Trade and Industry Minister Stephen Cadiz and his Guatemalan counterpart have signed an official statement on the commencement of negotiations for a trade agreement. Last month, Cadiz accompanied the Chamber of Indusry and Commerce and a team from the Manufacturers Association on a week-long trade mission. On June 21, Cadiz and Luís Velásquez Quiroa, Minister of the Economy of Guatemala, signed the statement.
In a release, the ministry said the T&T team visited the fourth Induexpo, the largest trade fair in Central America. The targeted sectors at the Induexpo 2011 were food and beverage, chemicals, construction, footwear, pharmaceuticals plastics, services, technology and metal mechanics. Buyers in the manufacturing, distribution, pharmaceuticals and food and beverage sectors were also encouraged to attend.
"This mission was an excellent opportunity for the local business community to forge stronger ties with prominent business firms in Latin America. Combined, this region has a potential market of 42 million, which has not yet been fully explored. "In recent years, T&T and Guatemala have seen an increase in commercial activity that will form the basis for greater commerce and foreign investment for the mutual benefit of both nations. "The opening of new markets and increased exports is a common goal for the governments of both countries, which see the need to reinforce the existing trade relations, recognising and respecting each others' rights and obligations as members of the global commercial system, the demands in their national legal systems and the commitments of regional integration agreements," the release stated.