Costa Rican legislators have approved a new trade pact with the twelve full members of the Caribbean Community (Caricom).
The pact passed its second reading in a 41-7 vote on Tuesday in the Asamblea Legislativa. The countries involved include Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St Kitts & Nevis, Santa Lucia, San Vincent and the Grenadines, Suriname and Trinidad and Tobago.
Under the terms of the accord, 94 percent of Costa Rican exports will be free of import duties within four years, although certain staple products, such as sugar, rice, chicken and beer, are not covered by the agreement.
Territories classified as less developed countries can import all their products duty-free to Costa Rica under the agreement, with the exception of oils, soaps and certain other products.
The products that can be exported immediately free from duties include ornamental plants, cheese, milk-based drinks, palm hearts. medicines, fungacides, PVC tubes, tires, refrigerators, stoves and some clothing.
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