The Caribbean Single Market and Economy (CSME), launched on January 1, 2006, will open new doors for expatriates. It will allow for the free movement of goods, services, people, capital and technology among the Caribbean Community (CARICOM)countries.

In principle, the CSME would allow the CARICOM states, with a population of six million, to pool their resources to combat increasing competition in the global economy. It represents a forward step in eliminating the challenges faced by the region in the face of globalization which has spurred the creation of increasingly larger trading blocs around the world. The CSME is expected to offer a secure platform for the region’s participation in the now stalled Free Trade Association of the Americas (FTAA) and will facilitate greater economies of scale and the creation of pan-Caribbean companies and brands. It is also geared to minimize the structural deficiencies and limitations of size, particularly in relation to the smaller member countries.

The CSME is expected to offer both political and economic benefits to the region as a whole and to individual members. New markets will open, promoting trade and investment and offering businesses a choice of locations, improved economies of scale, reduced costs and increased competitiveness.

While each country will maintains its national sovereignty, the CSME – as a regional body – is expected to closely approximate a national economy, giving the region a single voice. The CSME is built on five pillars – the free movement of capital; the free movement of goods, services and people; the establishment of a common trade and economic policy; harmonization of economic, monetary and fiscal policies; and a common currency. In order to be ready, each country will have to meet criteria specified by the treaty establishing the body.

The countries joining the CSME must conform to broad political, economic and legal criteria. They must adopt and implement uniform laws and have functioning market economies that are able to withstand competition.