The Treaty of Chaguaramas which established the Caribbean Community
including the Caribbean Common Market was signed by Barbados, Guyana,
Jamaica and Trinidad and Tobago on 4th July, 1973, in Chaguaramas,
Trinidad and Tobago. It came into effect on 1 August 1973.
The Caribbean Community and the Caribbean Common Market replaced the
Caribbean Free Trade Association which ceased to exist on 1st May 1974.
The Treaty of Chaguaramas was juridical hybrid consisting of the Caribbean
Community as a separate legal entity from the Common Market which had
its own discrete legal personality.
Indeed, the legal separation of these two institutions was emphasised
by the elaboration of two discrete legal instruments: the Treaty establishing
the Caribbean Community and the Agreement establishing the Common Market
(which was later annexed to the Treaty and designated the Common Market
Annex). This institutional arrangement facilitated States joining the
Community without being parties to the Common Market regime.
In addition to economic issues, the Community instrument addressed issues
of foreign policy coordination and functional cooperation. Issues of
economic integration, particularly those related to trade arrangements,
were addressed in the Common Market Annex.
Because of this juridically separate identity of the regional common
market, it was possible for the Bahamas to become a member of the Community
in 1983 without joining the Common Market.