The Advantages and Disadvantages of Caricom Single Market...

The Advantages and Disadvantages of the CARICOM Single Market and Economy (CSME) CARIBBEAN INTEGRATION Introduction Throughout the world many countries have tried to form strong alliances for varying reasons and among the top of that list would be for war and trade. The Caribbean as a region has found it necessary to form such an alliance, not for war but for trade. The need for such alliance gave way to the birth of a Single Market for the Caribbean region - The CARICOM Single Market and Economy (CSME). In order to understand the advantages and disadvantages of such a single market one must seek to understand what is meant by a single market and how the SCME come about. What is a Single Market? Although the concept of a Single†¦show more content†¦Chapter 3 of the Revised Treaty provides for skilled personnel and their families as well as business enterprises to take advantage of job opportunities within the CSME. The term â€Å"skilled workers† include: o University Graduates o Artistes, Sports Persons, Musicians Media Workers o Non-Wage Earners/Service Providers to establish Business - includes managerial, supervisory technical staff This legal framework will remove the requirement of CARICOM nationals to obtain work permits in order to work in another Caribbean country. However, individuals will be required to possess a CARICOM Skills Certificate. THE RIGHT OF ESTABLISHMENT This feature of the CSME provides for the removal of restrictions to the establishment of economic enterprises, companies, or other legal entities thereby giving CARICOM nationals the right to engage in self-employment or to create manage economic enterprises in any Member State. These established economic enterprises however, must be substantially owned (50% or more in equity) or controlled by CARICOM citizens (Ch.3, Art.32). With this right comes a greater scope for job creation and poverty eradication - . This must be complemented by improved access to training and skills development at the national level. This also promote an enhanced framework for small business development e.g. niche marketing,Show MoreRelatedCaribbean Integration2564 Words   |  11 Pagessimple and irrefutable. First we are small and we need to achieve economies of scale. We need to achieve such economies in markets, production, the mobilisation of regional capital for regional use, university education , science and technology, sea and air transport to mention some areas. We therefore need to pool as far as is feasible our markets and our financial human and natural resources. We need a single unified and truly common market for goods and services, capital, and trained manpower. In additionRead MoreEssay about Caribbean Integration2495 Words   |  10 Pagessimple and irrefutable. First we are small and we need to achieve economies of scale. We need to achieve such economies in markets, production, the mobilisation of regional capital for regional use, university education, science and technology, sea and air transport to mention some areas. We therefore need to pool as far as is feasible our markets and our financial human and natural resources. We need a single unified and truly common market for goods and services, capital, and trained manpower. In addition