The Caribbean Community and Common Market (CARICOM) was established by the Treaty of Chaguaramas, which was signed by Barbados, Jamaica, Guyana and Trinidad and Tobago and came into effect on August 1, 1973 to replace the former Caribbean Free Trade Association (CARITA) . The 14 member states are Antigua and Barbuda, Bahamas , Barbados , Belize, Dominica , Grenada , Guyana , Jamaica , Montserrat, Saint Kitts and Nevis, Saint Lucia , Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago. The British Virgin Islands and the Turks and Caicos Islands are associate members, and the Dominican Republic and Venezuela act as observers.

The Single Market: - on becoming a reality will allow CARICOM goods, services, people and capital to move throughout the Caribbean Community without tariffs/barriers and ithout restrictions so as to create a single large economic space, and to provide for a harmonious economic and trade policy for all CARICOM States.