The Treaty of Chaguaramas established the Caribbean Community and the Common Market, later known as CARICOM. It was signed on 4 July 1973 in Chaguaramas, Trinidad and Tobago. [1] It was signed by Barbados, Guyana, Jamaica and Trinidad and Tobago. It entered into force on 1 August 1973. The Treaty also established the Caribbean Community, including the Caribbean Internal Market and the Caribbean Economy, which replaced the Caribbean Free Trade Association, which ceased to exist on 1 May 1974. Caribbean Community (CARICOM), formerly (1973-2001) Caribbean Community and Commons Market, Organization of Caribbean Countries and Dependent Territories, originally established in 1973 by the Treaty of Chaguaramas as the Caribbean Community and Commons Market. It replaced the former Caribbean Free Trade Association (CARIFTA), which entered into force in 1968. The treaty encourages the development of associated institutions, including the Caribbean Development Bank and the Organization of Eastern Caribbean States, both of which promote economic growth and cooperation. Members include Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago. Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands and the Turks and Caicos Islands have associate membership, and Aruba, Colombia, the Dominican Republic, Mexico, Puerto Rico and Venezuela retain observer status.

The Permanent Secretariat has its headquarters in Georgetown, Guyana. The main objectives of CARICOM are to promote economic integration and cooperation among its members, to ensure that the benefits of integration are shared equitably and to coordinate foreign policy. Its main activities focused on the coordination of economic policy and development planning; It also designs and launches special projects for the least developed countries in its area of responsibility. In the late 1980s, CARICOM leaders expressed support for the creation of a regional common market, and in 1990 members agreed to develop a common protectionist policy for trade with countries outside the organization, although many members have been slow to implement these and other decisions. In July 2001, the Heads of Government revised the Treaty of Chaguaramas establishing the Caribbean Community and the CARICOM Internal Market and economy (CSME), which aimed to harmonize economic policies and create a single currency. The transition to a single market and economy was delayed due to disagreements over benefit-sharing, but in January 2006 the Caricom Single Market (CSM), which removed barriers to goods, services, trade and various categories of labour, was implemented by all Member States, with the exception of the Bahamas and Haiti. A year earlier, CARICOM had officially inaugurated the Caribbean Court of Justice (CCJ), which replaced the Judicial Committee of the Privy Council in London. The CCJ serves as the final court of appeal for CARICOM members and also deals with regional trade disputes. CARICOM Day is celebrated on the first Monday in July in Guyana to commemorate the signing of the Treaty. In Cuba, CARICOM Cuba Day is celebrated on 8 December to celebrate diplomatic relations between the Caribbean Community (CARICOM) and Cuba. In addition to economic issues, the Community instrument dealt with issues of external policy coordination and functional cooperation. Economic integration issues, particularly in the context of trade agreements, have been addressed in the Annex to the CSME.

A revised Treaty of Chaguaramas establishing the Caribbean Community, including the CARICOM Internal Market and Economy (CSME), was signed in 2001. [2] The countries of the region that signed the Treaty of Chaguaramas took an oath to:.