The Caribbean Free Trade Association (CARIFTA) is a regional organization founded on May 1, 1968, with the primary objective of promoting free trade and economic integration among its member countries in the Caribbean region. CARIFTA was later replaced by the Caribbean Community and Common Market (CARICOM) in 1973, but it still holds historical significance in the context of regional economic cooperation.
CARIFTA aimed to establish a single market and economy within the Caribbean by removing trade barriers such as tariffs and quotas. Its membership initially consisted of several English-speaking countries in the Caribbean, including Barbados, Guyana, Jamaica, and Trinidad and Tobago, among others. Over the years, CARIFTA expanded and included more nations within its framework.
The organization facilitated the creation of a common external tariff, which applied to goods imported from outside the CARIFTA region, as well as the establishment of regional institutions to support economic integration. CARIFTA further sought to foster cooperation in areas like agriculture, industry, finance, and tourism to promote mutual development and prosperity among member states.
Although CARIFTA's formal existence ended with the establishment of CARICOM, it can be seen as a precursor to regional integration efforts in the Caribbean. It laid the groundwork for subsequent organizations like the Caribbean Single Market and Economy (CSME), which continues the pursuit of economic integration and cooperation among Caribbean nations.
