The Trade Mission this week to the Dominican Republic (DR) is seen as being critical to opening new markets. This was the view expressed by the Ministry of Trade and Industry on mission which starts today and ends on Saturday. The mission is coordinated by the TT Manufacturers’ Association (TTMA) and supported by the ministry.
“The MTI and the TTMA are both of the view that this mission is critical to opening new markets having successfully collaborated on similar visits, the last being to Cuba in 2016”, stated a release from the ministry.
The ministry noted that expanding and promoting trade relations and pursuing investment opportunities between TT and the DR are among the main objectives of the mission while another is the strengthening of the relationship between both countries and reinforcing the ministry’s commitment to public-private sector partnerships to grow and facilitate non-energy exports.
The delegation will be led by the ministry’s Acting Permanent Secretary Frances Seignoret. Other members of the delegation include TTMA CEO Dr Ramesh Ramdeen and a contingent of local manufacturers. The ministry said its participation in this mission is informed by current trade agreements including Caricom’s Free Trade Agreement with the DR, which provides access to over 10 million consumers for trade in goods and future trade in services.
TT has enjoyed a favourable trade balance with the DR. In 2016, exports to that country totalled $487.2 million while imports amounted to $180.6 million. TT’s main exports to the DR are liquefied natural gas, urea, ammonia, glass bottles, toilet and facial tissues, nitrogen, plastic bottles and cereal while the main imports include gypsum, resins, lubricating oils, carton boxes and cases, plastic boxes, tobacco and soups/broth.