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Trinidad & Tobago and Guatemala sign trade deal

Trinidad & Tobago and Guatemala sign trade deal

Posted by Shanelle Weir on February 23, 2015

After four rounds of negotiations, two in Port of Spain and two in Guatemala City, a Partial Scope Trade Agreement was signed on February 6 at the Ministry of External Relations of Guatemala. Trinidad and Tobago and Guatemala began these negotiations on April 11, 2012.

Signing the agreement on behalf of Trinidad and Tobago was Foreign Affairs Minister Winston Dookeran, while Minister of External Relations of Guatemala Carlos Raúl Morales Moscoso signed on behalf of Guatemala, a news release from the Ministry of Foreign Affairs said. The agreement seeks to promote the harmonious development of the economic relations between both countries through the expansion of trade in goods and services. It is anticipated that this will contribute to the removal of barriers to trade and enhance the development and expansion of trade.

The lead negotiator for Trinidad and Tobago was Ambassador Extraordinary and Plenipotentiary with responsibility for Trade and Industry Mervyn Assam, and the lead negotiator for Guatemala was director of Trade Negotiations, Ministry of the Economy Sonia Lainfiesta.

Trinidad and Tobago took a collaborative approach to the negotiations which included extensive consultations with the Trinidad and Tobago Chamber of Industry and Commerce, the Trinidad and Tobago Manufacturers’ Association, and the American Chamber of Commerce of Trinidad and Tobago (AmCham), along with representatives of the Ministry of Trade, Industry, Investment and Communications; the Ministry of Food Production; the Ministry of Finance and the Economy; the Ministry of the Attorney-General; and other Government agencies such as the Customs and Excise Division, the Trinidad and Tobago Bureau of Standards and ExporTT.

The creation of new trade and investment opportunities on account of the Agreement is expected to result in increased employment and foreign exchange earnings that will contribute to the economic well-being of Trinidad and Tobago, the news release said.

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