The Ministry of Economic Development, Petroleum, Investment, Trade and Commerce was established by Parliamentary Mandate on November 2015. Its Investment, Trade and Commerce portfolio is led by Honourable Minister of State, Mrs. Tracy Taegar Panton. She is ably assisted by the Chief Executive Officer in the person of Mr. Duane Belisle. The Ministry is responsible for providing policy direction and strategic development in:
- Foreign Trade
- Foreign Direct Investment
- Industrial and Commercial Development
- International Trade Negotiations,
- Standards Development and Enforcement
- Consumer Protection
- Fair Competition (Anti-Trust) Measures
- Supplies and Price Control (excluding energy prices)
- Commercial Free Zones
- Export Processing Zones and
- Gaming and Lotteries Control.
These responsibilities are managed by the Departments within the Ministry namely:
- Directorate General for Foreign Trade – which has direct responsibility for Foreign Trade Policy, and International Trade Negotiations.
- Belize Bureau of Standards – which has responsibility for Standardization, Metrology, Conformity Assessment (Sampling, Inspection, Testing, Certification, and Accreditation), Technical Barriers to Trade (TBT) Enquiry Point, Codex Contact Point, Monitoring and Compliance, Supplies Control, and Consumer Protection
- Investment Policy and Compliance Unit – with responsibility for administrating and regulating Belize’s investment incentive regimes (Commercial Free Zones, Export Processing Zones). The Unit is the secretariat for the Cabinet Sub-Committee on Investment and has regulatory responsibility for Gaming and Lotteries in Belize.
- Belize Trade and Investment Development Service (BELTRAIDE) – Statutory body with responsibility for with attracting and promoting investments, developing Small and Medium Enterprises, as well as promoting “Made in Belize” products.