CARICOM/Venezuela Agreement on Trade and Investment

This Agreement is a one-way preferential agreement which aims at promoting CARICOM exports to Venezuela. Tariffs have been eliminated on 22 per cent of products such as fresh produce, confectionery, cosmetics, jams and jellies, medicines, wooden furniture, horticultural products, spices, processed foods, and toilet preparations, while many other products enjoy some measure of tariff reduction.

dumping. Disputes which may arise under this Agreement can be resolved through the use of the Joint Council established under this Agreement, whose judgments, though not binding, takes the form of recommendations.

Currently, Venezuela is seeking reciprocal preferential access to the markets of CARICOM MDCs, and CARICOM is considering the request.

The Agreement also seeks to foster investment in the region and to facilitate joint ventures between both parties. In addition, signatories are allowed to apply measures to counter unfair trade practices, such as export and domestic subsidies and

Trinidad and Tobago's major non-energy sector domestic exports to Venezuela for January - December 2008 are:

Some of Trinidad and Tobago's major non-energy imports from Venezuela for January - December 2008 are: