A bilateral partial scope agreement between T&T and Panama, the negotiotiation of which began in 2010, is near finalisation, the Trade Unit of the T&T Chamber of Industry and Commerce told chamber members in a notice on April 18.
"In keeping with the Government's intent to pursue an aggressive trade policy with Latin America, the negotiation of a bilateral partial scope trade agreement between T&T and Panama commenced in December 2010.
"We are happy to relay that finalisation is on the horizon. As the title suggests, this is a partial agreement which provides manufacturers in both countries with preferential access for a limited number of products. Although services and investment were excluded, the agreement leaves scope for them to be negotiated and included at a future date," the chamber said.
The agreement is at the penultimate stage whereby it must get approval from Caricom's Council on Trade and Economic Development (COTED).
The chamber said: "Approval at this stage is likely since the agreement had to be amended on multiple occasions owing to objections from Caricom member states. The final step will be for T&T and Panama to ratify the agreement in their respective territories."
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