THE Caribbean Community (CARICOM) and the Republic of Cuba on Thursday signed, for the second time, a Trade and Economic Cooperation Agreement at the Guyana Marriot Hotel.

The agreement was signed by CARICOM Secretary General, Irwin LaRoque and Cuba’s Ambassador to CARICOM, Julio Cesar Gonzalez, during the opening ceremony of the 45th regular session of the Council for Trade and Economic Development held at the hotel.
The first trade and economic cooperation agreement was signed in July 2000 and provided for, among other things, the promotion and expansion of trade in goods and services by means of free access to the markets of the Parties; elimination of non-tariff barriers to trade; the establishment of a system of Rules of Origin; and the harmonisation of technical and sanitary and phyto-sanitary measures.

The signing of the agreement on Thursday between CARICOM and Cuba aims at extending the preferential market access, as well as strengthening existing trade and economic ties established years ago.

Additionally, the agreement is viewed as an impetus for the private sector within CARICOM to access the Cuban market with urgency. Expanded preferential market access is offered by Cuba to CARICOM countries on a list of approximately three hundred and twenty-six (326) items which includes meat, fish, dairy produce, fruits and vegetables, beer, rum, cement, soaps, articles of apparel and clothing.

There are approximately 50 items on which immediate duty-free access will be granted and a list of 22 items on which differentiated treatment, including phased reduction of duty, which CAR1COM More Developed Countries (MDC) in the Community will grant to Cuba. Products included in the CARICOM duty-free offer to Cuba are fish, pharmaceutical products, fertilisers, articles of iron and steel, electrical machinery and equipment and parts thereof.

Given the existing Trade and Economic Cooperation Agreement CARICOM has with Cuba, it would serve both parties well to ensure that the expansion of preferential access into each other’s market, as provided for under the second protocol to the agreement.