Trinidad and Panama sign trade deal to boost economies

By Admin Wednesday October 09 2013 in Caribbean
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PORT-OF-SPAIN: Trinidad & Tobago and Panama have signed a Partial Scope Trade Agreement which will help boost the economies of both countries.

 

Trinidad & Tobago will benefit from immediate tariff elimination in a number of important manufactured products and also tariff reduction in several other areas. The agreement will strengthen the existing trade relationship between the two countries, as it will afford further market diversification and penetration.

 

“In the case of Panama, 40 per cent of the tariff lines negotiated will receive a 100 per cent preferential rate,” said a communiqué issued following the signing last week. “Some of the products that will be benefited from said rate are: live animals for breeding, fresh and chilled meat, fresh and chilled fish, eggs, wheat, salt, pepper, among other things.”

 

The agreement was signed in Panama by Trinidad & Tobago’s Minister of Foreign Affairs, Winston Dookeran and Ricardo Quijano Jimenez, Panama’s Minister of Commerce and Industry.

 

The signing took place in the presence of Panama President Ricardo Martinelli Berrocal and Trinidad & Tobago Prime Minister Kamla Persad-Bissessar.

 

The agreement marks the end of four rounds of negotiations between the two countries, which began in January 2010.

 

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