Caricom and the United States yesterday signed a Trade and Investment Frame-work Agreement (TIFA) that sets out an agenda “to drive strengthened” ties between the two sides.
Caricom Chairman, Michel Martelly, the President of Haiti and Joseph Biden the Vice President of the United States signed on behalf of the two sides, at a ceremony held after a meeting between Caricom Heads of Government and the US Vice President at the Diplomatic Centre in Port of Spain, Trinidad and Tobago.
According to the Caricom Secretariat, Caricom and the US, recognising the importance of providing adequate and effective protection and enforcement of intellectual property rights and seeking to promote transparency and to eliminate bribery and corruption in international trade and investment; have agreed to ten articles.
Article Two states that the parties shall maintain a US-Caricom Council on Trade and Investment (the Council) which shall comprise representatives of each party. The US side shall be chaired by the Office of the United States Trade Representative and may be assisted by officials from other government entities. The Caricom side shall be chaired by a nominee of the Chairman of the Caribbean Community and may be assisted by officials of government and regional entities. The Council shall endeavour to meet at least once per year.
According to Article Three, the Council shall monitor trade and investment relations between the parties; identify and facilitate opportunities for expanding trade in products and services and investment, and identify relevant issues such as the protection of intellectual property rights, workers rights, and the environment, that may be appropriate for negotiation in an appropriate forum.
It shall also consider specific trade and investment matters of interest to the parties; identify and work to remove impediments to trade and investment between the parties; consult with the private sector and civil society where appropriate on matters related to the work of the Council; facilitate expanded linkages between their respective sectors and seek to resolve amicably any issues related to this Agreement that might arise.
According to Article Four, a party may refer a specific trade or investment matter to the Council by delivering a written request to the other party that includes a description of the matter concerned. The Council shall take up the matter within 90 days after the request is delivered unless
the requesting party agrees to a later date. Each party shall endeavour to provide an opportunity for the Council to consider a matter before taking actions that could adversely affect trade of investment interest of the other party.
Article Ten states that on enforcing this agreement, it shall supersede the United States-Caricom Council on Trade and Investment agreement entered into on July 22, 1991 in Washington.
