Trinidad and Tobago, Japan strengthen trade linkages

MINISTER of Trade and Industry Paula Gopee-Scoon hopes for further collaboration and investment opportunities between Trinidad and Tobago and Japan, as she met the newly-appointed Japanese Ambassador to TT Akima Umezawa on March 10.

In a ministry release, Gopee-Scoon acknowledged the substantial and long-standing relations between both countries.

TT established diplomatic relations with Japan on May 22, 1964 – making this the 61st year of bilateral relations.

Gopee-Scoon emphasised the country's focus on diversification and attractiveness of the local market to investors, due to TT's trade agreements in the region, which offer easy market access.

She said TT's diversification efforts include its emphasis on investment opportunities in business process outsourcing/ICT, nearshore manufacturing, agriculture and agro-processing, logistics and distribution, commercial maritime, film production and renewable energy.

Umezawa said he has a great interest in TT's national instrument, the steelpan.

He marvelled at the idea that "hitting metal with a stick could make such melodious music."

He said many Japanese businesses may not know of the opportunities offered in the Caribbean, particularly through TT's new special economic zone regime.

The release said over the period 2019-2023, TT's exports to Japan steadily trended upward. Exports increased from $15 million in 2019 to $216 million in 2023.

TT's top exports to Japan in 2023 included both energy and non-energy products such as methanol, liquified natural gas, x-ray tubes and natural asphalt.

That year, TT's imports from Japan totalled $1.6 million. It included non-energy products such as motor car spark plugs, seamless gas line pipe, diesel goods vehicles, drill pipe for oil and piston engines.

Gopee-Scoon said TT will participate in the World Exposition to be held in Osaka, Kansai, Japan from April 13-October 13, which is organised by the Japan Association.