Home>Finance>Caribbean Community And Common Market (CARICOM) Definition

Caribbean Community And Common Market (CARICOM) Definition Caribbean Community And Common Market (CARICOM) Definition


Caribbean Community And Common Market (CARICOM) Definition

Learn about the Caribbean Community and Common Market (CARICOM) definition, its objectives, and its role in promoting regional finance and economic integration. Explore the importance of CARICOM's financial initiatives and policies.

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for LiveWell, at no extra cost. Learn more)

The Caribbean Community and Common Market (CARICOM) Definition Explained

Are you curious about what CARICOM stands for and how it impacts the region? In this blog post, we’ll dive into the CARICOM definition and explore its significance in the Caribbean community. Whether you’re a student researching for a project or simply an individual wanting to learn more about this organization, you’ve come to the right place!

What is CARICOM?

CARICOM stands for Caribbean Community and Common Market. It is an organization that aims to promote economic integration and cooperation in the Caribbean region. Established in 1973, CARICOM consists of 15 member countries, including Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

Why Was CARICOM Created?

CARICOM was created with the goal of enhancing economic cooperation and integration among its member states. The organization seeks to foster sustainable economic development, improve the standard of living for Caribbean people, and promote cultural development and understanding among the member countries. By collaborating and sharing resources, CARICOM aims to build a stronger and more resilient Caribbean community.

Key Takeaways about CARICOM:

  • Economic Integration: CARICOM strives to create a single market and economy within the member states, facilitating the movement of goods, services, and capital.
  • Social Development: CARICOM focuses on improving the quality of life for Caribbean citizens through initiatives in health, education, human resource development, and more.

What Are CARICOM’s Main Functions?

CARICOM carries out several key functions to achieve its objectives:

  1. Tariff Harmonization: CARICOM member states work together to establish a common external tariff and harmonize trade policies to promote fair competition and reduce trade barriers within the region.
  2. Movement of People: CARICOM facilitates the movement of people among its member states, allowing for hassle-free travel and temporary work arrangements.
  3. Joint Actions and Policies: CARICOM member states collaborate on various issues, including climate change, disaster management, security, and regional foreign policy.
  4. Resource Sharing: CARICOM promotes resource sharing, enabling member countries to pool their resources and expertise to address common challenges, such as healthcare, energy, and agriculture.

The Benefits of CARICOM

The Caribbean Community and Common Market offers a range of benefits to its member states:

  • Increased Trade: Through a unified market, CARICOM facilitates increased trade opportunities and market access for member countries, boosting economic growth.
  • Enhanced Regional Stability: By promoting cooperation and integration, CARICOM helps to foster regional unity, stability, and peace.
  • Shared Resources: Member countries can leverage shared resources and expertise to tackle common challenges, leading to greater efficiency and effectiveness.
  • Improved Standard of Living: CARICOM’s focus on social development improves access to education, healthcare, and other essential services, ultimately enhancing the standard of living for Caribbean citizens.


In summary, CARICOM plays a vital role in fostering economic integration, social development, and regional cooperation in the Caribbean. By creating a single market and economy, promoting resource sharing, and facilitating the movement of people, CARICOM strives to build a stronger and more prosperous Caribbean community. Through its efforts, CARICOM serves as an important driving force for sustainable development and improved quality of life within the region.

And there you have it – a comprehensive explanation of the CARICOM definition! We hope this blog post has provided you with a clearer understanding of CARICOM and its significance in the Caribbean. Feel free to explore more about CARICOM and its initiatives to delve deeper into this fascinating organization!