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ST. KITTS AND NEVIS AND OTHER CARICOM COUNTRIES TO BECOME THE NEWEST BLOC IN THE WORLD LATER THID MONTH
January 10, 2006

Come January 23, 2006 the Caribbean Community (CARICOM) becomes the newest trade bloc, joining the approximately 194 other trade blocs in the fight to ensure market survival.

These trade blocs enjoy special and differential treatment amongst themselves, in addition to the removal of trade barriers within the bloc and also have a common trade tariff for third countries.

In essence, regional trade blocs provide a protective hedge from the erosive winds of globalization, acting as a trade union protecting its member countries.

Benefits include, a unified and louder voice in world trade negotiations and the economies of scale accrued to larger manufacturing and trading entities.

In keeping with the global trend, CARICOM has inaugurated the CARICOM Single Market (CSM).

The CARICOM Single Market and Economy (CSME), which looks toward full implementation in 2008, seeks to go further than establishing a free trade area (FTA).


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