Belize is a member of a few trade agreements and they are explained below
CARICOM-CSME
Belize participates in the CARICOM Single Market and Economy as a CARICOM Member State (CSME). The ultimate goal is to increase the region’s political, financial, and economic clout in a global economy dominated by major, competitive economies. Since a member of the CSME, Belize’s trade interests are better magnified and safeguarded, as the grouping’s improved negotiating power translates into better trade conditions and more job possibilities. The CSME’s economic goal is to fully exploit the factors of production that will boost corporate competitiveness, promote commerce, and greatly raise the standard of living for CARICOM citizens.
The CSME is supported by five main pillars:
- Free Movement of Capital: intends to eliminate exchange regulations, implement a single currency, and establish a regional stock exchange.
- Free Movement of Goods and Services: This goal is to remove trade obstacles inside and between CARICOM Member States, as well as to streamline national criteria to ensure that goods and services are acceptable for trade.
- Free Movement of Skills: strives to remove barriers to people traveling and working within and between CARICOM Member States. This sector will assist in the harmonization of social services, the effective transfer of social security benefits, and the establishment of uniform mechanisms for accreditation and equivalency.
- Rights of Establishment: intends to remove impediments to starting a business in any CARICOM country.
CARIFORUM-EU Economic Partnership Agreement (EPA)
The EPA is a trade and development cooperation agreement between 15 CARIFORUM countries and 28 European Union (EU) member states, negotiated under the Cotonou Agreement. The EPA provides a comprehensive trade agreement that goes beyond goods trade to support sustainable development by giving CARIFORUM better access to the EU market and EU imports better access to CARIFORUM’s market. The EPA also encourages collaboration in a variety of trade-related sectors, including competition, intellectual property, public property, the environment, social issues, and personal data protection. Belize, as a member of CARIFORUM, signed the EPA on October 15, 2008, and it was ratified in May of 2011. On December 29th, 2008, the EPA filed a provisional application.
The EPA’s main goals are as follows:
- Poverty alleviation and reduction through long-term development
- Regional integration, economic collaboration, and good governance are all encouraged.
- Promote economic growth, encourage investment, and strengthen the private sector’s capabilities and competitiveness in CARIFORUM.
- Development of CARICOM-EU Trade Relations
- Integration of CARIFORUM countries into the global trading system on a gradual basis.
CARICOM has negotiated five bilateral trade agreements with other Western Hemisphere countries, notably in Latin America, over the years. Because they are carried out by a single institution or party such as the Caribbean Community, they are categorized as bilateral.
Partially scoped agreements (PSAs) and Free Trade Agreements (FTAs) are the two types of agreements (FTAs). All five accords have one thing in common: non-reciprocity for Least Developing Countries (LDCs) in market access concessions for products, which is a CARICOM policy. The LDCs, on the other hand, are eligible for all of CARICOM’s market access benefits under these agreements. The following is a list of CARICOM’s bilateral trade agreements:
- CARICOM – Dominican Republic Free Trade Agreement
- CARICOM – Costa Rica Free Trade Agreement
- CARICOM – Colombia Agreement on Trade and Technical Cooperation
- CARICOM – Cuba Trade and Economic Cooperation Agreement
- CARICOM – Venezuela Agreement on Trade, Economic and Technical Cooperation.
Belize – Taiwan Trade Agreement
Belize signed an Economic Cooperation Agreement with Taiwan in October 2020, allowing Taiwanese manufacturers to enhance industrial goods exports to Belize while also opening local markets to Belizean agricultural products. The Open Sky Air Services Agreement between Belize and Taiwan permits approved carriers to operate unlimited passenger and cargo flights between Belize and Taiwan via any intermediate sites.
Belize – WTO
Belize is a member of the World Trade Organization (WTO) and follows its agreements and reporting system. Belize’s national standards authority, the Belize Bureau of Standards (BBS), is in charge of developing, promoting, and implementing standards for goods, services, and processes. The BBS follows the WTO Agreement on Technical Barriers to Trade and the CARICOM Regional Organization for Standards and Quality in its operations. Belize is also a member of the IEC, ISO, and Codex Alimentarius.
Belize has no free trade agreements with the United States or Canada, but it is a qualifying country under the United States Generalized System of Preferences (GSP), the United States-Caribbean Basin Trade Partnership Act (CBTPA), and the Caribbean-Canada Trade Agreement (CARIBCAN).
