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Countries that constitute themselves into a single market and economy face numerous challenges at both national and regional levels of the new formed alliance to which they have now subscribed. There are international influences (external shocks) with which to cope as well, These developments bring with them changes involving structural reform measures, trade policy reforms and a whole new dimension to the relationship that exist between Caribbean countries and with others at the global level. Countries of the Caribbean Community (CARICOM) have joined their Latin American and European counterparts in being inducted into a single economic space and in embracing a common development vision to which they have avowed to subscribe. Membership within this regional community promises to bring several benefits, among these: economic and social policy harmonization; a more progressive economic environment; sharing of the burden of the impacts of global trade and international shocks with which they must periodically contend; forging of social partnerships and free movement of goods and services, capital and people within the region.
Copyright Sir Arthur Lewis Institute of Social and Economic Studies