Single market for the Caribbean

The Caribbean Community (CARICOM) has become the world s newest trade bloc, with the launch of the CARICOM Single Market (CSM), which aims to expand access for regional goods and services in the global marketplace. Agriculture will be a special focus as this sector continues to represent one of the main pillars of the economies in the region. The single market involves removing trade barriers between members and introducing a common trade tariff for third countries. Benefits are expected to include a louder voice in world trade negotiations and the advantages of economies of scale for small-scale producers. Development of many Caribbean island states has been hampered by their small size and by the limitations that this imposes in terms of production, market access and transport costs. In 2008, the CSM is due to undergo full integration to become the CARICOM Single Market and Economy (CSME), which will extend union beyond the scope of a free trade area and involve harmonisation of tax and social regimes. The success of economic union will depend, in part, on the ability to upgrade ICTs in the region, to foster better marketing strategies, and an improvement in the speed and efficiency with which goods are moved.The Caribbean Community (CARICOM) has become the world s newest trade bloc, with the launch of the CARICOM Single Market (CSM).