CARIBBEAN COMMUNITY AND COMMON MARKET (CARICOM)

CARIBBEAN COMMUNITY AND COMMON MARKET (CARICOM)

CARICOM was formed by the Treaty of Chaguaramas in 1973.  Its objective is to promote the economic integration of the member states (see Appendix B) through the establishment of a common market regime under which goods claiming common market origin are traded free of duty.

Goods qualify for common market treatment when they are consigned from one member state directly to a consignee in another member state, and where either they have been wholly produced within the common market, or where materials which themselves do not qualify for Common Market treatment have been used, they must undergo substantial transformation as set down in the Rules of Origin of the Caribbean Common Market.

The Commonwealth of the Bahamas is the lone member state of CARICOM which does not participate in the Common Market arrangement.