Port of Spain – Trinidad and Tobago became the first Caricom Member State to implement the Free Trade Agreement (FTA) between Caricom and Costa Rica at an official launch on November 16, at the Trinidad Hilton Hotel.
Trade and Industry Minister, Kenneth Valley, said the Caricom / Costa Rica FTA was originally signed in Jamaica in March 2004, however both parties needed to make legislative amendments to implement the agreement.
Trinidad and Tobago completed this process in February 2005 and Costa Rica’s President signed their ratified agreement on September 19.
Minister Valley said the agreement allows a more transparent and predictable access by Caricom States to a market of four million in Costa Rica. “We hope to derive not only increased market access but also the ability to attract foreign investment,” he said.
Costa Rican Foreign Trade Minister, Manuel Gonzalez Sanz, said he looked forward to other Caricom members implementing the FTA and requested Trinidad and Tobago’s assistance in this matter. He said Costa Rica trades over US $75M yearly with Caricom States, more than its trade with South America.
Minister Valley said the trade figures between Trinidad and Tobago and Costa Rica in 2004 were TT $41M exports to TT $70M imports. He said, “Trinidad and Tobago aims to improve both the quantity of trade and the trade deficit.”
