Business in Belize, Belmopan

The objectives of the subject “Foreign Trade and Business in Belize” are the following:

1. To analyse the Belizean Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in Belize
3. To explore the Belizean trade relations with the country of the student
4. To know the Belizean Trade Agreements
5. To develop a business plan for the Belizean Market

Preferential Access and Free Trade Agreements of Belize

1. Belize and the Latin American Economic Area/Caribbean Economic Area
2. Central American Integration System (SICA)
   1. Central American Common Market (MCCA) - Integrated with the SICA -
3. Association of Caribbean States (Belize)
4. CARICOM
   1. Colombia-Belize CARICOM Agreement
   2. Costa Rica-Caribbean Community (Belize) Agreement
   3. Partial scope agreement with Guatemala
   4. CARICOM-Dominican Republic Free Trade Agreement (FTA)
   5. CARIFORUM-European Union Economic Partnership Agreement (EU)
5. Caribbean Basin Initiative
   1. United States-Caribbean Basin Trade Partnership Act (CBTPA)
6. Caribbean-Canada Trade Agreement (CARIBCAN)
7. United Kingdom-CARIFORUM Free Trade and Economic Integration Agreement
8. Mesoamerica Project
9. Central American Bank for Economic Integration (CABEI)
10. Caribbean Development Bank
11. Latin American and Caribbean Economic System (SELA)

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. International Bureau of Containers and Intermodal Transport (BIC)
3. International Civil Aviation Organisation (ICAO, Chicago Convention)
4. International Maritime Organisation (IMO)
5. Is not a member of the World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)

American Trade and Economic Organisations

1. Organisation of American States (OAS)
2. Community of Latin American and Caribbean States (CELAC)
3. Economic Commission for Latin America and the Caribbean (ECLAC)
   1. European Union-CELAC Summit
4. Inter-American Development Bank (IDB)

Global Economic Organisations of Belize

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. World Intellectual Property Organisation (WIPO)
2. World Bank (WB)
3. World Trade Organisation (WTO)
4. International Monetary Fund (IMF)
5. Commonwealth

Belize

1. Borders of Belize (Central America): Mexico and Guatemala
2. Belizean Capital: Belmopán
3. Largest City of Belize: Belize City.
4. Other Belizean cities: Corozal and San Ignacio
5. Belizean area: 22,966 square kilometres
6. Population of Belize: 351,000 people
7. 33% of the Belizean population has an African origin (Creole/African Diaspora), “Mestizos” represent 40% and Mayan origin only 9%
8. Life expectancy: 68 years
9. The official language of Belize is English, but Spanish is the most spoken language
10. Belize became independent from the United Kingdom in 1981. Since then belongs to the Commonwealth (Queen Elizabeth II is the Head of State)
11. Territorial disputes with Guatemala
12. Abolition of Slavery in Belize: 1824

The Belizean main religion is Catholicism (Christianity)

Belize belongs to the Western Civilisation (Latin American Economic Area/Caribbean Economic Area)

Belizean Economy.

1. GDP of Belize: 1,448 million dollars
2. GDP per capita: 4,576 dollars
3. Belizean GDP growth: 3.6%.
4. Services account for 45% of the Belizean GDP
5. Belizean Inflation: 1.2%
6. The main Belizean economic activities are tourism, foreign trade, power generation, and agriculture (10% of the GDP, 20% of the workforce)
7. Manufacturing sector: 10% of the Belizean GDP
8. Petrol fields (the largest Belizean export product)
9. Fiscal imbalance troubles
10. Currency: Belizean Dollar (BZ $)

Belizean Foreign Trade.

1. The Belizean economy is open to the foreign trade (Import, Export)
2. The main Belizean exports are petrol, food products (sugar cane, citrus, bananas), fishery products, and textiles
3. Important export agricultural sector
4. Main imports are machinery, fuel, and manufactured goods
5. Belizane main trading partners: United Kingdom, United States, Mexico, CARICOM, and the Central American Countries
6. Export Processing Zone
7. Increased foreign direct investment (FDI)
8. The largest investors are the United States and the United Kingdom
9. The principal Belizean port is the Port of Belize