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Caribbean Community and Common Market

Caribbean Community and Common Market (CARICOM), organization founded by the Treaty of Chaguaramas (Trinidad; 1973, revised 2001) and including Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti (suspended 2004–6), Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago. Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands are associate members. Its purpose is to promote economic integration and development, especially in less-developed areas of the region. Besides managing a common market, CARICOM formulates policies regarding health, education, labor, science and technology, tourism, foreign policy, and the environment. CARICOM's headquarters are in Georgetown, Guyana. In 2005 the organization established the Caribbean Court of Justice, which functions as a final court of appeals for participating nations and as a court of original jurisdiction for settling disputes among CARICOM nations. In 2006 Caricom inaugurated its single market and economy when six of its members participated in the establishment of a CARICOM single market. The establishment of a single economy for participating nations is planned for 2008. Other affiliated institutions include the Caribbean Development Bank, the Univ. of Guyana, and the Univ. of the West Indies.

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Caribbean Community and Common Market

Caribbean Community and Common Market (CARICOM) Caribbean economic union. CARICOM was formed in 1973 by the Treaty of Chaguaramas to coordinate economic and foreign policy in the West Indies. Most members rely on the export of sugar and tropical fruits and are heavily dependent on imports, so competition for foreign markets is fierce. The headquarters are in Georgetown, Guyana.

http://www.caricom.org

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