Can Central America Become a Bigger Market for Belize?

Belize should be looking closer to home for trade opportunities rather than relying heavily on traditional markets farther abroad. That was the argument from Business Senator Kevin Herrera during Thursday’s Senate debate on a proposed Partial Scope Agreement between Belize and El Salvador.

The agreement is intended to strengthen commercial and economic relations between the two countries. However, Opposition senators criticised the government for not providing sufficient details ahead of the debate.

“It only makes a lot of sense that we continue to expand the trade agreements with a lot of our neighbors,” Herrera said. “Some of our oil that comes in, petroleum products that come to Belize is coming through El Salvador.”

Belize, El Salvador Sign Trade Agreement Opening New Export Markets

He added that Belize needs to reconsider its traditional focus on markets in Europe and further north and pay greater attention to the economic opportunities within Latin America.

Belize and El Salvador signed the agreement on August 13th. Unlike a full free trade deal, a Partial Scope Agreement covers only the products and areas both countries negotiate. It also creates a Bilateral Trade and Investment Promotion Group to encourage cross-border investment.

“Latin America is one of the fastest growing economy. And I think the more we can look closer to home with respect to market access, the more beneficial it will be for our producers,” Herrera said.