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CARICOM Single Market and Economy

The CARICOM Single Market and Economy, also known as the Caribbean Single Market and Economy (CSME), is an integrated development strategy envisioned at the 10th Meeting of the Conference of Heads of Government of the Caribbean Community which took place in July 1989 in Grand Anse, Grenada. The Grand Anse Declaration had three key Features:

A precursor to CARICOM and its CSME was the Caribbean Free Trade Agreement, formed in 1965 and dissolved in 1973.

The CSME will be implemented through a number of phases, first being the CARICOM Single Market (CSM). The CSM was initially implemented on January 1, 2006 with the signing of the document for its implementation by six original member states. As of July 3, 2006, it now has 12 members. Although the Caribbean Single Market and Economy (CSME) has been established, it is only expected to be fully implemented in 2008. This will be achieved with the harmonization of economic policy, and possibly a single currency.

At the eighteenth Inter-Sessional CARICOM Heads of Government Conference in St. Vincent and the Grenadines from 12–14 February 2007, it was agreed that while the framework for the Single Economy would be on target for 2008, the recommendations of a report on the CSME for the phased implementation of the Single Economy would be accepted. The Single Economy is now expected to be implemented in two phases.