Following Cabinet’s approval of Belize’s first National Trade Policy (NTP) in November 2018, the Directorate General for Foreign Trade (DGFT) in the Ministry of Investment, Trade and Commerce officially launched the National Trade Policy on February 28th, 2019 at the Queen’s Room of the Ramada Belize City Princess Hotel and Casino.
The DGFT with technical assistance from the Commonwealth Secretariat, and in collaboration with public, private and civil society partners have developed the National Trade Policy which is structured around four main pillars: institutional capacity strengthening; enhancement of supply and productive capabilities; increased market access and entry; and trade facilitation.
The Policy is aligned with Belize’s development strategies such as the Horizon 2030 and the Growth and Sustainable Development Strategy. Its vision is to develop a competitive economy for inclusive socio-economic development through trade, seeks to achieve various objectives including reducing the cost of doing business; improving trade performance; building and strengthening multilateral, regional and bilateral trade relations; enhancing market access and entry; and building a strong and effective institutional and legal framework for trade development, with competent human capital and an entrepreneurial mindset, amongst others.
Implementation of Belize’s first comprehensive National Trade Policy will significantly contribute to a competitive economy and to inclusive and sustainable socio-economic development.