CARICOM Member States, in response to the challenges and opportunities presented by changes in the global economy, have negotiated and signed several bilateral trade agreements with their Latin American neighbours, namely Dominican Republic, Costa Rica, Cuba, Venezuela and Colombia.
The following are summaries of these Agreements:
The CARICOM- Dominican Republic Free Trade Agreement– was signed on 22nd August 1998 and provisionally entered into force in December 2001. Its entry into force followed the signing of the Protocol implementing the Agreement on 28th April, 2000. While the Agreement is focused on trade in goods, it also provides a timetable for the negotiation of a trade in services regime and for government procurement. The FTA provides for a reciprocal trading relationship between the Dominican Republic and the five More Developed Countries (MDCs) of CARICOM and a non-reciprocal trading relationship between the Dominican Republic and the Less Developed Countries (LDCs) of CARICOM. Jamaica is implementing the Agreement. See text at link:http://www.sice.oas.org/Trade/Ccdr/English/Act2001-10_e.pdf
The CARICOM – Costa Rica Free Trade Agreement – was signed on 9th March 2004, and entails provisions for trade in goods. In addition, it provides for further negotiations in Competition Policy, Government Procurement, Double Taxation and Services. The FTA is based on reciprocity with the five More Developed Countries of CARICOM and non-reciprocity for CARICOM Less Developed Countries (LDCs). Jamaica is implementing the Agreement. See text at link:http://www.sice.oas.org/Trade/crcrcom_e/crcrcomind_e_pdf.asp
The CARICOM-Cuba Trade and Economic Cooperation Agreement is a Partial Scope Agreement, which was signed on 5th July 2000. The Agreement is focused on trade in goods but provides a timetable for negotiating a trade in services regime and commits the Parties to doing the same for reciprocal promotion and protection of investment and for government procurement. Jamaica is implementing the Agreement. See text at link: https://mfaft.gov.jm/jm/wp-content/uploads/2017/06/CARICOM-Cuba.pdf
CARICOM-Venezuela Free Trade Agreement is a Partial Scope Agreement which was signed on 15th October 1992 and entered into force on 1st January 2000. It currently offers one way duty-free access for products from CARICOM entering the Venezuelan market. It is primarily focused on trade in goods but provides for future collaboration in the promotion of services and investment. See text at link: http://www.sice.oas.org/Trade/CARICOM-Venezuela.pdf
CARICOM-Colombia Trade, Economic and Technical Co-operation Agreement– is a Partial Scope Agreement, which was signed on 24th July 1994 and which entered into force on 1st June 1995. The Agreement is focused on trade in goods, while providing a framework for future collaboration among contracting parties in the areas of services and investment. See text at link:http://www.sice.oas.org/Trade/caricome.asp
