why is regional integration important in the caribbean
Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. Regional integration is essential here as well, since goods, services and people need to be able to flow seamlessly across borders to reduce costs and to help firms become competitive enough to link to these value chains. The main idea was to unite the resources of the Caribbean region so that progress could be maximized. Regional Integration in the Caribbean. Usually integration involves one or more written agreements that describe the areas of cooperation in detail, as well as some coordinating bodies representing the countries involved. In the wake of its historic anniversary, many have reflected on the Community's past achievements and future prospects. The deeper integration of regional markets through the elimination of non-tariff barriers can reduce trade and operating costs. Chapter 4 unravels the challenges in using history as a springboard towards integration in the Caribbean and why other drivers such as culture, technology, and academia stand as important bearers in forging a united Caribbean. Regional integration refers to various types of political and economic agreements that form closer ties between sovereign countries. The first movement toward integration, the West Indian Federation began in 1958, but subsequently failed in 1960. Today marks a mere 38 years since the Treaty of Chaguaramas was signed into being, thus forming the next attempt to integration of the West Indies back in those days. among Caribbean States, fosters regional unity ... Factors that hinder regional integration •Different emphases on strategies for growth: one depends on petroleum, some on tourism, others on agriculture (common policies difficult to achieve) •Territorial interests often supercede regional ones eg Therefore in order to fully understand and appreciate the importance of these efforts at integration, , a review at all levels is important. CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership, yet by far the smallest in economic and geographic terms. On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. Initial support for the short‐lived West Indies Federation promoted by the British authorities had built on long‐standing ideas that the political and economic future of the territories depended on forging a political union. Regional integration is intended to benefit consumers because a wider range of good at cheaper prices should become available, and four islands is in it is: St.Lucia, Grenada, Dominica, and St.Vincent Regional integration within the Caribbean has taken on many perspectives, namely political, economical and social. Caricom or Caribbean Day is with us once again. Caribbean regional integration • Regional integration and cooperation long seen as critical to Caribbean development, pre and post independence –Unsuccessful attempt at political union - West Indies Federation (1958-62) –Parallel and intersecting paths of economic integration and institutional pooling/cooperation 3. Regional integration is a process in which countries enter into a regional agreement in order to enhance regional cooperation through regional structure and rules. The pursuit of regional integration in the Caribbean predates independence. The main theme running through the idea of regional integration is co-operation.