Valley lobbies trade between Caricom and Costa Rica

Meanwhile, Costa Rican Trade Minister Manuel Gonzalez Sanz shared Valley’s optimism that the Free Trade Area of the Americas (FTAA) will become a reality notwithstanding the plethora of bilateral FTAs currently being negotiated in the region.

Speaking at the official launch of the implementation in Trinidad and Tobago of the Caricom-Costa Rica Free Trade Agreement at the Hilton Trinidad, Valley said TT was mandated by Caricom to negotiate bilateral free trade agreements with other countries including Costa Rica.

He said all mechanisms are in place for TT to fully implement the Caricom-Costa Rica FTA, but other Caricom nations are lagging behind in implementing the FTA. Noting the numerous benefits which TT and Caricom as a whole could benefit from trade with Costa Rica, the minister said he hopes to encourage his Caricom counterparts at this weekend’s Council for Trade and Economic Development (COTED) in Barbados to put mechanisms in place to enable full implementation of the Caricom-Costa Rica FTA in their countries within the shortest possible time.

Asked if the FTAA was still a viable objective given the numerous bilateral FTAs being negotiated within the region today, Sanz said he saw no reason why the FTAA could not become a reality.

After the Summit of the Americas meeting in Argentina earlier this month, several nations expressed reservations about joining the FTAA. However, Valley expressed optimism that the FTAA would become a reality and TT would be the site of the FTAA’s secretariat.

TT has the support of 18 regional nations to be the site of the FTAA secretariat, and Costa Rica was the first non-Caricom nation to support TT’s lobby for the secretariat. Valley said TT continues to enjoy a healthy balance of trade with Costa Rica.

TT’s exports to Costa Rica were valued at $40 million in 2004, including petroleum products, rum and beverages. Imports from Costa Rica over the same period amounted to $70 million and included commodities such as pharmaceuticals, detergents and lumber.

Reiterating that TT has long viewed Costa Rica as a prime Central American market to enhance trade and investment, Valley said efforts are being made to pursue the development of an efficient commercial and passenger transportation system between TT and Costa Rica.