What are examples of regional integration in the Caribbean?

What are examples of regional integration in the Caribbean?

Regional Integration in the Caribbean is mainly through the Caribbean Community, or CARICOM. In addition, member states in the sub-region are members of the Organisation of the Eastern Caribbean States (OECS).

What are the major stages in the integration movement in the Caribbean?

West Indian Federation (1958-1962) CARIFTA (1968-1973) CARICOM (1973 …) OECS: Organisation of Eastern Caribbean States (1981…) CSME: 1989 ACS: Association of Caribbean States (1995…) The West Indies Federation (WIF) was the first major effort at regional integration.

What is the importance of regional integration in the Caribbean?

The Caribbean economies have long recognized the value of working together. Improving regional integration—for instance, through more intraregional trade and policy coordination—can help the region’s small-size economies build greater resilience and scale, as well as enhance bargaining power on the global stage.

How is the Caribbean integrated?

In 1965, three Caribbean nations Antigua, Barbados and Guyana initiated the Caribbean trade integration process by signing the Treaty of Dicksenson Bay, which established the Caribbean Free Trade Association (CARIFTA). Three years later, with the Treaty of St.

How many stages are there to regional integration?

The degree of regional economic integration can be divided into five main stages.

How many levels of regional integration do we have?

five possible
There are five possible levels of regional integration. We can think of these levels as a continuum, with economic interconnectedness progressing from a low level of integration – the free trade area – through higher levels to the most advanced form of integration – the political union.

Why is regional integration important in the Caribbean?

What was the first attempt at regional integration in the Caribbean?

the West Indies Federation
The first attempt at Caribbean Integration began with the West Indies Federation on January 3rd 1958. The original intent of the West Indies Federation was to promote political integration between member territories, which would ultimately result in the independence from colonial rule.

What are the types of economic integration?

economic integration

• Simple free-trade area. The most basic type of economic integration is a simple free-trade area.
• Second-generation free-trade area.
• Customs union.
• Common market.
• Economic community or union.

When did regional integration start in the Caribbean?

In 1965, three Caribbean nations Antigua, Barbados and Guyana initiated the Caribbean trade integration process by signing the Treaty of Dicksenson Bay, which established the Caribbean Free Trade Association (CARIFTA).

What are the reasons for regional integration in the Caribbean?

What are the different types of economic integration?

What are five benefits of regional integration?

Regional integration allows countries to:

• Improve market efficiency;
• Share the costs of public goods or large infrastructure projects;
• Decide policy cooperatively and have an anchor to reform;
• Have a building block for global integration;
• Reap other non-economic benefits, such as peace and security.

What is regional economic integration?

Regional economic integration is a process in which two or more countries agree to eliminate economic barriers, with the end goal of enhancing productivity and achieving greater economic interdependence.

What are the reasons for regional integration?

How many types of economic integration exist among countries?

Specialists in this area define seven stages of economic integration: a preferential trading area, a free trade area, a customs union, a common market, an economic union, an economic and monetary union, and complete economic integration.