Caribbean Single Market Economy

The origin of the Caribbean Single Market Economy (CSME) or CARICOM as it is commonly known, emerged in the year 1963, when a Convention between the leaders of Barbados, Jamaica, Trinidad, and Tobago, and British Guiana met up to discuss the idea of creating a new Caribbean Community. This meeting, also known as the first Heads of Government Conference, took place in Trinidad and Tobago, where the delegates stressed the importance of obtaining the cooperation from Europe, Africa and Latin America. From then on, the delegation of Barbados emphasized the importance and benefits of establishing a free trade area in the Caribbean until finally signing an agreement to set up the Caribbean Free Trade Association in 1965 and being classified as a

In fact, Barbados was one of the four founding nations in 1973 which in association with Guyana, Trinidad and Tobago, and Jamaica established the organization later known as the Caribbean Community and Common Market. This new entity became the successor of the Caribbean Free Trade Association (CARIFTA). Within the CARICOM cabinet, the Barbadian head of government’s responsibility is as the lead Head of Government for the Caribbean Single Market and Economy (CSME) in CARICOM. Barbados ' goal has not only been to achieve a Common market but also to transform it into a Caribbean one-Single Market and Economy and the insertion of the region into global trading. The Caribbean Community’s main focus is to promote the economic development of all the members, increase the variety of tradable goods, and to create a large market from which all members will benefit equally. As stated by the Caribbean Community Secretariat, a few of CARICOM’s main objectives include: full employment of labor, the expansion of trade with third States, improved standards of living and work, amplified levels of international competitiveness, etc. Barbados has a Cabinet level position within the Caribbean Community and is one of the largest stakeholders in the CARICOM Regional Development Fund for other CARICOM member states to borrow

It is expected that a series of positive benefits will arise that will be of advantage to Barbados as a result of its participation in the CSME. The delegation of Barbados would like to emphasize the addition of the free movement services, the unrestricted movement of capital and the CARICOM rights of establishment. Barbados seeks to create more business and employment opportunities and the assurance of the CARICOM nationals who wish to carry on business in any member state are not discriminated against. Barbados presents a new program for trade in services that would provide various benefits for the Barbados economy where the services sector makes an essential contribution to the Gross Domestic Product (GDP). In order to accomplish this, Barbados would work to: enhance the export market and investment opportunities; improve and larger regional market access for local service providers; expand range of services activities capable of earning foreign exchange and promoting economic versatility; and increase competition in the domestic market and as a result, new investors will stimulate vast activity in these areas and provide consumers with more choices. Barbados supports the growth of intra-community and international trade and the mutually beneficial exchange of services and products among member states. As well, a