By Benjamin Flowers
Belize is currently engaged in a number of activities to build trade relations with Mexico, working towards a Partial Scope Agreement (PSA) on trade with Product Mexico.
Belize Trade and Investment Services Belize (BELTRAIDE) representatives explained that the concept of the PSA is only in the infancy stage and while many details need to be worked out in the ongoing process, both countries have already begun making strides by signing a memorandum of understanding this month.
The MOU sets out the procedures of cooperation for the expansion of investment and trade relations between Belize and Mexico, including the strengthening of institutional relations and capacity building through mutual cooperation between the Belize Trade and Investment Development Service (BELTRAIDE) and ProMexico.
As part of the MOU, BELRAIDE and Pro-Mexico will exchange information publicly available on investment policies, rules, regulations, procedures, incentives and opportunities, and general updates on statistics and business data on Belize and Mexico.
“We have been working on this since late 2012. Now we can proudly claim that our international network includes a partnership with Pro Mexico, a relationship which we will leverage to increase capacity here at home”, Nick Ruiz, General Manager of BELTRAIDE’s Trade and Investment Development Division, remarked.
As a part of the cooperation agreement, both parties will exchange information on investment policies and rules, and provide information about investment opportunities as well as business data on Belize and Mexico.
Erwin Contreras, Minister of Trade, Investment Promotion, Private Sector Development and Consumer Protection, signed on behalf of Belize while Francisco N. González Díaz, Director General of ProMéxico, signed the agreement on behalf of the Republic of Mexico.