The Caribbean Community (CARICOM) and the United States signed a Trade and Investment Framework Agreement (TIFA) today in Port-of-Spain, Trinidad and Tobago. CARICOM Chairman, His Excellency Michel Martelly, the President of Haiti and Mr Joseph Biden the Vice President of the United States signed on behalf of the two sides.
The signing ceremony took place following a meeting between CARICOM Heads of Government and the US Vice President at the Diplomatic Centre in Port of Spain.
The Agreement is expected to drive strengthened trade and investment ties between CARICOM and the United States as it would serve as a mechanism for the two sides to develop practical strategies on a wide range of trade, investment and economic cooperation issues. This is seen as essential to spurring economic development and diversification of the Region, and to contributing to improvement in the well-being of our citizens. The implementation of the Agreement will be executed under the mechanism of the CARICOM-US Trade and Investment Council which will be led by a nominee of the CARICOM Chair and the Office of the United States Trade Representative (USTR).
The TIFA, which is the result of a revision of an Agreement signed in 1991, takes account of the multilateral trading environment created by the WTO, as well as changes in the regional environment brought on by the implementation of the CARICOM Single Market and Economy (CSME).
An Initial Action Agenda, which is annexed to the Agreement, sets out areas for attention which include matters relating to the WTO; bilateral trade and investment arrangements; cooperation in regional and multilateral areas; support for regional integration; cooperation to promote and respect fundamental labor rights, social protection, and workforce development; and the facilitation of trade and investment opportunities.
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