica, Trinidad and Barbados.

A. The CARICOM Single Market and Economy (CSME)

The CARICOM Single Market and Economy is intended to benefit the people of the Region by providing
more and better opportunities to produce and sell our goods and services and to attract investment. It will
create one large market among the participating member states.

The main objectives of the CSME are: full use of labour (full employment) and full exploitation of the other
factors of production (natural resources and capital); competitive production leading to greater variety and
quantity of products and services to trade with other countries. It is expected that these objectives will in
turn provide improved standards of living and work and sustained economic development.

Key elements of the Single Market and Economy include:

Free movement of goods and services - through measures such as eliminating all barriers to
intra-regional movement and harmonising standards to ensure acceptability of goods and services
traded;
Right of Establishment - to permit the establishment of CARICOM owned businesses in any
Member State without restrictions;
A Common External Tariff - a rate of duty applied by all Members of the Market to a product
imported from a country which is not a member of the market;
Free circulation - free movement of goods imported from extra regional sources which would
require collection of taxes at first point of entry into the Region and the provision for sharing of
collected customs revenue;
Free movement of Capital - through measures such as eliminating foreign exchange controls,
convertibility of currencies (or a common currency) and integrated capital market, such as a
regional stock exchange;
A Common trade policy - agreement among the members on matters related to internal and
international trade and a coordinated external trade policy negotiated on a joint basis;
Free movement of labour - through measures such as removing all obstacles to intra-regional
movement of skills, labour and travel, harmonising social services (education, health, etc.),
providing for the transfer of social security benefits and establishing common standards and
measures for accreditation and equivalency.

Other measures:
Harmonisation of Laws: such as the harmonisation of company, intellectual property and
other laws.
There are also a number of economic, fiscal and monetary measures and policies which are
also important to support the proper functioning of the CSME.

These include:

Economic Policy measure: coordinating and converging macro-economic policies and

performance; harmonising foreign investment policy and adopting measures to acquire,
develop and transfer appropriate technology;

Monetary Policy measures: coordinating exchange rate and interest rate policies as well as
the commercial banking market;

Fiscal Policy measures: including coordinating indirect taxes and national budget deficits.