Belize won't give Guatemala the vote for the United Nations Security Council, but it has signed a trade agreement with that country. Belize and Guatemala formally signed on to the partial scope agreement that's been under negotiation for two years. First agreed to in May of 2002, the agreement formalizes trade relations between Belize and Guatemala. At today's signing it was evident that old beefs have put aside.
Hon. Eamon Courtenay, Minister of Foreign Trade
"We regard Guatemala as a friendly country, as a good neighbor, and whatever may be reported in the media between the two countries is in the media. We remain committed to finding a peaceful solution to the dispute between our two countries and in the meantime we will continue to build bridges for trade, cultural, educational, and other exchanges which spread goodwill between our two people."
Emile Mena, President - BCCI
"Today, in my view, represents an important milestone for Belize as it is the first bi-lateral trade agreement negotiated by Belize and it represents a major first step in developing economic relations with Central America. It is doubly significant as it is with Guatemala and places our relations on a special foundation for continued collaboration. This agreement will serve as the nucleus of developing economic relations between both Central America and the Caribbean region.
The investment provisions will ensure that Guatemalan investments in Belize will immediately qualify for CARICOM treatment and vice a versa. The list of goods to be traded are relatively small and carefully negotiated top ensure that both parties enjoy market access without threatening domestic production. The controversy usually associated with trade agreements should not arise as the sensitive sectors were excluded from the agreement.
We must ensure that the spirit of this agreement will be captured in improved socio-economic opportunities of our two peoples. In many instances, this agreement will formalize trade that is already occurring. This will mitigate risks involved with informal trade and provide a more predictable environment for our private sector and in extension for our peoples."
Hon. Eamon Courtenay,
"The partial scope agreement covers trade in goods. It covers the promotion and protection of investment and it covers a provision for transportation, ground transportation, between the two countries. It has comprehensive provisions for safe guards in the event that that becomes necessary for any product between the two countries and it has dispute resolution provisions to solve any difficulties that may occur in our trade, first in a consultative way and then if necessary to arbitration.
The agreement is historic. It is important and it underscores for our side our commitment to continue good relations with the government and people of the Republic of Guatemala."
Guatemala's Minister of the Economy signed on behalf of Guatemala. The trade imbalance between Belize and Guatemala is as follows: Belize's exports to Guatemala are in the region of $2 million while imports from that country total $13 million.
