Trinidad and Tobago, Portugal strengthen trade relations
Trade Minister Paula Gopee-Scoon received a courtesy call from João Pedro de Vasconcelos Fins do Lago, Ambassador of Portugal on October 8.
In a release, the ministry said the meeting focused on enhancing bilateral relations and exploring opportunities for investment between both countries.
The discussions focused on areas of mutual interest in various sectors, such as information technology, renewable energy, agriculture and tourism.
Highlighting Portugal's significant presence in the software development sector with over 1,600 companies, Gopee-Scoon emphasised the benefits of establishing business operations in TT, particularly following the introduction of the Special Economic Zone (SEZ) regime. She noted that Portuguese investors could take advantage of a reduced corporate tax rate of 15 per cent, along with additional concessions, such as exemptions from import duties, value-added tax, property tax and stamp duties.
Gopee-Scoon also extended an invitation for a Portuguese business delegation to visit TT, aimed at further enhancing commercial ties between the countries.
"TT accounts for 60 per cent of Portugal's trade within Caricom, solidifying its position as a key trading partner," the release said.
From 2018-2022, TT has generally been a net exporter to Portugal. Top exports from TT to Portugal included both energy and non-energy products such as methanol and liquified natural gas.
In 2022, TT imported 134 tariff lines from Portugal, including non-energy products such as paper, diesel vehicles, medicaments, moulds for glass, non-sparkling wines and synthetic fibres.
Formal diplomatic relations between both countries were established in 1977.
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"Trinidad and Tobago, Portugal strengthen trade relations"