Greater export opportunities for Belizeans as CARICOM and Cuba strike trade deal
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Belizean exporters now have even greater export opportunities, through a new duty free trade arrangement between the Caribbean Community (CARICOM) and Cuba.
The countries agreed to extend preferential markets at the recently concluded 10th Meeting of the Joint Commission established under the Trade and Economic Cooperation Agreement between CARICOM and Cuba, held in Guyana.
“A significant number of items from the Community, including beer, fish and other agricultural products, and manufactured goods have been approved for entry into the Cuban market free of duty once both sides formalize the agreement,” the CARICOM Secretariat said.
In Belize, export revenues have been falling consistently for the last five years. Data from the Statistical Institute of Belize showed that between 2011-2016 the country lost some $278 million in export revenues, due mainly to external factors such as disease and disaster, affecting primary resources. International organizations such as the International Labor Organization and the International Monetary Fund have been urging Belize to increase exports and diversify its export markets to help give the economy some much-needed growth. The new duty free trade arrangement might help increase Belize’s export.
