The settlement would place emphasis on trade in goods, services and investment while enshrining the principle of special and differential treatment and would include asymmetrical treatment to deal with sensitivities of all parties.

In addition, MERCUSOR would be ready to assist with technical co-operation to CARICOM countries, according to a statement delegations from the two sides issued after meeting in Port of Spain last Thursday and Friday.

Trinidad and Tobago´s Trade and Industry Minister, Ken Valley, expressed hope the two sides would move quickly to conclude the free trade agreement by the end of 2005.

A delegation from MERCOSUR, headed by Paraguay´s Foreign Affairs Minister Leila Rachel de Cowles, discussed in the capital of Trinidad and Tobago the start of negotiations with a team of the Caribbean regional Negotiating Machinery (CRNM), headed by Richard Bernal.

The two sides issued a statement in which they said had looked into the possibilities of negotiating a Free Trade Agreement to enhance trade and investment linkages between both regions.

MERCUSOR comprises Argentina, Brazil, Paraguay, and Uruguay, representing 70 per cent of the South American territory and 64 per cent of its population. The countries together have a total Gross Domestic Product (GDP) close to US$1.5 trillion, recalls the Caribbean Media Corporation.

Meanwhile, CARICOM covers 15 countries within the English, Dutch and French speaking Caribbean.

By: Prensa-Latina