$500m in trade between Trinidad and Tobago, Chile for 2023, say negotiators

Trinidad and Tobago and Chile have done more than US$500 million worth in trade in 2023, said Sebastian Gomez, director general of bilateral economic relations in the Ministry of Foreign Affairs of Chile.

He spoke at the beginning of the fifth round of trade talks between the two countries on the Partial Scope Trade Agreement at the Ministry of Trade, Nicholas Towers, Port of Spain, on Tuesday.

In his opening remarks, Gomez revealed figures showing a consistent upward trajectory in trade between the two countries.

He said during the pandemic the trade figures dropped, specifically to US$184 million in 2020 as compared to US$264 million in 2019, but since then there has been a significant turnaround.

“It increased again to US$313 million in 2021 and then increased again in 2022 to US$679 million,” he said. “According to my latest information, to September 2023, we already have reached more than US$500 million in trade this year.

“This upward trend shows the thrust and the interest in both our countries by our companies to do business with each other. It also shows a commitment by our governments to reach a conclusion to our trade agreements that will serve as a foundation to bring more legal certainty for investors and companies.”

The Partial Scope Trade Agreement between TT and Chile began as a result of discussions between the Prime Minister and then Chilean President Michelle Bachelet during a 2016 Caricom heads of government meeting. Recapping the history of the negotiations, Trade Minister Paula Gopee-Scoon said both governments recognised the existing bilateral ties between the countries and agreed strengthening trade relations could only benefit both.

“Therefore, with this endeavour, it is envisioned that manufacturers and processors from both sides will access inputs and raw materials at more competitive prices due to preferential access in both markets,” Gopee-Scoon said.

“It is expected that exporters would be able to grow their businesses, earning valuable foreign exchange, increasing their contributions to their respective economies. Consumers would benefit from greater product selection at competitive costs. And the expected increase in goods traded between both countries can lend to increased efficiencies and spur innovation within our domestic industries. International trade plays a significant role in both our economies.”