Belize has achieved a significant milestone in its international trade relations after securing formal approval from the Caribbean Community (CARICOM) for its proposed Partial Scope Agreement with El Salvador. The diplomatic breakthrough occurred during the 61st Council for Trade and Economic Development (COTED) meeting in Guyana, marking a critical step toward finalizing the bilateral trade arrangement.
The negotiations, which commenced in 2023 with the first formal round conducted in December 2024, have progressed through three substantive rounds of discussions. The approval process reflects CARICOM’s established protocol requiring member states to obtain collective endorsement for external trade agreements. This mechanism ensures external partners cannot secure more favorable terms than those enjoyed by CARICOM members, thereby preserving the integrity of the regional common market and preventing discriminatory trade practices.
Foreign Affairs and Foreign Trade Minister Francis Fonseca emphasized the agreement’s strategic importance, noting that it creates substantial opportunities for Belizean producers to access new markets and reduce trade barriers. Simultaneously, COTED approved an extension and expansion of Belize’s existing Partial Scope Agreement with Guatemala, further enhancing the nation’s regional trade network.
These developments represent a deliberate strategy to stimulate economic growth through diversified trade relationships. The government identifies market expansion as fundamental to Belize’s economic future, with these agreements providing frameworks for increased exports and strengthened commercial ties throughout Central America and the Caribbean region.