As the United States celebrates its Day of Independence today, our brothers and sisters in the Caribbean are also celebrating an important event. The establishment of the Caribbean Community and Common Market, widely known as CARICOM, took place on this day in 1973.
Between 1965 and 1972, a trade agreement between several Caribbean nations known as the Caribbean Free Trade Association presided over the economic dealings of the English-speaking nations in the region. Trade and commerce was regulated under the association, but the signing of the Treaty of Chaugaramas moved the nations into its current trade era.
Barbados, Guyana, Jamaica, and Trinidad and Tobago were the first to sign the treat in the early ’70’s. Today, CARICOM is composed of 15 full member nations and five associate member nations. It is the aim of CARICOM to help bolster the economic standings of the member nations, share resources between designated “less developed” and “more developed” member countries, and assist them with overall economic integration.
Similar in scope to the European Union’s bloc of nations and its dizzying array of trade agreements and political maneuvering, CARICOM follows a similar track. Although they are largely different entities, CARICOM member nations have forged trade lines between the EU in recent years.
Like BlackAmericaWeb.com on Facebook. Follow us on Twitter.
