REVIEW OF THE ECONOMY 2013
61
SUSTAINING GROWTH, SECURING PROSPERITY
CARIFORUM ECONOMIC
PARTNERSHIP AGREEMENT
Legislation
governing
the
CARIFORUM
Economic Partnership Agreement was passed
in Parliament on July 2, 2013 in the Upper
House and on June 21, 2013 in the Lower House.
It was subsequently assented to by Act 9 of
2013 on July 17, 2013. This Agreement affirms
Trinidad and Tobago’s trading obligations with
the Economic Union (EU). However, there are
further engagements to take place in the areas
of services, goods and intellectual property. As
a part of CARIFORUM, a country assessment of
the Agreement to date will be pursued via a mid-
term review, which is expected to be undertaken
by early 2014.
TRINIDAD AND TOBAGO/
GUATEMALA PARTIAL SCOPE
AGREEMENT
During2013,TrinidadandTobagoandGuatemala
engaged in a number of negotiating areas to
improve their relations.Anumber of agreements
in investment, culture and tourismwere brought
to fruition. The Partial Scope Trade Agreement
(PSTA), however, which involves a basket of
goods to facilitate trade between exporters and
importers, is yet to be signed and is requisite to
obtaining CARICOM’s approval in keeping with
the revised Treaty of Chaguaramas. This may be
completed in the first quarter of 2014.
The engagement of the Government in this
initiative is consistent with Government’s need
to expand trade relations with Latin America
and envisages the eventual expansion of such
relationships between the wider CARICOM
countries and Central America.
Trinidad and Tobago had also engaged Panama
for a PSTA. During the last fiscal year, the
Government of Trinidad and Tobago sought
CARICOM’s approval of the Agreement which
had been negotiated between Trinidad and
Tobago and Panama. CARICOM gave its
approval and arrangements for implementing
the Agreement by way of domestic legislation is
expected to be completed in 2014.
CARICOM/CANADA TRADE
NEGOTIATIONS
The
current
Caribbean-Canada
trade
agreement, CARIBCAN, is set to expire in 2013
and cannot be renewed due to firm opposition
from the World Trade Organisation. In order
to continue duty free access by domestic
exporters, who provide goods to the Canadian
market, it is necessary to have a successful two
(2) way agreement when it expires.
The
intended
trade
and
development
agreement is broad in scope and is expected
to cover among other things; market access
for goods and services including the temporary
movement of business persons, innovation and
development. Also under consideration are the
issues of labour, environment and culture.
Trinidad and Tobago is therefore focused on
leading its CARICOM partners towards the
completion of this agreement by December
2013. There have been a number of high level
interventions at the CARICOM and Canada level
tomove theprocessalong.Once thenegotiations
are completed, it may require a short term
waiver to allow for the implementation of the
trade and development agreement without the
interruption of the duty free access for goods
which is currently enjoyed by many CARICOM
exporters.
DRAFT CARICOM FINANCIAL
SERVICES AGREEMENT
The draft CARICOM Financial Services
Agreement was formulated through a regional
consultative process and is intended to facilitate
the harmonisation of the policy framework in
the financial services sector as well as serve as
TRADE AND PAYMENTS
