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CACM, CARICOM, OECS Central American Common Market: The CACM was formed in 1960 with the objective of creating a customs union and free trade zone in Central America. Caribbean Community and Common Market: CARICOM was established in 1973, replacing the former Caribbean Free Trade Association. In doing so it took over the Association's role in promoting free trade (eventually leading to a common market), but also assumed new co-ordinating responsibilities in the fields of foreign policy and regional security. Organisation of Eastern Caribbean States: The OECS was created in 1981 with the objectives of harmonising economic, foreign and security policies among member states.