The Governments of Belize and the Republic of China (RoC) (Taiwan) have signed a Letter of Intent (LOI) to engage in the negotiation of a Partial Scope Agreement (PSA). The LOI, which was signed on August 15, 2019, was signed with the objective of formalizing trade relations between the two countries. The signing of the LOI culminated after a week of discussions and engagement with RoC officials by the Belize Delegation in Taiwan.
The Letter lays out the nature of the agreement as being only partial in its scope of product coverage, and should confirm to the rules of trade under the auspices of the World Trade Organization (WTO). It recognizes Belize’s obligations to the CARICOM-CSME under the Revised Treaty of Chaguaramas including the CSME. There is also a commitment that the PSA should provide for acceptable benefits to both parties, and that its content and context should seek to promote economic development through investment and trade. This should be supported by a targeted agenda for cooperation to be pursued by the RoC to strengthen Belize’s capacity in key areas of product development, food safety and standards. It also provides for the finalization and ratification of the PSA and is contingent on a successful outcome of the negotiations. In those negotiations, both Belize’s and Taiwan’s constraints, interests, development needs, and external obligations are adequately considered and addressed.
The LOI is not intended to create any legally binding rights and obligations for the parties. The Belize delegation was headed by the Honourable Tracy Taegar-Panton, Minister of State with responsibility for Investment, Trade and Commerce. She was accompanied by Chief Executive Officer, Duane Belisle; Director General for Foreign Trade, Andy Sutherland; and Executive Director of BELTRAIDE, Leroy Almendarez. The Letter of Intent was signed on behalf of the Government of Belize by Honourable Tracy Panton, Minister of Investment, Trade and Commerce and on behalf of the Government of the RoC by the Honourable Jong-Chin Shen, Minister of Economic Affairs.
