CARICOM was established with the primary objective of promoting economic integration and cooperation among its member states in the Caribbean region.
It aims to enhance economic development, trade, and investment opportunities, as well as to strengthen the collective voice of Caribbean nations in international trade negotiations and other forums.
CARICOM's founding in 1973 marked a significant step toward fostering economic collaboration and regional solidarity among its member countries.
The Heads of Government Conference consists of the leaders (Prime Ministers or Presidents) of the member states of CARICOM. This conference is responsible for setting the overall policy direction and making decisions on matters affecting the Caribbean region. It meets annually to discuss and address key issues related to economic integration, regional cooperation, foreign policy, and other important areas of regional development.
The decisions taken by the Heads of Government Conference guide the direction and priorities of CARICOM's activities and initiatives.
CARIFTA (Caribbean Free Trade Association) came into being on May 1, 1968. It was established as a response to the need for economic cooperation and integration among Caribbean nations.
CARIFTA aimed to promote free trade and economic development within the region by eliminating tariffs and other barriers to intra-regional trade.
The formation of CARIFTA was a significant step towards fostering economic collaboration and unity among Caribbean countries, laying the groundwork for future regional integration efforts such as CARICOM (Caribbean Community) established in 1973.
Through CARIFTA, member states sought to strengthen their economies, enhance regional cooperation, and collectively address common challenges faced by Caribbean nations.
CARICOM (Caribbean Community) is an example of a multilateral treaty or agreement. It is a regional integration organization comprising multiple countries (currently 15 member states) in the Caribbean region. CARICOM was established by the Treaty of Chaguaramas in 1973 to promote economic integration, cooperation, and collaboration among its member states.
The treaty outlines the objectives, principles, and institutional framework for regional integration, including the establishment of common policies, initiatives, and mechanisms to enhance economic development, trade, investment, and other areas of mutual interest. As a multilateral treaty, CARICOM involves multiple parties (member states) that have agreed to participate and cooperate within the framework of the organization. Decision-making and policy-setting within CARICOM involve consensus-building among member states to achieve collective goals and address common challenges faced by the region.
The Caribbean Regional Health Authority (CARPHA): Established in 2011, CARPHA is a specialized agency focused on improving public health and addressing health challenges in the Caribbean region, including disease prevention, surveillance, and response.
The Caribbean Examination Council (CXC) was established in 1973 with the primary objective of developing and administering standardized examinations and certifications for secondary and post-secondary education across Caribbean countries.
One of its key functions is to provide regionally and internationally recognized examinations, including secondary school leaving examinations (such as the Caribbean Secondary Education Certificate - CSEC) that are widely recognized for academic and career purposes within the Caribbean region and beyond. The CXC plays a crucial role in fostering educational development and regional integration by promoting standardized education standards and assessments across its member states.
British West Indian Airways (BWIA) is not a common service of CARICOM. BWIA was a former airline that served the Caribbean region but was not directly operated or managed as a common service under the CARICOM framework
The Caribbean Development Bank (CDB) is headquartered in Barbados. It was established in 1970 and serves as a financial institution that provides development financing and technical assistance to Caribbean countries. The CDB's headquarters is located in Wildey, St. Michael, Barbados.
The bank plays a critical role in supporting economic and social development initiatives across the Caribbean region by funding projects in sectors such as infrastructure, education, healthcare, agriculture, and renewable energy.
This statement is accurate as CARICOM institutions, such as the Heads of Government Conference and various councils and committees, play a role in formulating and implementing policies within the organization.
Economic integration refers to cooperation among different states to reduce barriers to trade and economic activity. This can involve things like eliminating tariffs, coordinating monetary policies, and creating a common market.
The difference between MDC's and LDC's primarily relates to a degree of economic development. More Developed Countries (MDC's) generally have higher levels of economic prosperity, industrialization, infrastructure, and technological advancement compared to Less Developed Countries (LDC's). MDC's typically exhibit higher per capita income, higher standards of living, and greater access to resources and services.
LDC's, on the other hand, often face economic challenges such as poverty, limited industrialization, inadequate infrastructure, and lower levels of human development. They may rely heavily on agriculture, face issues with unemployment, and lack access to essential services like healthcare and education.
While political, social, and educational factors may also vary between MDC's and LDC's, the primary distinction is based on the degree of economic development and prosperity achieved by these countries. Economic indicators such as GDP per capita, industrial output, and overall economic growth are commonly used to differentiate between MDC's and LDC's in international development classifications.