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.