Trinidad and Panama sign trade deal to boost economies

Trade agreement provides treatment that exporters from both countries (Trinidad and Tobago & Panama) will receive in reciprocal markets

PORT-OF-SPAIN, Trinidad, (Thursday October 3, 2013) - Trinidad and Tobago and Panama on Thursday signed a Partial Scope Trade Agreement on Thursday which help boost the economies of both countries.

The Partial Scope Trade Agreement, provides the preferential treatment that exporters from Trinidad and Tobago will enjoy in the Panamanian market and the reciprocal preferential treatment that Panamanian exporters will receive in the Trinidad and Tobago market.

In the case of Trinidad and Tobago, there will be immediate tariff elimination in a number of important manufactured products and also tariff reduction in several other areas. This agreement will strengthen the existing trade relationship between the two countries, as it will afford further market diversification and penetration.

According to the communiqué issued following the signing – “In the case of Panama, 40% of the tariff lines negotiated will receive a 100% preferential rate. Some of the products that will be benefited from said rate are: live animals for breeding, fresh and chilled meat, fresh and chilled fish, eggs, wheat, salt, pepper, among other things.”

The signing of the agreement is seen as “the manifestation of both governments foreign policy impacting positively in the areas of trade, investment, tourism and cultural cooperation.”

The agreement was signed in Panama by Minister of Foreign Affairs, Winston Dookeran  of the Republic of Trinidad and Tobago and Ricardo Quijano Jimenez, Panama’s Minister of Commerce and Industry.

The signing was done in the presence of  President Ricardo Martinelli Berrocal of Panama and the  Prime Minister Kamla Persad-Bissessar .

The Agreement marks the end of four rounds of negotiations between the two countries which commenced in January 2010 .

The Government, though the signing of Partial Scope Trade Agreement is honouring its commitment to south/south cooperation and to the developmental agenda through the increase in trading opportunities for our private sector.

 

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