In 2001, the heads of government signed a Revised Treaty of Chaguaramas, thus clearing the way for the transformation of the Common Market aspect of CARICOM. Part of the revised treaty includes the establishment and implementation of the Caribbean Court of Justice (CCJ) which will be based in Port-of-Spain, Trinidad.
The (CCJ) will act as the original jurisdiction for settlement of disputes on the functioning of the Caribbean (CARICOM) Single Market and Economy (CSME), as well as serving as an appellate court of last resort for member states which have severed their country's ties with the Privy Council in United Kingdom.
The goal statement of the CARICOM Secretariat is:
"To provide dynamic leadership and service, in partnership with Community institutions and Groups, toward the attainment of a viable, internationally competitive and sustainable Community, with improved quality of life for all."
The leaders agreed to create the Caribbean (CARICOM) Single Market and Economy (CSME) which will come into effect on February 19, 2005 for Barbados, Jamaica and Trinidad and Tobago.
The three countries had originally set January 5, 2005 as the date of signing the agreement relating to the (CSME), instead the ceremony has been rescheduled to coincide with the February 19 inauguration of the new CARICOM-headquarters building at Liliendaal, in Guyana.
The prospect is that 10 of the remaining 12 CARICOM countries will join by the end of 2005. The Haiti are not expected to be a part of the new economic arrangement at that time. The CARICOM Secretariat also maintains frequent contact with another orgaization named the Organization of Eastern Caribbean States (OECS), which works with many of the smaller isles of CARICOM. Many of the OECS countries are seeking to maintain themselves as a micro-economic grouping within CARICOM.
The CommonMarket Council of Ministers is the second principal body of Caricom and the principal body of the regional CommonMarket.
Caribbean expressions of solidarity on issues of regional security and territorial integrity focused international attention on the region and strengthened Caricom's bargaining position in negotiations with regional and extraregional nations and in international forums.
The CaribbeanCommunity Secretariat reported that the decline in intraregional trade was approximately 33 percent in 1986, following declines of 3.3 percent in 1985, 10.9 percent in 1984, and 12.2 percent in 1983.
CaribbeanCommunity and CommonMarket (CARICOM), organization founded by the Treaty of Chaguaramas (Trinidad; 1973) and including 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.
Besides managing a commonmarket, CARICOM formulates policies regarding health, education, labor, science and technology, tourism, foreign policy, and the environment.
Affiliated institutions include the Caribbean Development Bank, the Univ. of Guyana, and the Univ. of the West Indies.
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