KINGSTON: Jamaica announced plans to expand regional trade ties through a framework agreement with Cuba and a deal that supplements the existing free trade agreement with Costa Rica.
The country announced the plan following a pair of trade missions to Cuba and Costa Rica earlier this month led by Industry Minister Anthony Hylton.
Hylton said Cuba “stands ready” to cooperate fully in developing bilateral trade with its Caribbean neighbours, particularly Jamaica.
He also said a framework agreement is being targeted between Jamaica’s Special Economic Zone and Cuba’s Mariel Special Economic Development Zone which “both come into play later this year.”
“As Jamaica continues work towards the development of our own Special Economic Zone regime, we are well placed to take advantage of the opportunities for inter-SEZ trade,” Hylton said.
Jamaica and Costa Rica have also signed a memorandum of understanding aimed at supplementing the existing free trade agreement between Costa Rica and CARICOM.
“The MoU symbolizes the partnership between Jamaica and Costa Rica. It will enhance existing ties and provide an opportunity for more cooperation in trade administration as well as exchange of valuable trading information,” Hylton said.
