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this video is brought to you by mcclay the innovative british fashion brand that donates a portion of its sales to charities that aim to improve our planet and environment find out more in the link below at .mclay.co.uk thank you mclay this is caracom the caribbean community an organization that brings together 15 member states and dependencies now carocom is not the most well-known international organization within global affairs so today we're going to investigate it a little further and find out what it is what it does and try to understand why institutions like the united nations even have caracom as an official u.n observer so buckle up as we head to the caribbean and welcome to caracom explained [Music] now picture this a sun-soaked part of the world with crystal clear water and stunning beaches home to a diverse list of nations and peoples that for many centuries have had their economies geared towards the production of agricultural produce for exploitation towards former occupiers colonizers and tradespeople yep that's the region of the world where carocom can be found and its past economic realities play a key role in the establishment of today's caricom which looks to strengthen and modernize the region but let's start with the basics established in 1973 by the treaty of jaguaramas signed in trinidad and tobago caracom has grown from an organization of just the four members of barbados jamaica guyana and trinidad and tobago to an international organization with an almost all-encompassing presence in the caribbean its goal was simple to promote economic integration cooperation and foreign policy coordination among its members and as such it superseded the caribbean free trade association which had been operating since the mid-1960s part of the motivation that contributed towards the formation of caricom in the 1970s was the dissolution of the west indies federation in 1962 a political union that consisted of various caribbean states many of which had just become independent from the british but anyway caracom grew in size with eight new members joining a year after its creation and its largest member haiti joining in 2002. economically carocom has been divided from the very beginning so much so that all its 15 members have been grouped into one of two groups as provided in article 4 of the founding treaty these groups are quite simply named ldcs and mdcs standing for less developed countries and more developed countries and i'll make sure that futureme edits the countries in the correct groups to save me butchering the names of all 15 members now during its almost 50 years of existence caracom has been a busy organization making changes that have had real impacts on the ground for example as of 1990 thanks to the grand anse declaration caracom nationals have been able to travel within the community without the need for a passport as the hassle-free travel policy was brought in with the idea of increasing intra-caracom tourism and a sense of community although the policy has had some issues with regards to its implementation furthermore a caracom national is entitled to six months within any other member as stated by the caribbean court of justice yes another caracom institution established in 2005. and it doesn't stop there caracom has its own disaster emergency management agency meteorological institute examinations council and agency for agricultural health and food safety and that's in addition to an anthem for the organization which was launched in 2013 so all seems good right caracom is a well-structured organization with all the organs bodies and institutions that allow it to function effectively but what would caracom's economy be like if it were all one country where would it rank how advanced would it be and what relationship does it have with the rest of the world [Music] today carocom is home to 18 and a half million people with the most populous members being haiti jamaica and trinidad and tobago which together comprise 83 percent of the union's population globally that ranks caracom around 65th between zambia and syria economically caracom is not a significant economic player with an economy around 93 billion dollars in size comparable to the nearby dominican republic and a little smaller than a much more populous ethiopia this means that on per capita terms caracom is similar to south africa and paraguay with a figure around the 5 000 mark but anyway gdp figures aside the most important internal economic factor that drives growth in caricom is the union single market formerly known as the caribbean single market and economy or sees me now this csme is a relatively new addition to caracom and doesn't consist of all caricom members let me explain the csme was envisioned back in 1989 with three key objectives one deepening economic integration by advancing beyond a common market towards a single market and economy two widening the membership and thereby expanding the economic mass of the caribbean community and three progressive insertion of the region into the global trading and economic system by strengthening trade links with non-traditional partners these objectives were not going to be achieved overnight as such they were split into two phases the first phase took place between 2008 and 2009 with the objectives to consolidate the single market as well as initiating the single economy and that may all sound like a load of mixed buzzwords so i'll list some of the elements and actions that were taken in order to ensure these objectives were hit for example a regional development strategy was outlined a regional stock exchange was established full implementation of free movement of service providers with streamlined procedures took place and a regional development fund was also established as for the second phase more time was given to negotiate stickier areas such as the harmonization of taxation systems and fiscal and monetary policies as well as the implementation of the regional competition policy and regional intellectual property regime now it's worth pointing out that not all of the goals set out at the beginning of the csme were achieved many faced and continue to face delays such as the single currency that has been proposed multiple times but this is an international political and economic union so delays are commonplace anywhere in the world so what's caracom's relationship like with the rest of the world has it made strides towards strengthening its trading links with non-traditional partners is caricom diversifying [Music] now a mutual feeling experienced by almost all small islands across the world is the sentiment of complete dependence on a mainland and as someone who has visited the beautiful island of san andres in colombia located in the middle of nowhere in the caribbean sea i can say that i have seen this level of dependence firsthand this dependence on other nations or a mainland puts the brakes on economic development in many nations since a nation may find that its fate is not necessarily in its own hands at least not as much as it would like and this is one of the issues that caracom faces but let me remind you that the u.s economist and sociologist thornstein veblen wrote in 1899 institutions are products of the past process are adapted to past circumstances and are therefore never in full with the requirements of the present now this poorly integrated quote is not just a testament to my below average writing skills but it also tells us that caracom itself may be the institution that is ushering in change so that the region's institutions of today can be better structured for the requirements of the 21st century and when it comes to dependence it's showing you see despite its small size caracom has been signing trade deals and cooperating with surrounding unions and organizations like it's the social butterfly at a house party it's got bilateral agreements with the united states china japan the european union mercosur mexico and colombia just to name a few carocom was also instrumental in the creation of the association of caribbean states as well as the community of latin american and caribbean states two organizations that help foster communication and cooperation within the region and aid its political and economic stability something that we like to see here at economics in action this willingness to look at its immediate surroundings and try to encourage a stable neighborhood as well as striking agreements with countries across asia europe and the americas are the signs of a union that is looking to build bridges relationships and institutions that make sure that the region can remain relevant further into the 21st century so there you go caracon perhaps a union you had not heard about but i think most of us can agree that this political and economic union has done a great job at trying to create prosperity in an area of the world that has struggled with a range of issues i'd expect caricom to continue to be relevant in the region for decades to come as it continues to act as a key organization for members to operate through however i see certain hurdles that caracon will struggle to address the economic divide within the union will delay certain objectives that its members may have with regards to increased integration and even with levels of intracaracom trade increasing further and greater cooperation the union remains very dependent on larger partners and the capacity of the union itself may not be great enough to deal with any political and economic issues in surrounding neighbours such as venezuela but even so it will be around to improve and coordinate development in the caribbean hi everyone thank you for watching today's video i hope i've been able to put one of the lesser discussed parts of our globe under the spotlight be sure to like and share this video and subscribe to the channel if you haven't done so already and i'll catch you all in the next one take care bye