CARIBBEAN COMMUNITY AND COMMON MARKET

(Caricom), organization of Caribbean nations and dependencies that was established by the Treaty of Chaguaramas of July 4, 1973, to replace the former Caribbean Free Trade Association (Carifta), which had become effective in 1968. The member nations are Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago. The secretariat is located in Georgetown, Guyana. The Caribbean Community's main purpose is to further its members' economic integration and cooperation with each other. Both common external tariffs and common protective policies for trade with countries beyond its membership were established by Caricom. It established fiscal incentives to industry and taxation arrangements to facilitate smooth relations among its members. Among Caricom's activities are coordination of economic policies and development planning. It also devises and institutes special projects for the less-developed countries within its jurisdiction.