The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas [1] which came into effect on August 1, 1973. The first four signatories were Barbados, Jamaica, Guyana and Trinidad and Tobago. CARICOM replaced the 1965-1972 Caribbean Free Trade Association (CARIFTA), which had been organized to provide a continued economic linkage between the English-speaking countries of the Caribbean following the dissolution of the West Indies Federation which lasted from January 3, 1958 to May 31, 1962.