This partial scope Agreement between the Caribbean Community and Cuba was signed on 24th July 1994. It is seen as a way of strengthening the trade and economic relations and technical cooperation between the parties. The main objectives of the Agreement are:
- the promotion and expansion of the sale of goods originating in CARICOM and Colombia, with particular emphasis on exports from CARICOM states in the early stages of the implementation of this Agreement;
- the promotion and protection of investments aimed at taking advantage of the opportunities offered by the markets of the parties, and strengthening their competitiveness in the international market;
- the facilitation of the creation and operation of regional joint ventures;
- the development of technical and scientific co-operation activities which may be agreed upon between the parties;
- the promotion of private sector activities, including business exchanges between the parties.
The Agreement also takes into account the differences in developing in Colombia and the countries of CARICOM most specifically the least developed countries (LDCs) of CARICOM which includes Saint Vincent and the Grenadines. Therefore, the Lesser Developed Countries (LDCs), do not have to undertake the same level of obligations as the More Developed Countries (MDCs).