Local businesses not worried about US sanctions

Members of the local business community say they understand the position of the United States government about sanctions being imposed on entities doing business with Venezuela. They are not worried about it.

At a virtual American Chamber of Commerce (Amcham) meeting last month, US principal deputy assistant scretary, Bureau of Western Hemisphere Affairs, Julie J Chung said, "The purpose of our sanctions is to identify those entities that are providing material support to the illegitimate (Venezuelan President Nicolas) Maduro regime." She also said, "It is critical that the Trinbagonian business community track and comply with US sanctions to the full extent possible."

Greater San Fernando Business Association president Kiran Singh said his association has not experienced any "negative repercussions" since that statement was made from then until now. He said the association understood clearly what Chung meant and has "heeded the call."

Singh explained that the US remains an important trading partner of TT and nothing should be done to jeopardise that relationship. Representatives of other business chambers, speaking on condition of anonymity, said their organisations are not worried about the threat of sanctions.

One representative said no members of his organisation had any issues regarding the statement. Another representative said his organisation does not have any member that is doing business with Venezuela.

Last month, Amcham CEO Nirad Tewarie said, "From a pure business perspective, the risk does not outweigh the reward. Therefore companies should definitely heed the advice. Former energy minister Kevin Ramnarine said, "The United States is sending signals to this country that we ought to be careful in our dealings with the Maduro regime."

Ramnarine observed that as a sovereign nation, the US "can decide to trade or not to trade with other countries." He said people need to be reminded that the US is TT's largest trading partner, most of TT's food imports come from the US and it is home "to thousands of our citizens."