Published: 25 May 2020

The fundamental objective of this Agreement shall be to strengthen the economic and trade relations between the Parties through:

• the promotion and expansion of the sale of goods originating in CARICOM through, inter alia, one-way duty-free access to the Venezuelan market;
• the stimulation of investments aimed at taking advantage of the markets of the Parties and strengthening their competitiveness in world trade;
• the facilitation of the creation and operation of regional joint ventures; and
• the encouragement of mechanisms for the promotion and protection of investments by nationals of the Parties

The Agreement was signed on 13th October 1992. The Agreement also does not distinguish between the obligations of the More Developed Countries (MDCs) and Least Developed Countries (LDCs) of CARICOM. Therefore, all Members have to undertake the same obligations.

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Published: 25 May 2020

This Free Trade Agreement was signed on August 22nd 1998. While the CARICOM LDCs, such as Saint Vincent and the Grenadines, are required to apply the MFN rate of duty on all goods originating from the Dominican Republic on the LDC markets, the LDCs are not required to extend duty free access for all Dominican Republic goods or to phase reduction of MFN rate of duty on goods. Therefore, the Agreement is non reciprocal for CARICOM LDCs.

The fundamental objective of the Agreement shall be to strengthen the commercial and economic relations between the Parties through:

• the establishment of a Free Trade Area between the Parties consistent with the Marrakesh Agreement Establishing the World Trade Organisation (the WTO);
• the promotion and expansion of the sale of goods originating in the territories of the Parties through, inter alia, free access to the markets of the Parties, elimination of non-tariff barriers to trade, and the establishment of a system of Rules of Origin, Customs Co-operation and the Harmonisation of Technical, Sanitary and Phyto-Sanitary Procedures;
• the progressive liberalisation of trade in services; (iv) the liberalisation of the movement of capital between the Parties, and the promotion and protection of investments aimed at taking advantage of the opportunities offered by the markets of the Parties, and the strengthening of their competitiveness;
• the promotion of the active participation of private economic agents with a view to deepening and broadening the economic relations between the Parties, including the promotion and establishment of joint ventures;
• the promotion and development of co-operative activities in the following areas: agriculture, mining, industry, construction, tourism, transportation, telecommunications, banking, insurance, capital markets, professional services and science and technology;
• the discouragement of anti-competitive business practices between and within the Parties.

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Published: 25 May 2020

On 5th July 2000, the Caribbean Community (CARICOM), signed an Agreement creating a free trade area with Cuba. This Agreement is non-reciprocal from CARICOM Lesser Developed Countries (LDCs), such as Saint Vincent and the Grenadines. The objective of this Agreement is the strengthening of the commercial and economic relations between the parties through: 

• the promotion and expansion of trade in goods and services originating in the territories of the parties by means of, inter alia, 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 harmonisation of technical, sanitary and phyto-sanitary measures;
• the establishment of financial arrangements to facilitate the progressive development of two-way trade between the parties;
• the progressive liberalization of trade in services;
• the encouragement of one party in the market of the other party so as to enhance the competitiveness of the parties in the world market;
• the provision of facilities for the establishment and operation of joint ventures and other forms of economic co-operation activities;
• the development of mechanisms that promote and protect the investments made by nationals of the parties;
• the promotion and development of co-operative activities;
• the promotion of an ongoing system of consultation and coordination for the exchange of information and views on economic and social matters of mutual interest and, where feasible, for the adoption of common positions at international forums and vis-a-vis, third countries and groups of countries.
• the discouragement of anti-competitive business practices between the parties;
• the continuity and progress of work initiated within the CARICOM-Cuba Joint Commission (the Joint Commission), established by both parties for the development of mutual relations.

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