BASSETERRE: The Government of St. Kitts & Nevis has announced that manufacturers operating businesses in the Federation, including several at industrial sites, will benefit from duty free quota access for a selected list of products exported to the Brazilian market when the Partial Scope Agreement signed with Brazil is fully implemented.
St. Kitts & Nevis has intensified its efforts to ensure that it secures tangible benefits from the Partial Scope Agreement through its Ministry of Foreign Affairs.
The recent accession to the Guyana-Brazil Partial Scope Agreement has the potential to promote further private sector driven economic growth in the Federation.
The government and local manufacturers have invested extensive financial and human resources during the negotiations, which began in 2006 and resulted in the signing of the protocol on May 11, 2012.
The Ministry of Foreign Affairs said technical teams from St. Kitts & Nevis and Brazil are expected to finalize the list of manufactured products which will benefit from the preferential trade arrangements.
It said the processes are to be completed by next month, at which time local manufacturers can take advantage of trading opportunities particularly through the export of electronic products assembled in the Federation.
“It is estimated that such exports can be increased by more than 60 per cent in the coming years which will create direct employment for several nationals in the industrial sites. This is consistent with government’s on-going initiatives to diversify the national economy following the country’s exit from sugar production,” the Ministry of Foreign Affairs said in a statement.
Efforts to finalize all the processes to enable the country to benefit fully from the Partial Scope Agreement are being led by the Ministry of International Trade with regular support and assistance from the Ministry of Foreign Affairs, Justice and Legal, the Embassy of Brazil as well as the local Manufacturers’ Division of the Chamber of Industry and Commerce.