| Guatemala Congress Approves Belize-Guatemala Partial Scope Agreement |
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| Written by Administrator |
| Thursday, 22 October 2009 12:54 |
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News over the weekend has confirmed that the Congress of Guatemala has approved the Belize- Guatemala Partial Scope Agreement that was signed on June 26, 2006. On November 22, 2004, the Minister of Foreign Trade of Belize and the Minister of Economy of Guatemala launched negotiations for a Partial Scope Trade Agreement (PSA) with the objective of enhancing trade and commercial linkages to the benefit of both countries. This was the first bilateral trade agreement negotiated by Belize. It was signed in 2006 and Belize obtained approval from CARICOM that same year to make sure it does not interfere with its obligations under the CSME. The government of Belize says that this news of Guatemala’s approval will have new doors opened to stimulate private enterprise of both countries. As a small country, Belize is constrained when it comes to achieving economies of scale. Therefore, with the protection of investment guaranteed, Belizean investors can do their processing and value-added in Guatemala and qualify for preferential treatment into Central America.The Government of Belize encourages Belizean entrepreneurs to familiarize themselves with the contents of the Belize- Guatemala Partial Scope Agreement so that they could take full advantage of opportunities that become available. The agreement could be found on the Government’s website at www.belizegov.bz. |