Free Trade Agreement Caribbean

The Commonwealth Caribbean Regional Secretariat was the main management body of the association established under Article 28(3) of the Agreement, and the Council was able to be entrusted with such delegated tasks or powers as the Council deemed necessary to assist it in the performance of its tasks. The role of the Secretariat was to serve both the Conference of Heads of Government and the Council, to ensure the implementation of resolutions and decisions, to conduct studies on trade expansion or studies assigned by the Conference or the Council and to make recommendations on matters within its competence. [12] [25] A study on the impact of the agreement took place between 2013 and 2014. In 1965, a trading bloc called the Caribbean Free Trade Association (CARIFTA) was formed of four islands to pursue economic integration. Other islands joined the free trade area shortly after seeing the potential benefits of growing trade. The increase in trade was the result of tariff reductions on imports from other islands participating in the free trade agreement. Regional cooperation under the CARIFTA agreement has also led to the creation of several joint institutions. The Commonwealth Caribbean Regional Secretariat was established in Georgetown, Guyana, and the Caribbean Development Bank in Bridgetown, Barbados. [30] The Caribbean Free Trade Association (CARIFTA) was a multilateral free trade area composed of Caribbean nations and dependencies, which was formed from 1965 to 1972. After the dissolution of the Federation of the West Indies, a political union in the region, CARIFTA was created to strengthen and promote the economic activity of its members, including by abolishing customs duties and quotas on products produced within the trading bloc. Based on lessons learned from more than a quarter century of integration initiatives, the report recommends creating a free trade area focused on goods and services first, with other themes such as labour, intellectual property and the environment.

It should also include a chapter on trade facilitation, which would involve the inclusion of mechanisms to reduce transport and transaction costs beyond mere customs measures. Primarily driven by tariff elimination, a LAKE FREE TRADE AGREEMENT would also increase intra-regional trade of all goods by an average of 3.5 percent, or an additional $11.3 billion, based on 2017 flows. The increase in specific exports would go from 1 percent in mining in the Andean countries to 8 percent of production in Mexico and 21 percent in agriculture in Central America. The EPA contains a free trade agreement (FTA) that opens up trade in goods between the two regions. Unlike other free trade agreements, the EPA supports their development through trade: these bilateral discussions between Barrow and Burnham were then extended to V.C. Bird of Antigua and the three leaders finally signed the first CARIFTA agreement on 15 December 1965 (the Dickenson Bay Agreement in Antigua). [3] [5] The original date for the establishment of the Caribbean Free Trade Area, in accordance with the Dickenson Bay Agreement, was May 15, 1967. However, due to the shuttle diplomacy of Dr. Eric Williams, Prime Minister of Trinidad and Tobago (by one of his ministers, Kamaluddin Mohammed), this was postponed in order to include Trinidad and Tobago in the agreement and make the regional agreement from the beginning. [5] [4] Dr Williams had been committed for years to the creation of a Caribbean Economic Community and was now concerned that Barbados, Antigua and Guyana would plan to create a free trade area between them, excluding Trinidad and Tobago. [5] The initiative to make the free trade area a regional initiative was successful and was discussed at the Fourth Conference of Heads of Government of the Commonwealth of the Caribbean countries held in October 1967 in Bridgetown, Barbados. .

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