3 weeks ago
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Minister of State in the Ministry of Foreign Trade, Marconi Leal, is in Georgetown, Guyana, attending the 60th Meeting of the Council for Trade and Economic Development (COTED). The two-day meeting, which concludes today, is a crucial forum for shaping trade and economic policy across the Caribbean region. Minister Leal’s primary objective at COTED is to secure CARICOM’s endorsement for the proposed Belize–El Salvador Partial Scope Agreement. This agreement is designed to significantly boost trade and foster greater economic cooperation between Belize and El Salvador. Negotiations for the agreement were launched back in December of 2023, and since then, there have been several rounds of negotiations to address key issues such as preferential market access between the two countries. At the launch of the negotiations, Minister of Agriculture Jose Abelardo Mai spoke on how the finalized agreement will help to improve investment as well as foster collaboration and innovation.
Jose Abelardo Mai, Minister of Agriculture: “This agreement seeks to confer legal certainty to investments generated between our nations by aligning our legal frameworks and providing a stable environment for investments. We’ll create a foundation for sustained economic growth and shared prosperity. This legal certainty will foster trust and encourage businesses to explore opportunities for collaboration and innovation. Our third objective involves strengthening of bilateral cooperation, coordination and facilitation frameworks for trade in goods. Through technical cooperation and capacity building activities, we aim to enhance our understanding of each other’s technical regulations, standards and conformity assessment process. This collaborative effort extends to areas such as sanitary and phytosanitary measures, innovation, production, technology, distribution, marketing and finance. By doing so, we lay the groundwork for a comprehensive and interconnected economic partnership. Lastly, the establishment of an efficient, transparent, and effective system to resolve trade disputes. Disputes are inevitable in any complex relationship and having a structured mechanism in place ensures that issues are addressed properly and fairly. This commitment to dispute resolution reflects our dedication to fostering a healthy and resilient economic partnership.”
While in Guyana, Leal also held important discussions with key CARICOM officials. He met with CARICOM Secretary-General, Dr. Carla Barnett, and General Counsel, Lisa Shoman.
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