At its tenth meeting in Grenada in 1989, the Heads of Government of CARICOM agreed that whilst CARICOM would remain a ‘Community of Sovereign States,’ a number of changes were essential for improving the structure and management of the Community, in order to allow it to respond to the challenges and opportunities in the globalised environment.
The Revised Treaty of Chaguaramas (RTC) which came into force in 2001, was amongst the changes agreed upon, in order to reflect the new community structures, and to move CARICOM from a Common Market to a Single Market and Economy.