Caribbean Net News | Friday, June 5, 2009
Barbados and BLEU sign investment treaty
BRIDGETOWN, Barbados (BGIS) — Barbados and the Belgium-Luxembourg Economic Union (BLEU) now have a Bilateral Investment Treaty (BIT), which should further strengthen the bonds of friendship and consolidate economic cooperation between these countries.
Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, and Belgium’s State Secretary in its Ministry of Foreign Affairs, Foreign Trade and Development Cooperation, Olivier Chastel, signed the agreement for the Reciprocal Promotion and Protection of Investments between Barbados and the BLEU last Friday, May 29.
It took place at the ACP-EC Council of Ministers’ meeting, which was convened in Brussels from May 25 to 29. The agreement has been forwarded to Luxembourg where it is expected that the Minister of Foreign Affairs of that country will sign the Treaty in the coming weeks.
The signing of the BIT with the BLEU constitutes part of an ongoing and strategic policy of the government of Barbados to increase trading opportunities, and to enhance and expand this island’s international business environment, to make it more attractive to investors.
It is also a testimony of Barbados’ commitment to expand its investment treaty network, protect private investment and promote market-oriented economic policies.