Caribbean Export OUTLOOK 3rd Edition

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Pulse of the Caribbean

Left: Turmeric and Ginger powder. Right: Belizean bananas being prepared for export / Photos above courtesy of Belize Trade & Investment Development Service (BELTRAIDE)

national Fisheries and Aquaculture industries, with the new focus on the pacific white shrimp, the Nile tilapia, seaweed and sea cucumber cultivation. These emerging industries hold great promise for a resurgence of Belize’s export performance in 2018/2019. Belize benefits fromseveral regional trade agreements and arrangements, including being a part of the CARICOM Single Market & Economy (CSME), which grants Belizean originating goods duty-free access to the region. Belize benefits from CARICOM bilateral agreements with Cuba, Dominican Republic, Venezuela and Costa Rica. Moreover, preferential market access exists under the CARIFORUM-EU Economic Partnership Agreement (EPA), of which CARICOM and the Dominican Republic are parties which presents significant opportunities for trade in goods and services. Furthermore, Belize continues to benefit from preferential market access into the U.S. under the Caribbean Basin Initiative (CBI), in which Belizean products, mainly citrus and sugar, significantly benefit under this arrangement. Belize is currently negotiating bi-lateral trade arrangements with Mexico and El Salvador. All the Central American countries have expressed interest in negotiating a Partial Scope Agreement (PSA) with Belize, similar to the existing PSA it has with Guatemala. The CARICOM Common External Tariff (CET) Suspension Mechanism allows Belizean companies to assess new trade possibilities. The CETmechanism is where CARICOM Members request the suspension of the CET

on numerous products daily; which can be granted if the goods are either not available in the region or do not meet the demanded quantity or quality. Recently, top requested products with potential for production in Belize include palm oil, crude and refined soybean oil, crude and refined coconut oil, ginger and turmeric powder, a variety of nuts and other spices. On the continued path to sustainable development, Belize’s portfolio of pro-investment incentives programmes has been instrumental in catalysing developments, valuing over US$839 million in the areas of resorts, airports, cruise ports and other industry specific investments. Furthermore, Belize continues to embrace incremental interests in industries, notably, Aquaculture, Agro-Processing, and Offshore Outsourcing Services. The Agro-processing industry, being one of the highest export earners in the programme in 2017, generated over US$72 million in foreign exchange, while the Aquaculture industry, shrimp in particular, continues to rebound following recent challenges with the EMS outbreaks, causing over US$4.7 million in water and sediment management infrastructure investments as a part of the industry’s rejuvenation and expansion strategy. Harnessed by an abundance of development opportunities, crossing national priority areas, it is no wonder that Belize remains poised as a “Sweet Spot” for development with natural linkages to the Caribbean and Central America.