2) Free movement of Goods
There are no import duties on goods of CARICOM origin. Tariffs and quantitative restrictions in all Member States are removed. The treatment of intra-regional imports will be different from those coming from the rest of the world. In addition, there will be agreed regional standards for the production of goods throughout the Region. This could be a major incentive for producers/manufacturers to aim at a high standard of products. Manufacturers will be able to get their goods to over six million (14 million if Haiti is included) people in the Caribbean.
3) Competitiveness
Open trade and investment policies regionally create a market-driven and efficient domestic economy. Under the CSME, competition will be promoted…show more content… Countries worldwide have formed alliances for trading purposes; therefore, it is no different for the countries of CARICOM, who formed their own trading agreement which is called the CARICOM Single Market and Economy (CSME). The CSME is an arrangement among the CARICOM States for the creation of a single enlarged economic space through the removal of restrictions resulting in the free movement of goods, services, people, capital and technology. However, there are many advantages and disadvantages of International…show more content… 3.) Optimal use of natural resources: International trade assists countries to make best possible use of its natural resources. Hence, country can concentrate on production of those goods for which its resources are best suited.
4.) Availability of all types of goods and services: It permits a country to acquire goods and services that aren’t produce or which it is not producing due to higher costs, by importing from other countries at lower costs.
5.) Exchange of technical establishment of new industries: Underdeveloped or least developed countries can establish and develop new industries with the machinery, equipment that is imported from developed countries. This aids in the development of these countries and the economy of the world at large.
6.) Development of transport and communication: International trade requires the most suitable means of transportation and communication
Disadvantages
Though international trade has many advantages, its dangers or disadvantages should not be ignored. Therefore listed below are some disadvantages of the CSME international