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Regional Integration (Csme)


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Regional Integration (Csme)

  1. 1. Regional Integration (CARICOM) Caribbean Single Market and Economy (CSME)
  2. 2. <ul><li>The CARICOM Single Market and </li></ul><ul><li>Economy is intended to benefit the </li></ul><ul><li>people of the Region by providing </li></ul><ul><li>more and better opportunities to </li></ul><ul><li>produce and sell our goods and </li></ul><ul><li>services and to attract investments. </li></ul><ul><li>It will create one large market </li></ul><ul><li>among the participating member </li></ul><ul><li>states. </li></ul>
  3. 3. Key elements of the Single Market and Economy include: <ul><li>Free movement of goods and services </li></ul><ul><li>Right of Establishment - to permit the establishment of CARICOM owned businesses in any Member State without restrictions </li></ul><ul><li>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; </li></ul>
  4. 4. <ul><li>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; </li></ul><ul><li>Free movement of Capital - through measures such as eliminating foreign exchange controls, convertibility of currencies (or a common currency) and integrated capital market, </li></ul><ul><li>such as a regional stock exchange; </li></ul>
  5. 5. <ul><li>A Common trade policy - agreement among </li></ul><ul><li>the members on matters </li></ul><ul><li>related to internal and </li></ul><ul><li>international trade and a </li></ul><ul><li>coordinated external trade </li></ul><ul><li>policy negotiated on a </li></ul><ul><li>joint basis; </li></ul>
  6. 6. <ul><li>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. </li></ul>