2019-2023 Trade Policy launched

Trade and Industry Minister Paula Gopee-Scoon.
Trade and Industry Minister Paula Gopee-Scoon.

IN ITS thrust to diversify the economy, the Ministry of Trade and Industry unveiled this country’s trade policy for 2019-2023, that would expand into non-traditional markets such as the Caribbean, Latin America, African and Asian countries.

Minister Paula Gopee-Scoon, in delivering the feature address at the launch held at the Trinidad Hilton on Wednesday said while trade and investments will be maintained in traditional markets, like the US and Europe, the policy seeks to diversify into other areas.

“The consultative process revealed that, exports best match the imports, or is more compatible with, the imports of Caribbean, Latin and Central America, African and Asian economies.”

Consultations were held with 33 stakeholders from both the private and public sectors as well as the Tobago House of Assembly (THA). The trade policy was created in collaboration with the UN Economic Commission for Latin America and the Caribbean (UN ECLAC).

Gopee-Scoon added that the country’s rising trade to GDP ratio is currently estimated at 132 per cent, however products are far too specialised, and exports continue to be resource-based and dependent on the energy sector.

“As a consequence, the country’s foreign exchange earnings are dependent on narrow range of exports which in turn makes the foreign exchange earnings capacity extremely vulnerable to external shocks.”

“The need for transformation of the economy to increasingly high-value goods and services is a step in the right direction.”

The policy intends to enhance competitiveness, accelerate economic and export diversification and increase the foreign exchange rate potential for TT. It is broken down into five goals and is expected to be pursued over a five-year period.

Among the key initiatives is addressing the non-tariff barriers for exporters in the external markets.

She said, “There will be an establishment of a national non-tariff barrier committee to create a trade-focused database for the non-tariff barriers faced by exports in the markets and the establishment of an institutional mechanism to undertake market access investigations.”

Some targeted areas include goods that would account for increase production and exports, industries such as textiles, fashion, downstream petrochemical production, wood and wood products.

Agriculture and agro-processing targets coffee, spices, cocoa, animal feed, fish and fish processing production. This also includes the establishment of the green industry that would produce bio-degradable items such as utensils.

Services like tourism, education, ICTs, are scheduled to undertake an upgrade to boost competitiveness. Areas of business infrastructure, improved capacity for e-commerce and development of human capital have been targeted. This also includes expansion of the sector in Tobago through the THA.

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"2019-2023 Trade Policy launched"

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