The Caribbean Community, or Caricom, is an assembly of Caribbean states, that in 1972 decided to transform the Caribbean Free Trade Association (CARIFTA), into a Common Market, and establish the Caribbean Community, of which a common market would be an integral part. Caricom provided for the free movement of labor and capital, and the coordination of agricultural, industrial, and foreign policies. In 1998, during the first presidency of Leonel Fernandez, the Dominican Republic signed an agreement of free trade, with the nations of Caricom that provided a new market for Dominican goods and likewise opened the Dominican markets to Caribbean products.