TT and Curacao completed a second round of negotiations for a Partial Scope Trade Agreement (PSTA) on December 12. This follows four-day talks that began on December 9.
A press release from the Trade Ministry said the negotiations, which took place at the ministry’s headoffice in Port of Spain, saw both sides making significant advancements in areas such as market access, rules of origin, technical barriers to trade, trade facilitation, trade remedies, co-operation, competition policy, legal and institutional arrangements and dispute settlement and investment.
At the opening session, Randall Karim, permanent secretary at the Trade Ministry, said, "The successful completion of the negotiations is expected to increase trade between our two countries and increase utilisation of the recently launched shipping route between TT and Curacao.
"At the end of these discussions, we hope to be one step closer to seeing more of TT products available in the Curacao market and the diversification of our export base to Curacao and vice versa."
Dr Caryl Monte, president of the Permanent Commission for International Trade and Foreign Economic Relations and chief negotiator for Curacao said, "Over the last decade, TT has shown actual interest in trade with Curacao as evidenced by various investments and acquisitions by TT companies and investors. There are still many opportunities for our companies to trade in each other’s jurisdictions."
He said in order to facilitate growth in bilateral trade between both countries and to ensure that the rules supplied conform to the World Trade Organisation’s regulations, a formal bilateral trade agreement is necessary.
Monte said that given the remarkable progress made through the first round of negotiations, held in Curacao in July, and subsequent intercessional meetings, he was satisfied with the exchanges made and is excited to see the results of the second round of talks.
At the closing session, both parties agreed to further intersessional meetings leading to a third and final round of negotiations expected to be held in the first quarter of 2025.
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