​In 1989, Heads of Government made the decision to transform the Common Market into a single market and economy in which factors move freely as a basis for internationally competitive production of goods and provision of services. It was necessary to revise the Treaty for the transformation to take place.

In 1992, following the adoption of the report of the West Indian Commission, an Inter-governmental Task Force was established to work on the revision of the Treaty.

Between 1993 and 2000, the Inter-Governmental Task Force (IGTF), which comprised representatives of all Member States, produced nine Protocols for the purpose of amending the Treaty. These nine Protocols were later combined to create a new version of the Treaty, titled The Revised Treaty of Chaguaramas Establishing the Caribbean Community, including the CARICOM Single Market and Economy.

Allowances have been made for the subsequent inclusion in the Revised Treaty, by way of additional Protocols, new issues such as e-commerce, government procurement, trade in goods from free zones, free circulation of goods, and the rights contingent on the free movement of persons.

The Revised Treaty was opened for signature at the Twenty-Second Regular Meeting of the Conference of Heads of Government (July 2001, The Bahamas) where it was signed by eight (8) Member States, including Guyana.  It entered into force on 1 January 2006, following the deposit with the Secretary-General of the Twelfth Instrument of Ratification (pursuant to Article 234, as amended) by the Government of the Commonwealth of Dominica on 8 November 2005.  Prior to that, it had been provisionally applied.

Member States have taken active steps to implement the provisions in the Revised Treaty.  Implementation of its provisions, particularly Chapters Three – Establishment, Services, Capital and Movement of Community Nationals; and Eight – Competition Policy and Consumer Protection – are central to delivering benefits to all citizens.

The Revised Treaty applies to all CARICOM Member States, except The Bahamas and Montserrat.  The Bahamas has retained its membership of the Community through a Special Membership Agreement signed in February 2006, which maintains its membership and participation in the Community as it existed immediately prior to the entry into force of the Revised Treaty.  At the same time, The Bahamas signed a Special Agreement enabling the entry into force of the Revised Treaty.

Montserrat, like The Bahamas, signed a Special Membership Agreement (January 2006), as it had not at the time, received the requested Entrustment from the Government of the United Kingdom which would have allowed for signature and ratification of the Revised Treaty.  In a statement to the Thirty-Fifth Regular Meeting of the Conference (July 2014, Antigua and Barbuda), the Government of Montserrat indicated, inter alia, that it had received all necessary Entrustments to enable its accession to the Revised Treaty.