Cabinet approves Belize’s First National Trade Policy
Saturday, December 1st, 2018
On Wednesday, November 27th, members of the Cabinet approved Belize’s first National Trade Policy. The Policy is an outcome of the July 2016 National Trade Policy Framework, which has been developed following an extensive nationwide stakeholder consultation process. Coordinated by the Directorate General for Foreign Trade (DGFT) in the Ministry of Investment, Trade and Commerce, the Policy has been developed with technical assistance form the Commonwealth Secretariat under its flagship program the Hub and Spokes Program, aimed at Enhancing Trade Capacity Development in the African, Caribbean, and Pacific States (ACP). Through this program, Belize has benefited from the expertise of a Trade Advisor who provided integral support throughout the process of developing the Policy.
The Trade Policy seeks to achieve five main objectives, which include: reduce the cost of doing business, enhance competitiveness and develop efficient production systems and capacities, improve trade performance for goods and services, diversify production and enhance value addition, develop and enhance the growth of services trade and put in place an effective institutional and legal framework, build and strengthen multilateral, regional and bilateral trade relations and enhance market access (entry), and build a strong and effective institutional and legal framework for trade development, with competent human capital and an entrepreneurial mindset.
Belize has actively participated in the multilateral, international and regional trade and economic frameworks, but there has never before been a single comprehensive and coherent policy in place. Trade of goods and services has occurred under a number of fragmented policy instruments which to left room for improved efficiency. This Policy now encapsulates and defines Belize’s Trade Development Agenda for the next decade, and is in line with the World Trade Organization’s and Regional Rules Based Trading Systems.
The Director General for Foreign Trade continues to work on finalization of the implementation plan for the policy in preparation for a public launch early 2019.
Please help support Local Journalism in Belize
For the first time in the history of the island's community newspaper, The San Pedro Sun is appealing to their thousands of readers to help support the paper during the COVID-19 pandemic. Since 1991 we have tirelessly provided vital local and national news. Now, more than ever, our community depends on us for trustworthy reporting, but our hard work comes with a cost. We need your support to keep delivering the news you rely on each and every day. Every reader contribution, however big or small, is so valuable. Please support us by making a contribution.Click to Donate