The CARICOM Single Market & Economy (CSME)

The CARICOM Single Market (part of CSME) is designed to create a single economic space where goods, services, people, and capital can move freely across participating Member States. This improves regional integration, competitiveness, and economic growth.

i. Free Movement of Goods and Services

• Goods:

• • No customs duties or tariffs on goods produced within CARICOM.

  • Goods must meet rules of origin to qualify (made or substantially transformed in CARICOM).

  • No quantitative restrictions (no limits on how much can be imported/exported between states).

  • Free circulation: Once goods enter a CARICOM state, they can move freely across others.

• Services:

• • CARICOM nationals and companies can provide services in any participating Member State without discrimination.

  • Includes professional, cultural, financial, and technical services.

  • National Treatment Principle: Service providers are treated like nationals of the host country.

  • Example: A lawyer from Barbados can provide legal services in Trinidad & Tobago without a work permit.

ii. Right of Establishment

• Definition: The right of CARICOM nationals and companies to set up and operate a business in any participating Member State.

• Includes:

• • Starting a business in sectors such as trade, industry, agriculture, and services.

  • Managing and controlling the business without discrimination.

  • Bringing in managerial, technical, and supervisory staff necessary for the business.

• Conditions:

• • Must comply with local laws (e.g., company registration, tax laws).

  • Proof of financial resources and business plan required.

• Example: A manufacturing company from Jamaica opening a branch in St. Lucia.

iii. Free Movement of Capital

• Definition: The ability to move money and investments freely within CARICOM.

• Includes:

• • Investments in businesses across member states.

  • Purchase of land and property for commercial use.

  • Transfer of dividends and profits.

• Purpose: Encourage regional investment, promote cross-border business.

• Restrictions: Some limitations may apply for national security or public interest.

iv. Free Movement of Skilled Labour

• Allows approved categories of skilled CARICOM nationals to work in any member state without a work permit.

• Approved Categories:

• • University graduates.

  • Artistes.

  • Musicians.

  • Sportspersons.

  • Media workers.

  • Nurses.

  • Teachers.

  • Artisans with Caribbean Vocational Qualification (CVQ).

  • Holders of Associate Degrees.

  • Household domestics with CVQ or equivalent.

• Requirements:

• • Obtain a CARICOM Skills Certificate from the Competent Authority.

• Benefits:

• • Right to live and work without discrimination.

  • Spouses and dependents can also live and work without a permit.

• Example: A teacher from Grenada can work in Trinidad & Tobago once certified.