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.
