Trinidad and Tobago, US discuss deepening trade relations

US Ambassador Candace A Bond, during a courtesy call on Trade and Industry Minister Paula Gopee-Scoon, discussed the deepening of commercial ties between the two countries.

Gopee-Scoon, a ministry release said on Monday, acknowledged the good trade relations between the two countries, with the US being TT's largest trading partner. For the past three years, this country's average annual exports to the US were valued at $22.3 billion, with imports averaging $14 billion.

Among the top exports to the US are anhydrous ammonia, ferrous products from iron ore, liquefied natural gas, methanol, crude petroleum and urea.

Trinidad and Tobago’s products currently benefit from preferential access to the US market under the Caribbean Basin Initiative (CBI) and TT has been the leading exporter under this arrangement since 2005.

Valerie Laboy, the embassy's economic and commercial officer, and Marissa Nicholas, commercial assistant, accompanied Bond to the meeting.

Issues related to increasing trade were discussed and Gopee-Scoon shared information on potential opportunities in the food and beverage manufacturing, garment manufacturing, renewable energy, yachting and agro-processing sectors, as well as the prospect for nearshoring manufacturing opportunities.

Bond showed a keen interest in the creative industry, noting the potential for growth through investment in that sector as well as in area of information and communication technology (ICT).

The minister highlighted the importance of commercial diplomacy between the two countries, noting the establishment of commercial offices in key markets later this year, including the US.

Bond welcomed this initiative, saying its establishment would facilitate leveraging the TT and Caribbean diaspora to deepen trade relations.

The minister and ambassador agreed to continue to work together to further dialogue and joint efforts towards strengthening trade and investment relations including increased attendance in trade missions and other business forums in both countries.