UK, TT officials discuss trade policies

TRADE and Industry Minister Paula Gopee-Scoon met recently with a delegation from the United Kingdom jointly headed by Darren Henry, the UK Prime Minister’s Trade Envoy to the Caribbean, and Jonathan Knott, Her Majesty’s Trade Commissioner to Latin America and the Caribbean.

Also in attendance were British High Commissioner to TT, Harriet Cross, and other officials from the ministry. A release from the trade ministry stated that Gopee-Scoon acknowledged the longstanding trade and economic relationship shared between both countries as evidenced by establishment of the most recent Cariforum-UK Economic Partnership Agreement (EPA) which, among other benefits, permits TT exporters’ valuable and preferential duty-free market access opportunities in the UK. Gopee-Scoon is chair of Cariforum on trade until June 30, 2022.

Both parties discussed their shared visions for improving trade by advancing the Cariforum-UK EPA. The minister said expectations are high that market access opportunities afforded under the EPA would be realised through greater exports to the UK and a more favourable trade balance.

TT has been a net importer from the UK over the period 2015-2021, and this country’s main export has been methanol and energy-related products, while some non-energy products include aromatic bitters, iron and steel, alcoholic beverages among others.

The top imports from the UK include lubricating greases and oils, brake fluids, kerosene-type jet fuel and urea, and non-energy products including motor vehicles, medicaments, whiskey, machinery parts, books, chocolate, clothing, cheese and tubes and pipes.

Discussions focused on avenues for growing trade between both countries through trade missions, webinars and leveraging the diaspora.

The UK delegation indicated that the EPA was a new chapter in trade relations with the region and that the goal was to double the volume of trade between the parties to the agreement.

In order to achieve this, the UK is pursuing improved trade infrastructure with the region, which includes the updated trade agreement and greater trade promotion and facilitation activities.

In statement from the high commission, Henry said, "The UK recognises and supports the EPA’s status as a trade and development agreement – trade and development are two sides of the same coin, especially for countries such as ours – islands heavily reliant on international trade."

He said efforts continue to ensure Caricom countries benefit from the UK Trade Partnership programme in the Caribbean, launched last year.

Discussions were also held on illicit trade, with both parties expressing concern about its impact on citizens and businesses and the delegation assured TT of support to reduce and eliminate such activities.

Also in the statement, Knott said they held discussions with government ministers on "energy transition, ongoing collaboration on tackling illicit trade, support to the local healthcare sector in managing its response to covid19 and national security technical cooperation initiatives."

He said they looked forward to working with local companies in the renewable energy sector where the UK can share its experiences in hydrogen development, offshore wind and electric vehicle use.