Trade and Economic Co-operation Agreement between CARICOM and the Government of the Republic of Cuba
The Caribbean Community (CARICOM) and Cuba has had a strong historical relationship. The trade relations were furthered through the Caribbean Community (CARICOM) - Cuba Trade and Economic Cooperation Agreement which was signed on 5 July, 2000.
The Agreement was formed with a view to strengthen commercial and economic relations between the Parties through the use of trade initiatives such as: “decreasing barriers to trade in both goods and eventually services; facilitating the establishment and operation of joint ventures and other forms of co-operation activities; development of mechanisms that promote and protect the investments; the discouragement of anti-competitive business practices between the Parties.
The Agreement provides for the continuity and expansion of relations through a CARICOM-Cuba Joint Commission established by both Parties.
This Agreement was incorporated into Trinidad and Tobago’s law in via the Caribbean Community (CARICOM) Cuba Trade and Economic Cooperation Agreement Act No. 5 of 2006.
In expanding the Agreement, a Second Protocol was signed in Georgetown Guyana on 9 November, 2017. By wat of this Second Protocol, Cuba granted CARICOM 326 duty free items. CARICOM granted preferential access to seventy-four (74) items. Fifty-two (52) tariff lines were granted duty free access by all CARICOM members. Some of the products covered include cigarettes, some cement, some medicaments, some electric machinery and equipment, vehicular accessories and optical apparatus and medical equipment.
Trinidad and Tobago is currently undertaking action to complete the national legislation processes to give effect to the Second Protocol.