The Caricom Single Market and Economy (CSME) is operating at about a 64% overall level of compliance, according to the findings of studies commissioned by the Caricom Secretariat.
The five core CSME regimes are functioning but not at the level of effectiveness contemplated by the community, said a press release from the Secretariat. The studies were carried out over the last three years.
The core regimes operate through transactions between governments and Caricom businesses and persons, the release noted.
The CSME functions on the basis of a number of central legislation, institutional arrangements and administrative processes.
These legal, institutional and administrative measures form part of the foundation elements, from which compliance is determined and measured.
The five core regimes and their compliance grades are:
The Free Movement of Skills – 66%
The Free Movement of Goods – 80%
The Free Movement of Services – 37%
The Movement of Capital – 72%
The Right of Establishment – 64%
According to the release, the major deficiencies are with respect to the Free Movement of Services and the regime on the Right of Establishment. In addition, there is need for improvement with the regime for the Free Movement of Skills regarding the level of efficiency and effectiveness of administrative transactions between government authorities and Caricom nationals.
The studies were facilitated through the Caricom Trade and Competitiveness Project (CTCP) which is an arrangement between Canada and Caricom. It is designed to help create the capabilities within member states to deliver the rights conferred under Caricom agreements and to further enhance the effectiveness of the CSME, the release noted.
