Trinidad and Tobago, Chile sign trade agreement

In a historic move to strengthen bilateral and commercial relations, TT and Chile have signed a first-of-its-kind partial scope trade agreement.

The signing took place at the Ministry of Trade head office in Port of Spain on April 25.

The agreement will provide preferential market access for TT’s energy and non-energy exports under 267 tariff lines into Chile.

Through the agreement, 213 tariff lines for locally manufactured products will incur zero duties upon export to Chile.

Products under 54 tariff lines will receive the same duty-free treatment after three years.

The agreement also allows for reduced tariffs on products imported by TT from Chile under 143 tariff lines.

Trade Minister Paula Gopee-Scoon applauded the agreement which came after seven years of negotiation.

She said former Prime Minister Dr Keith Rowley’s official visit to Chile in May 2017 was the catalyst for the signing of the general framework agreement for negotiations.

"This agreement reflects the shared understanding that in a world with increasing complexity, our co-operation is not a luxury but a necessity," she said at the signing ceremony.

"We live in a time where global challenges require global solutions and beyond that, meaningful partnerships.

"This agreement forms a key part of that solution in response to the current global economic climate, concerning current geopolitical relations and disruptions in trading arrangements. It seeks to diversify exports and strengthen commercial ties between two countries."

Acting Foreign Affairs Minister of Chile Claudia Sanhueza, who attended the signing ceremony virtually, applauded the agreement's role in strengthening the bilateral relations between TT and Chile.

"From the business side, we see several opportunities for Chilean companies and investors in TT, especially in the tourism sector…we hope that the preferential access that was given to Chilean products will extend our presence.

"And immediately, when our agreement enters into force TT will enjoy competitive prices on Chilean salmon, grapes, apples, pears, apricots, almonds, berries and many other high-quality products that I am sure will delight the citizens and the tourism sector."