Trinidad and Costa Rica Sign Deal
Trinidad and Costa Rica signed a free trade agreement Wednesday that was expected to allow for the free flow of goods to nearly 20 million consumers.

Under the deal, more than 90 percent of goods will receive duty-free access to markets immediately, while tariffs on other products will be reduced gradually over four years.

Kenneth Valley, Trinidad's trade minister, and Manuel Gonzalez Sanz, his Costa Rican counterpart, signed the deal in Port-of-Spain after three years of negotiation.

"This agreement with Costa Rica is a pioneering effort providing the opportunity for us to develop access, investment, and dispute settlement among others," Valley said.

Trinidad was the first country in the 15-member Caribbean Community to implement the free trade pact between the regional bloc and the Costa Rica signed in March 2004.

Costa Rica's annual export value to Trinidad and Tobago currently exceeds US$10 million (euro8.5 million) and hopes to expand not only to Trinidad but also to the larger Caribbean region.

"We export more to the Caribbean than all of South America and look forward to Trinidad and Tobago influencing other countries to get on board," Gonzalez Sanz said.

Trade between the Caribbean Community and Costa Rica reached US$220 million (euro188 million) in 2003.

Costa Rica plans to expand its exports of plants, confectionaries and medicine, while it will benefit from Trinidad's natural gas and cereal industry.