A Guide to Investing in Trinidad and Tobago (2011) - Ministry of ...

The fundamental objective of this Agreement is
to strengthen the economic and trade relations
between the Parties through:
(a) The promotion and expansion of the sale of
goods originating in CARICOM through, inter
alia, one-way duty-free access to the Venezuelan
market.
(b) The stimulation of investments aimed at taking
advantage of the markets of the Parties and
strengthening their competitiveness in world
trade.
(c) The facilitation of the creation and operation of
regional joint ventures.
(d) The encouragement of mechanisms for the
promotion and protection of investments by nationals
of the Parties.
Venezuela has agreed to grant products originating
in CARICOM member states free access to
its markets, through tariff reduction programmes
and the elimination of non-tariff barriers, according
to detailed schedules laid out in the agreement,
with the exception of certain items (e.g.
beef, milk products, and coffee).
Columbia
Agreement on Trade, Economic and Technical
Cooperation between CARICOM and the Government
of the Republic of Colombia:
This Agreement aims to strengthen the trade,
economic relations and technical cooperation
between the Parties through:
(a) The promotion and expansion of the sale of
goods originating in CARICOM and Colombia
with particular emphasis on exports from CARI-
COM states in the early stages of the implementation
of this Agreement.
(b) The promotion and protection of investments
aimed at taking advantage of the markets of the
Parties and the strengthening of their global competitiveness.
(c) The facilitation of the creation and operation of
regional joint ventures.
(d) The development of technical and scientific
cooperation activities which may be agreed upon
between the Parties.
(e) The promotion of private sector activities, including
business exchanges between the Parties.
The parties have agreed to promote a programme
of trade and liberalisation taking into account the
difference in the levels of development between
Columbia and CARICOM generally, and, in particular,
those countries designated the Less Developed
Countries (LDC’s) of CARICOM.
International Organisations
ACP-EU Negotiations
The ACP-EU Partnership Agreement between the
European Union (EU) and the African, Caribbean
and Pacific States (ACP), known as the Cotonou
Agreement, was signed on June 23, 2000
in Cotonou, Benin. This Agreement replaces the
former Lome Agreement which was a one way
preferential trade agreement.
The Agreement is based on five (5) inter-dependent
pillars namely, a political dimension,
the promotion of a participatory approach, a
strengthened focus on poverty reduction, a new
framework for economic and trade cooperation
and a reform of financial cooperation.
Although the Agreement places emphasis on poverty
eradication and sustainable development, it
focuses to a large extent on trade in goods. The
Agreement stipulates a specific plan of action
for establishing reciprocal Economic Partnership
Agreements (EPA’s) between the EU and ACP
States. Negotiations for determining the framework
of these EPA’s were concluded on September
27 2002. The EU obtained a waiver from the
WTO in order to continue to operate the one-way
preferential scheme of Lome until December 31,
2007.
Currently, Trinidad and Tobago’s exports are afforded
preferential access to the EU market. This
arrangement is expected to continue until 2020,
at which time, new terms may be enforced. In
keeping with the provisions of the Cotonou
Agreement, such terms are currently being negotiated
under the CARIFORUM - European Union
EPA negotiations. It is envisaged that an EPA
with the EU will create new trade opportunities,
strengthen regional integration and improve trade
capacity.
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