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Copyright (c) 2004 ILSA Journal of International & Comparative Law
ILSA Journal of International & Comparative Law

ACLI CONFERENCE SPEECH: CARIBBEAN SINGLE MARKET & ECONOMY: WHAT IS IT AND CAN IT DELIVER?

Fall, 2004

11 ILSA J Int'l & Comp L 39

Author

Andrea Ewart*

Excerpt



I. Introduction



The Treaty of Chaguaramas, as amended by the Grand Anse Declaration and other documents pertinent to the creation of the Caribbean Single Market & Economy (CSME) 1 , outlines the establishment of a Common Market and eventual creation of an Economic Union. What is an economic union? What benefits can it deliver for the Caribbean?



There is, today, only one economic union in existence-the European Union (EU). The signatories of the Treaty on Economic Union pledged "to achieve the strengthening and the convergence of their economies and to establish an economic and monetary union." 2 The economic space that comprises the European Community 3 emerged as a powerful trade bloc to which countries aspire to access at the same time that they close ranks against its perceived threat to their own economies. The increasing number of regional trade blocs is typically viewed, at least in part, as countries' response to the growing strength and breadth of the European unified market.



On the one hand, there is a reactive, protectionist trend which anticipates closure or decreased access to the European market with a resultant need to create alternative regional economic space as counterweight. 4 There is also the impetus promoted by the belief that regionalization offers several advantages in the pursuit of economic development. First, regional trading blocs can create a wider regional market for trade. They also create the potential to achieve regional economies of scale which in turn can spur economic growth and income generation. This is ...
 
 
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