Multilateral Agreement Involving Caribbean Countries

The third drawback is common to any trade agreement. Some companies and regions of the country are suffering from the disappearance of trade borders. The Free Trade Agreement between Central America and the Dominican Republic was signed on 5 August 2004. CAFTA-DR has removed tariffs on more than 80 percent of U.S. exports to six countries: Costa Rica, the Dominican Republic, Guatemala, Honduras, Nicaragua, and El Salvador. By November 2019, trade had increased by 104%, from $2.44 billion in January 2005 to $4.97 billion. The most important was the North American Free Trade Agreement (NAFTA), ratified on January 1, 1994. NAFTA quadrupled trade between the United States, Canada and Mexico from 1993 to 2018. The Agreement between the United States, Mexico and Canada (USMCA) entered into force on July 1, 2020. The USMCA was a new trade deal between the three countries, negotiated under President Donald Trump. All global trade agreements are multilateral. The most successful is the General Agreement on Trade and Customs.

Twenty-three countries signed the GATT in 1947, the objective of which was to reduce tariffs and other barriers to trade. Within this multilateral framework, the Commission is working to improve export competition and market access, in particular for food and beverages from the EU. The WTO is a negotiating forum on the liberalization of world trade. The EU negotiates in the WTO on behalf of all EU countries. The fourth advantage is that countries can simultaneously negotiate trade agreements with more than one country. Trade agreements are subject to a detailed authorisation procedure. Most countries would prefer to ratify an agreement covering many countries at the same time. On 7 December 22, 2013, WTO representatives approved the Bali package: all countries agreed to streamline customs standards and reduce bureaucracy in order to speed up trade flows. Food security is a problem.

India wants to subsidize food so that it can store it for distribution in case of famine. Other countries fear that India will dump cheap food on the world market in order to gain market share.. . . .