Trinidad and Tobago, Curacao hold partial-scope trade talks

TRINIDAD and Tobago and Curacao have concluded the first round of negotiations for a partial scope trade agreement (PSTA) between the two countries.

In a press release on July 19, Trade Ministry said the first round took place from July 17-18 in Curacao, where the key areas of discussion were market access for goods, rules of origin, services, legal and institutional issues, dispute settlement and technical co-operation.

Speaking virtually at the opening, Trade Minister Paula Gopee-Scoon said the start of negotiations represents another avenue for fostering closer diplomatic ties and co-operation on shared challenges.

She added that the PSTA is aligned with TT's Trade Policy 2019-2033, specifically goal five, which seeks growth in market share within traditional and non-traditional markets by increasing export market penetration, exploring new markets, increasing profit opportunities, improving trade diplomacy and deepening regionalism.

It also allows for the full utilisation and expansion of existing relations, including air transport.

In November 2023, TT and Curacao signed an air-services agreement.

"This has laid the platform for the mutual development of our industries and economies, fostering cultural exchanges and strengthening our commercial ties, along with other benefits, since it will allow our people to connect and meet more easily," Gopee-Scoon said.

TT has maintained favourable trade balances with Curacao in recent years, with successful market growth for products such as prepared cereals, mattresses, paper products, agricultural chemicals, aerated beverages, wooden furniture and cleaning products.

TT's imports from Curacao have also been increasing, which shows a growing interest among domestic importers in having access to Curacaoan products, the ministry said.

Negotiations will continue intersessionally virtually, with the second round taking place in early October 2024.