Each CARICOM State derives varying levels of economic and socio-economic benefits from their respective coastal and marine fisheries resources, some of which are shared. Currently, most States allow open access to their fisheries. In addition, there is no agreement amongst the countries pertaining to the accessing of the region’s fisheries resources, in particular those that are shared. Continuation of such uncoordinated open access to these resources, despite regulated fishing in some states, can lead to overfishing and severe resource depletion. It will also result in reduced harvest levels triggering food and nutrition insecurity, lower export earnings. Fishing communities and rural areas in particular will experience quality of life losses. The CARICOM Common Fisheries Policy (CFP) will foster greater intra-regional cooperation and opportunities for increased benefits in individual states, and collectively across States, while promoting the long term resource sustainability.