The Parties agree to promote the active participation of the private sector in achieving the objectives of this Agreement. To this end, they will explore the possibility of establishing a Colombia-Caribbean Economic Council to analyse trade and investment opportunities, provide trade information and organize trade. The Parties agree to promote a trade liberalization agenda that takes into account the different levels of development of Colombia and CARICOM in general, and in particular the countries designated as CARICOM Least Developed Countries (LDCs). The Joint Council shall regularly assess the implementation of this Agreement and the achievement of its objectives. On the basis of this assessment, the Joint Council shall recommend the measures it deems necessary to improve trade and economic relations and technical cooperation between the Parties. The Free Trade Agreement between CARICOM and the Dominican Republic was signed on 22 August 1998. It provides trinidad and Tobago exporters with access to more than eight million consumers in the Dominican Republic market. This agreement abolishes border taxes on all goods imported from the Dominican Republic and exported to the Dominican Republic, with the exception of those that are expressly listed or considered economically sensitive. Certain goods produced by companies operating in free trade zones are also exempt from the payment of customs duties in Costa Rica. In addition to goods, the agreement provides for future negotiations on access for service providers from Trinidad and Tobago to the sale of services in the Dominican Republic in the following sectors: the parties agree to establish trade promotion programmes to facilitate the activities of official and private trade missions, the organization of trade fairs and exhibitions and the continuous exchange of information; Market studies and other activities leading to optimal use of the preferences of the liberalization programme and the opportunities arising from the agreed trade measures.
Venezuela will grant products originating in Trinidad and Tobago free access to its market through tariff reductions and the elimination of non-tariff barriers. These include immediate duty-free access to certain products and the gradual reduction of tariffs on other selected goods. Trade in services is considered important for the development of the economies of all parties. Cooperation will be strengthened to promote trade in services. Recognizing the growing importance of trade in services in their economies, the Parties shall cooperate with a view to creating the most favourable conditions for further liberalization and further mutual opening of services trade markets. This Agreement allows Colombia or a CARICOM Member State to take or apply the following measures, provided that they are not used as barriers to trade: Trinidad and Tobago products shall have free access to the Colombian market by eliminating tariffs and non-tariff barriers to trade for the products covered by the Agreement. The CARICOM-Venezuela Trade and Investment Agreement is a unilateral preferential agreement to promote CARICOM exports to Venezuela. With 28 million inhabitants, Venezuela is the sixth largest country in Latin America. In 1994, the Caribbean Community (CARICOM) and the Government of the Republic of Colombia signed an agreement whose main objective is to strengthen trade and economic relations and technical cooperation between the Parties. Where trade between the Parties is subject to dumping and distortions resulting from the application of export subsidies or domestic subsidies of the same kind, the Party concerned may, where appropriate, apply appropriate measures in accordance with its national legislation, which shall in any event comply with the provisions of gatt. The fundamental objective of this Agreement is to strengthen trade and economic relations and technical cooperation between the Parties through the Agreement on Trade, Economic and Technical Cooperation between CARICOM and Colombia provides for reciprocal trade liberalization and trade facilitation between Trinidad and Tobago and Colombia. Colombia is the fifth largest economy in Latin America with the third largest population of about 46 million people.
For more information, please contact the Department of Trade and Industry at tradedirectorate@gov.tt or call 623-2932. . .
