Foreign Trade

The CARICOM-Venezuela Trade and Investment Agreement

The CARICOM Venezuela Trade and Investment Agreement is the first of the bilateral trade agreements CARICOM signed with the Bolivarian Republic of Venezuela in October 1992 and ratified in June 2006.

This Agreement is currently a non-reciprocal preferential Agreement in favour of CARICOM and allows selected products which have been agreed to by the Parties to enter the Venezuelan market free of duty from all CARICOM countries.  From Barbados’ perspective, given that CARICOM is not required to reciprocate this preferential access, it therefore follows that Barbados must grant Venezuela Most Favoured Nation (MFN) treatment in respect of all goods imported from that country.  MFN treatment refers to the tariff applied to goods at the border of a particular WTO Member when exported from another WTO Member. 

The full text of this agreement may be viewed on the CARICOM website.