The CARICOM/Costa Rica Free Trade Agreement, signed on 9th March 2004 in Jamaica, entered into force in Barbados with effect from 1st August 2004 by Administrative Arrangement pending enactment by legislation, which was passed on 5th April 2006. The Agreement provides for the immediate elimination of duties or phased reduction of duties on all goods except those identified as sensitive. The Agreement is reciprocal between the CARICOM MDCs - Barbados, Guyana, Jamaica, Suriname and Trinidad an Tobago. The LDCs - the OECS and Belize, though enjoying duty free access to Costa Rica, are not required to grant similar access to Costa Rican products.
A limited number of goods continue to attract duty when traded under the Agreement, and duties on some others were eliminated in four equal annual stages starting on the date of entry into force of the Agreement. In addition to trade in goods, the Agreement provides for the application of anti-dumping measures and for the parties to enhance their sanitary and phytosanitary measures. It also covers trade in services, investment, competition policy and government procurement.