Doing Business in Belize

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

1. To analyze the Belizean Economy and International Trade;
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.

The Subject “Foreign Trade and Business in Belize” belongs to the following Online Higher Educational Programs taught by EENI Global Business School:

Masters (MIB): International Business, Foreign Trade.

Doctorate (DIB): American Business, World Trade.

Learning materials in ( Belice Belize Belize).

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 Organization (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 Organization (ICAO, Chicago Convention);
4. International Maritime Organization (IMO);
5. Is not a member of the World Customs Organization (WCO)
   1. Revised Kyoto Convention (RKC).

American Trade and Economic Organizations:

1. Organization 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 Organizations of Belize

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

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 kilometers;
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 Civilization (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 International Trade;
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. Belizean 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.

(c) EENI Global Business School (1995-2023)
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