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CARICOM newest trade block

PostPosted: Sat Dec 31, 2005 9:50 am
by KarenS
The islands of Montserrat, St Vincent and the Grenadines, Trinidad and Tobago, St Lucia, Grenada, Belize, Antigua and Barbuda, Jamaica, Barbados, St Kitts and Nevis, Guyana, the Bahamas and Haiti are joining together to ensure economic survival. The bloc will officially be unified January 23rd in Kingston. As reported in Caribbean NetNews: "Come January 23, 2006 the Caribbean Community (CARICOM) becomes the newest trade bloc, joining the approximately 194 other trade blocs in the fight to ensure market survival.

These trade blocs enjoy special and differential treatment amongst themselves, in addition to the removal of trade barriers within the bloc and also have a common trade tariff for third countries.

In essence, regional trade blocs provide a protective hedge from the erosive winds of globalisation, acting as a trade union protecting its member countries. Benefits include, a unified and louder voice in world trade negotiations and the economies of scale accrued to larger manufacturing and trading entities." For the whole article see: