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Review of Belize’s Investment Regimes

The Commonwealth Fund for Technical Cooperation (CFTC) through its Special Advisory Services Division (SASD) is providing technical assistance in reviewing Belize's investment regimes vis-ŕ-vis trends in international trade law.   The overall objective of this project is to assist the Government of Belize in the review and modernization of its investment legislation with the aim of, inter alia, attracting investment in Belize in a manner that is WTO-compliant.  Assistance with respect to the implementation of various obligations identified during Belize's first WTO Trade Policy Review as outstanding under the WTO Agreement will also be addressed.

The project focus and key deliverable is the enactment of legislation implementing a sustainable investment framework that is WTO-compatible and conducive to economic growth and development in Belize. The project will consolidate and build upon piecemeal reforms already enacted.  Issues arising out of the WTO TPR process with respect to the WTO-compatibility of existing legislation will be addressed as a priority in the programme of assistance. A phased approach to introducing reforms will be necessary in light of, inter alia, the transitional period for implementation of WTO rules with respect to certain trade-related investment programmes, as well as the possible introduction of new disciplines on investment at the regional and hemispheric levels. An initial three-year work plan is envisaged; it being recognized that project implementation will likely call for a review closer to the expiry of the extended WTO transitional period - end of year 2007 with the possibility of an additional extension of two years, as per the Doha Ministerial Declaration (WT/MIN(01)/17 para 10.6; G/SCM/39).

The project is designed to build on previous and ongoing technical assistance provided by SASD.  The project is divided into four components each accounting for key deliverables: revision of the licensing regime; rationalization of the tariff structure and other duties and charges (ODCs); repeal of certain pieces of outdated legislation; an assessment of the services sector with a view to enhancing the predictability of reforms for traders and investors. The project will require the sourcing of external consultants to complement ELS in-house resources.