PORT OF SPAIN, Trinidad (CMC) — The governments of Trinidad and Tobago and Guyana have both agreed to work on areas of trade and investment, agriculture, food security and other issues.

This was outlined in a Memorandum of Understanding (MOU) that was signed early Sunday, paving the way for renewed and enchanted cooperation in various sectors.

“By this MOU on renewed and enhanced cooperation the parties agree to work with each other in the areas of trade and investment, agriculture and food security, security, energy, and infrastructure, and other areas as may be determined, with the aim of developing a strategic cooperation partnership for the mutual benefit of their respective countries and the wider Caribbean Community (Caricom)”, said Prime Minister of Trinidad and Tobago, Dr Keith Rowley,

The agreement, signed by Guyana’s Minister of Foreign Affairs and International Cooperation, Hugh Todd and Trinidad and Tobago’s Minister of Foreign and Caricom Affairs, Dr Amery Browne, points to the establishment of a high level bilateral commission that will include representatives from both the public and private sectors.

The commission will be coordinated by the ministries of foreign affairs of both countries and will include experts from both parties and representatives of the public and private sector organisations concerned.

According to the MOU, the first meeting of the commission will take place within three months and thereafter, the commission will meet annually, or as otherwise agreed by the parties.

The functions of the commission will include, the formulation of specific proposals for cooperation and collaboration between the two states in identified areas; the supervision and execution of the present MOU; the examination and approval of specific projects to be undertaken by the parties and a review of the progress of cooperation activities between the two countries.

“This MOU will enter into force on the date after the parties notify each other through diplomatic channels of the fulfilment of domestic legal requirements in their respective countries for the MOU to enter into force,” said Dr Rowley.

According to the agreement, the MOU will be effective for a period of five years and will be renewed automatically for successive equal periods, unless one of the parties notifies the other party in writing of its intention not to renew the validity of the MOU, at least three months before the date of expiration of the validity of the MOU.

The MOU was signed in the presence of the President of Guyana, Dr Irfaan Ali and Dr Rowley.