Business groups: Regional stability a priority

BUSINESS organisations say regional stability is essential even as Trinidad and Tobago seeks to expand its trading market outside of the region. They said they support Caricom as TT’s second-largest non-energy export market.

They made the statements to Newsday on December 23 after comments by Prime Minister Kamla Persad-Bissessar criticising Caricom, describing it as fractured and an "unreliable partner," were met with umbrage by Antigua and Barbuda PM Gaston Browne, who said Caricom was TT's second-largest export market, behind the US.

“In 2024 alone, TT earned more than US $1.1 billion (7.5 billion) in foreign exchange from trade with Caricom, comprising approximately US$784.7 million ($5.3 billion) in domestic exports and US $501.3 million ($3.4 billion) in re-exports to Caricom states,” he said.

The PM also said TT is seeking partnerships beyond the region.

TT Manufacturers' Association (TTMA) CEO Ramesh Ramdeen said, in a statement to Newsday on December 23, that all of Caricom producers (TT manufacturers and other regional manufacturers) would be at a disadvantageous position if Caricom takes a backward step.

“I don't think anyone would support moving away from Caricom. We need to collectively work together to ensure all organs of Caricom are optimal, allowing for the people of the region to be the ultimate beneficiary of a solid integration effort.”

Ramdeen said TT and all of Caricom benefit from the Common External Tariff that Caricom offers as it affords the safeguard to trade competitively against extra-regional imports.

He said the association and its members recognise Caricom as TT’s most significant non-energy trading partner, and anything that disrupts trade relations to Caricom would be important to them.

“TTMA recognises and supports the position that we also have to look beyond Caricom to increase our trade in goods; it is the only way we can meet our target of doubling exports in the next five years.

“In this regard, we are doing our part at the TTMA by hosting trade missions beyond our regional space and attracting buyers from beyond Caricom to meet sellers in TT, at our inward missions and TIC. But this cannot be done at the expense of our Caricom brothers and sisters.”

Ramdeen said a push outside the regional space was needed for TT and other Caricom member states to grow, expand and thus have a redounding positive impact for citizens in jobs, standard of living and earning foreign exchange.

“TT need to attract new investments and diversify its export markets to be sustainable and grow production capabilities. Thus, TTMA would continue to build on our relationship with our Caricom brothers and sisters. We have a very strong integrated structure among the private sector bodies regionally, and we hope that efforts will be made to continue to deepen and broaden the CSME framework.”

In a message to Newsday on December 23, TT Coalition of Service Industries president Dianne Joseph said regional stability was a paramount priority for the TT business community.

“Geopolitical friction within Caricom creates uncertainty that can disrupt trade and investment. Businesses may perceive trading with Venezuela or Caribbean partners as a heightened risk prompting a ‘wait-and-see’ approach. This hesitation ultimately impacts economies and citizens across the region.”

She said while firms are increasingly pivot toward US and global markets to secure foreign exchange, Caricom remains a critical primary destination for TT’s goods and services. She said strategic global expansion should complement, rather than replace, this country’s regional commitments to ensure long-term economic resilience.

“Some of the smaller business leaders have already begun to discuss the challenges which may arise and the impact on sustainability. While the larger ones may be able to cope for a period of time, the smaller ones face a high level of risk and this must be given due consideration. TT wants to improve trade in services and an early end to the tensions will add value to our vision.”

As with Parson, Joseph urged the PM to prioritise diplomatic dialogue and functional corporation, as Caricom remains a vital “nearshore” market.

“While we respect the Prime Minister's discretion and her assurances that nationals have nothing to fear, the final outcome will ultimately determine the validity of this strategy. We believe such tensions are best resolved through private mediation rather than public confrontation, setting a more constructive example for future leaders.”

The TT Chamber of Industry and Commerce, in a statement on December 23, said the organisation’s members regards Caricom as a critical economic partner.

“Caricom remains TT’s second-largest trading partner outside of the US, and our country has consistently played a constructive and influential role in advancing regional trade and economic co-operation.

“TT enterprises have deep and longstanding commercial ties throughout the region, including established customers, supply chains, employees, and physical investments. For many local businesses across manufacturing, services, and non-energy exports, the Caricom market remains an essential source of growth, market diversification, and foreign exchange earnings.”

The chamber said the PM’s recent comments highlight the ongoing need to ensure that regional integration evolves in a manner that balances cooperation with respect for national sovereignty, security considerations, and domestic policy space, while remaining firmly anchored in shared regional economic objectives.

“From the TT Chamber’s perspective, the priority remains continuity and predictability. Businesses are focused on sustained market access, efficient trade facilitation, and reliable transport and logistics linkages across the region. These fundamentals are essential for firms to plan with confidence, make long-term investments, and remain competitive in an increasingly challenging global environment. It is, therefore, our hope that these discussions do not result in unintended disruptions to regional commerce.”

The chamber said it remains committed to supporting a stable, rules-based, and predictable regional framework that enables businesses to operate, invest, and grow.

“We reaffirm our support for Caricom and for continued efforts to strengthen regional integration in a way that delivers practical, measurable benefits for TT and our Caribbean partners alike.”

reporting by Sean Douglas