Caribbean Court of Justice by the CSME are so important and extensive, relating to the establishment of economic enterprises, the provision of professional services, the movement of capital, the acquisition of land for the operation of businesses, that there is a clear need to have a permanent, central, regional institution to authoritatively and definitively pronounce on those rights and corresponding obligations. The Caribbean Court of Justice is intended to be such an authoritative institution." The official inauguration was held in Queen's Hall, Port of Spain, Trinidad and Tobago, on Saturday 16 April 2005. The first case heard by the CCJ was in August 2005
Piracy in the Caribbean Spanish garrisons. In these cities European manufactured goods could command premium prices for sale to the colonists, while the trade goods of the New World—tobacco, cocoa and other raw materials, were shipped back to Europe. By 1600, Porto Bello had replaced Nombre de Dios (where Sir Francis Drake had first attacked a Spanish settlement) as the Isthmus of Panama's Caribbean port for the Spanish Silver Train and the annual treasure fleet. Veracruz, the only port city open to trans-Atlantic trade in New Spain, continued to serve the vast interior of New Spain as its window on the Caribbean. By the