The CARICOM-Venezuela Agreement on Trade and Investment is a one-way Agreement which was signed on October 1992 and entered into force on January 1, 1993. Tariffs have been eliminated on 22% of products such as fresh produce, confectionery, cosmetics, jams and jellies, medicines, wooden furniture, horticultural products, spices, processed foods and toilet preparations, while many other products enjoy some measure of tariff reduction. Exceptions to these items include beef, milk products, coffee, rice, some oils and other selected goods.
Countries involved include Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago and Venezuela.
Since the signing of the Agreement, the Government of Venezuela has requested reciprocal preferential access similar to the access granted to Colombia by the CARICOM More Developed Countries (Barbados, Guyana, Jamaica and Trinidad and Tobago). These negotiations commenced in late 2002 and aimed to finalize a protocol to amend the existing Agreement, lists of products for immediate duty free and phased reduction of duty treatment as proposed by each side, and the relevant Rules of Origin.
To date the negotiations have taken place mainly with respect to the correlation of the tariff codes and descriptions relating to the products covered by the current Agreement. Discussion continue to advance the process.