CARICOM is a community of Caribbean countries that promotes the integration process among its Member States.
This community was created on July 4, 1973, through the signing of the Treaty of Chaguaramas. The founding states of this community were:
- Old and bearded
- The Bahamas
- Saint Kitts and Nevis
- St. Lucia
- St. Vincent and the Grenadines
- Trinidad and Tobago.
Structure of CARICOM
The community is governed by two main Bodies: The Conference of Heads of Government and the Council of Ministers of the Community. These constitute the highest instances of the entity. On the other hand, these will be assisted by lower hierarchical bodies:
- Finance and Planning Council.
- Council for Trade and Economic Development.
- Council on Foreign and Community Relations.
- Council for Human and Social Development.
These are the decision-making bodies of the organization. Also, the following committees are part of it, in charge of the auxiliary bodies:
- Legal Affairs Committee.
- Budget Committee.
- Committee of Governors of the Central Bank.
- Committee of Ambassadors.
Finally, the Treaty of Chaguaramas also contemplates other institutions as part of the entity’s organizational structure. Mainly, under the figure of specialized technical agencies.
Objectives of CARICOM
The main objective of the community is the promotion of regional integration, both economic and political. Promoting the bloc’s cooperation in public policy spheres up to education.
In more detail, the specific objectives of CARICOM are:
- Improve quality of life and work standards.
- Reach full employment of the workforce.
- Achieve accelerated economic development and convergence.
- Promote the expansion of trade and economic relations with third States.
- Achieve higher levels of international competitiveness.
- To achieve greater multiplying power and economic effectiveness of the Member States in their relations with third States, groups of States, and entities of any kind.
- Greater coordination of foreign policies and economic (foreign) policies of the Member States.
- Generate greater functional cooperation in technological, social and cultural matters.
Finally, these objectives plan to be achieved under the principles of non-discrimination on grounds of nationality. Element of great importance for these countries. To this must be added the commitment of the Member States to adopt the measures emanating from the bloc. This, in favor of the joint growth of the region.
The Chaguaramas Treaty establishes the creation of the Community Development Fund. This fund, with contributions – in principle – from the Member States, will be in charge of granting the financing. However, it is also established that the Fund may accept grants from entities in the public and private sectors. Both from the Member States and from other entities external to the Community.