Description
1. (1) The Caribbean Community, including the Caribbean Common Market, shall be established on the basis of the Draft Treaty set out in Annex I hereto, hereinafter referred to as 'the Community Treaty'. (2) The Treaty will be open for signature not later than 1st July, 1973. (3) The Governments of Barbados, Guyana, Jamaica and Trinidad and Tobago agree and undertake to sign and ratify the Treaty subject to and in accordance with their constitutional procedures so as to enable the Caribbean Community and Caribbean Common Market to be established on 1st August, 1973 with these countries as Founder Members. (4) The Governments of Belize, Dominica, Grenada, St. Kitts-Nevis-Anguilla, St. Lucia and St. Vincent agree and undertake to sign and ratify the Community Treaty subject to and in accordance with their constitutional procedures so as to become contracting parties thereto on 1st May, 1974. (5) All Signatory Governments note the declared intention of the Governments of Antigua and Montserrat to give urgent consideration to joining this Accord, signature of which by either Government at any time prior to 1st May, 1974, will constitute agreement and undertaking to sign and ratify the Community Treaty subject to and in accordance with its constitutional procedures so as to become a Contracting Party thereto on 1st May, 1974. (6) The Government mentioned in sub-paragraphs (4) and (5) hereof who sign and ratify the Community Treaty pursuant to this Accord shall be deemed to be Founder Members of the Caribbean Community. 2. (1) The Caribbean Community and the Caribbean Common Market shall replace the Caribbean Free Trade Association which shall cease to exist on 1st May, 1974 and which, prior thereto, shall cease to apply as between States who shall have become Contracting Parties to the Community Treaty. (2) On and after 1st August, 1973, the Commonwealth Caribbean Regional Secretariat shall continue to be the administrative organ of the Caribbean Free Trade Association; but the Secretariat shall, in addition, become the principal administrative organ of the Community and thereupon shall be known as the Caribbean Community Secretariat. (3) The Secretariat shall establish administrative procedures designed to facilitate the transitional arrangements for the continued operation of the Caribbean Free Trade Association until 1st May, 1974, and for the enlargement of the Caribbean Common Market on that date. (4) States, parties to this Accord, shall take all appropriate steps to achieve these objectives. 3. (1) A Caribbean Investment Corporation shall be established by 1st June, 1973, on the basis of the Agreement for the establishment of the said Corporation considered at the Eighth Conference of Heads of Government of Commonwealth Caribbean Countries. (2) The Corporation shall be required to proceed expeditiously with a programme for the promotion and establishment in the Less Developed Countries of industries based on, but not limited to, the list set out in Annex II hereto. (3) Enterprises entitled to benefit from the Caribbean Investment Corporation shall be enterprises located in Less Developed Countries who are Member States of the Caribbean Common Market and, prior to 1st May, 1974, in Less Developed Countries parties to this Accord. 4. (1) The Agreement for the Harmonisation of Fiscal Incentives considered at the Eighth Conference of Heads of Government of Commonwealth Caribbean Countries shall be applied with effect from 1st June, 1973, among all States parties to this Accord:Provided that such Agreement shall cease to have application to any Less Developed Country, who, after 1st May, 1974, is not a Member State of the Caribbean Common Market. (2) It shall be a feature of the Scheme established by the Agreement that no enterprise within the industries listed in Annex II hereto shall be eligible for the receipt of new or extended fiscal incentives in the form of income tax holidays or tax free dividends from the Governments of the More Developed Countries for a period of five years in the first instance:Provided that, after 1st May, 1974, such obligations shall only apply in relation to Less Developed Countries who are Member States of the Caribbean Common Market. 5. (1) For the purpose of promoting industrial development in the Less Developed Countries industries which answer to the following criteria are approved for treatment under the provisions of Article 56 of the Common Market Annex to the Community Treaty and, prior to 1st May, 1974, under Article 39 of the CARIFTA Agreement:(a) an industry identified in the Report of the Economist Intelligence Unit Team on Industrial Development in Less Developed Countries as requiring a substantial part of the market of the Less Developed Countries for viability;(b) an industry already established in a Less Developed Country which requires a substantial part of the market of the Less Developed Countries for expansion; and(c) an industry requiring a substantial part of the market of the Less Developed Countries for viability and in respect of which negotiations for its establishment in a Less Developed Country are in an advanced stage. (2) Nothing in this paragraph shall be deemed to derogate from the rights of Less Developed Countries under, or the procedures established by, the provisions of Article 56 of the Common Market Annex to the Community Treaty or, prior to 1st May, 1974, of Article 39 of the CARIFTA Agreement.
Forward
Print
Find Employees
Find Competitors
4,858 online sources
