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St Kitts, Brazil To Sign Free Trade Pact

by Amanda Banks,, London

25 April 2012

The government of Saint Kitts and Nevis has received notification from Brazil that it is ready to sign the Partial Scope Agreement on trade that the two territories have been negotiating for a year.

The pact, described as a 'win-win' agreement for both nations, will provide preferential tariffs to boost trade, specifically for manufactured goods.

Welcoming the forthcoming signing, St Kitts and Nevis Prime Minister, Denzil Douglas, said: "That will be a historic day to our fellow country people and the industrial sector as we will be able to have access to the Brazilian market with electronic products made in Saint Kitts and Nevis.”

Commenting on progress towards negotiations in February, Douglas highlighted the importance of the agreement: “Several products made here in St. Kitts and Nevis find their way to Brazil already, but I believe they do enter the market with an applicable 30% tariff. From the perspective of St. Kitts and Nevis, the attainment of a duty-free trade agreement, similar to the Caribbean Basin Initiative, and what is operated between Brazil and Guyana, is vital in order to secure the opportunity for increased production in locally-based manufacturing facilities.”

Douglas noted that Brazil, with a population of over 290 million people, “represents that chance for manufacturing facilities to at least double their production, given the fact that the traditional US market has experienced a downturn in housing, and has reached saturation point in some areas.”

TAGS: tax | business | free trade agreement (FTA) | international financial centres (IFC) | tariffs | offshore | manufacturing | Brazil | Saint Kitts and Nevis | import duty | trade

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