Caribbean Community and Common Market (CARICOM)

News:Indian Prime minister has met with the leaders of the CARICOM group of countries on the sidelines of the United Nations General Assembly (UNGA) in New York.

Facts:

  • During the meeting,Prime minister announced $14 million grant for community development projects in the CARICOM and another $150 million Line of Credit for solar, renewable energy and climate- change related projects.
  • Prime minister has also announced the setting up of the Regional Center for Excellence in Information Technology in Georgetown, Guyana and the Regional Vocational Training Center in Belize.

CARICOM:

  • The Caribbean Community(CARICOM) is an organisation of fifteen Caribbean nations.
  • The organisation was established in 1973.The headquarters is in Georgetown,Guyana.
  • The organisation is an economic and political community that works jointly to shape policies for the region and encourages economic growth and trade.
  • The major activities include (a)coordinating economic policies and development planning (b)devising and instituting special projects for the less-developed countries within its jurisdiction (c)operating as a regional single market for many of its members and (d)handling regional trade disputes.
  • CARICOM is also an official United Nations Observer.
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