Trinidad and Tobago recently wrapped up the second round of negotiations for a Partial Scope Trade Agreement (PSTA) with Curaçao, marking a significant milestone in their economic relations. The four-day talks saw both sides making substantial progress in various key areas, paving the way for enhanced trade opportunities between the two nations. Here are the highlights of the negotiations:
- Market Access: Both countries worked towards expanding market access for their respective goods and services, aiming to create more avenues for trade between Trinidad and Tobago and Curaçao.
- Rules of Origin: Discussions focused on establishing clear rules of origin to determine the source of products and ensure compliance with trade regulations.
- Technical Barriers to Trade: Efforts were made to address technical barriers that could impede smooth trade flows between the two countries.
- Trade Facilitation: Strategies were discussed to simplify trade procedures and processes, making it easier for businesses to engage in cross-border trade.
- Cooperation: Emphasis was placed on fostering greater cooperation in various sectors to promote economic growth and mutual benefits.
- Competition Policy: Both sides explored ways to ensure fair competition practices and create a level playing field for businesses.
- Legal and Institutional Arrangements: The negotiations also touched upon legal frameworks and institutional setups to support trade activities.
- Dispute Settlement: Mechanisms for resolving potential disputes were a key focus to ensure that trade disagreements are dealt with effectively.
- Investment: The talks also aimed to encourage investment flows between Trinidad and Tobago and Curaçao, promoting economic prosperity in both nations.
In a statement following the negotiations, Randall Karim, the Chief Negotiator for Trinidad and Tobago, expressed optimism about the prospects of increased trade between the two countries. He highlighted the potential for Trinidad and Tobago products to enter the Curaçao market, fostering diversification in export offerings.
Dr. Caryl Monte, Chief Negotiator for Curaçao, noted the historical trade interests between the two nations and highlighted the need for a formal bilateral trade agreement to facilitate growth. He expressed satisfaction with the progress made in the negotiations and looked forward to the positive outcomes of the talks.
The successful conclusion of the second round of negotiations signifies a strong commitment to fostering economic cooperation and trade relations between Trinidad and Tobago and Curaçao. It lays the foundation for mutual benefits, increased market access, and enhanced trade opportunities, reflecting a promising future for both nations.
Leave feedback about this