An organization formed in 1973 to promote unity among the many small nations of the Caribbean. The main purpose of the organization is to promote the economic integration of its 15 members by means of a Caribbean Common Market, replacing the former body, the Caribbean Free Trade Association (CARIFTA). Member nations also cooperate on other projects in areas such as health, education, and agricultural development. A summit meeting in 1984 agreed to create a single market, but many issues were unresolved. At subsequent annual summit meetings disagreements were gradually settled and in 1995 the members decided to remove all internal trade tariffs by the end of the year. The CARICOM Single Market and Economy (CSME) was established in 2006, although not all CARICOM members joined. Its headquarters are in Georgetown, Guyana.
Subjects: History — Business and Management.