CARICOM Convention NTL
CARICOM Convention

What is the CARICOM Convention?

The Caribbean countries launched the CARICOM agreement,  an acronym for the Caribbean Community. It stipulates the agreement of a group of countries in the Caribbean islands region in order to establish a free trade market that brings together member states, provided that customs duties imposed on the region’s markets are not high. This agreement also provides for the provision of activities that contribute to the integration of developing regions with developed regions. It is worth noting that obtaining citizenship from one of the CARICOM countries means obtaining many advantages that benefit everyone who holds Caribbean citizenship, whether he is an indigenous citizen or one who obtains Citizenship by investment.

In this article you will read:

  • The goal of establishing the CARICOM Convention.
  • Caribbean borders.
  • Countries that are members of the CARICOM Convention.
  • Caribbean lifestyle.
  • European economy and market.
  • The largest island in the Caribbean.
  • President of the Caribbean Community.
  • The main pillars of the CARICOM agreement.
  • The importance of the CARICOM agreement to the investor who obtained the investment citizenship.
  • Objectives of the CARICOM Agreement.
  • History of Cooperation in the Caribbean.
  • Possibility of transfer between CARICOM member states.

What is the main objective of establishing the CARICOM Convention?

The aim of this cooperation is to reduce competition between the CARICOM countries in order to obtain larger shares in the market. In addition to  focusing on the resources that these countries possess and the best methods for their production.

All member states can contribute to economic growth and stimulate trade in industries to be more competitive, and specialization in the field of technology has a large share within the countries of this agreement.

What are the boundaries of the CARICOM agreement area?

From the north, the Caribbean starts from the Bahamas to extend south to Suriname and Guyana in South America.

Despite the small area of ​​each island, all the islands are rich in geographical diversity and depend on different development factors, whether economic or social.

Who are the member states of the Caribbean islands?

The Caribbean Community consists of 15 permanent member states and 5 associate member states. The following are the member states:

What is life like in the Caribbean islands?

About 16 million citizens live in the Caribbean islands, most of whom are young people under the age of 30, with 60% of the population under 30. There is wide cultural and ethnic diversity.

Caribbean Economy and Market:

In an effort to remove the various customs barriers between the member states of the Caribbean Convention, all these countries were merged into one economic unit.

On the other hand, the CARICOM agreement aims to find solutions for the developing Caribbean country to find a place to compete in global markets.

What is the largest island in the Caribbean?

In the Caribbean Community Haiti is the largest in terms of population 11.5 million people.

Who is the president of the CARICOM federation?

In the CARICOM Federation, there is a President of the Conference, not a Head of State, the current President of the Caribbean Community, Dr. Keith Roy. Keith Rowley is the Prime Minister of Trinidad and Tobago.

The four main pillars of the CARICOM Agreement:

  • economic integration.
  • foreign policy coordination.
  • Human and social development.
  • Achieving safety and security.

What is the importance of the CARICOM agreement for investors who obtained citizenship by investment from a Caribbean country?

When an investor obtains citizenship from one of the Caribbean countries, this means that he will receive many advantages within the Caribbean region and in the United Kingdom. Where the investor who obtained the investment citizenship can reside in any of the countries of the agreement for a period of 6 months. A Caribbean citizen can also reside for 6 continuous months annually in the United Kingdom and 6 non-continuous months a year within the European Union.

But if he wants to settle and live in the Caribbean islands, the investor can benefit from the following facilities:

  • Any citizen can create and manage an economic enterprise.
  • A new commercial horizon for the investor, where he can expand his business and carry out various commercial, industrial, agricultural or craft activities, and benefit from the import and export movement between the countries of the Caribbean Community without taxes.
  • Anyone who establishes an establishment may freely move from one member state to another within the agreement countries.

To find out how to obtain citizenship by investment from a Caribbean country, you can contact the NTL team specialized in citizenship and investment in the Caribbean.

What are the objectives of the CARICOM Convention?

  • Improving the standard of living and work.
  • Reducing the unemployment rate and full employment of workers.
  • Striving for accelerated and sustainable economic development, taking care that it is organized and coordinated, and not random or immediate results.
  • Cooperation with third countries and expansion of trade and economic relations.
  • Raising competitiveness.
  • Study methods of increasing production.
  • Enhancing economic influence.
  • Enhancing functional cooperation with third countries.
  • Cooperation of Member States with various other countries.
  • Coordination of foreign policy from the economic point of view by the member states.
  • Enhancing economic cooperation among member states.
  • Share the benefits fairly and equally.
  • foreign policy coordination.

The beginning of the history of cooperation in the Caribbean:

The first objective of the cooperation of the Caribbean regions is to ensure functional cooperation and to intensify efforts to establish a political union. The basic agreements that were signed in the region can be identified, namely:

Creation of the West Indies Federation in 1958.

Creation of the CARIFTA Regional Federation or Free Trade Association.

The first establishment of the Caribbean Community or what is known as the CARICOM Convention.

Signing of the Treaty of Chaguaramas by a group of prime ministers.

Amendment of the CARICOM agreement in 2002 in order to obtain a unified market and economy.

Is it possible to transfer between the member states within the CARICOM Agreement?

A citizen of the Caribbean islands can move to another country within the member states to start a new project or establish a business, and then he needs 3 basic things:

A valid passport.

return ticket.

Proof of financial resources such as a credit card and cash or traveler’s checks.

For more information, you can contact us.