In 1972, Commonwealth Caribbean leaders at the Seventh Heads of Government Conference decided to transform the Caribbean Free Trade Association (CARIFTA) into a Common Market and establish the Caribbean Community, of which the Common Market would be an integral part.
The signing of the Treaty establishing the Caribbean Community (CARICOM), Chaguaramas, 4th July 1973, was a defining moment in the history of the Commonwealth Caribbean. Although a free-trade area had been established, CARIFTA did not provide for the free movement of labour and capital, or the coordination of agricultural, industrial and foreign policies.
The objectives of the Community, identified in Article 6 of the Revised Treaty, are: to improve standards of living and work; the full employment of labour and other factors of production; accelerated, coordinated and sustained economic development and convergence; expansion of trade and economic relations with third States; enhanced levels of international competitiveness; organisation for increased production and productivity; achievement of a greater measure of economic leverage and effectiveness of Member States in dealing with third States, groups of States and entities of any description and the enhanced co-ordination of Member States’ foreign and foreign economic policies and enhanced functional co-operation.
The Revised Treaty
In 1989, when the Heads of Government made the decision to transform the Common Market into a single market and economy in which factors move freely as a basis for internationally competitive production of goods and provision of services, it was also decided that for the transformation to take place, the Treaty would have to be revised.
In 1992, following the adoption of the report of the West Indian Commission, an Inter-governmental Task Force was established, to work on the revision of the Treaty.
Between 1993 and 2000, the Inter-Governmental Task Force (IGTF) which was composed of representatives of all Member States, produced nine Protocols, for the purpose of amending the Treaty. These nine Protocols were later combined to create a new version of the Treaty, called formally, The Revised Treaty of Chaguaramas Establishing the Caribbean Community, including the CARICOM Single Market and Economy.
Allowances have been made for the subsequent inclusion in the Revised Treaty, by way of additional Protocols, new issues such as e-commerce, government procurement, trade in goods from free zones, free circulation of goods, and the rights contingent on the free movement of persons.
CARICOM MEMBER STATES
1) Antigua and Barbuda
2) The Bahamas
11) Saint Lucia
12) St. Kitts and Nevis
13) St. Vincent and the Grenadines
15) Trinidad and Tobago
Heads of States of the Caribbean Community http://www.caricom.org/jsp/community/heads_of_government.jsp?menu=community