TT signs Cariforum agreement with UK

TT has officially signed on to the Cariforum-UK Economic Partnership Agreement (Cariforum-UK EPA). In a ceremony today, TT's High Commissioner to the UK, Orville London, signed the deal on behalf of the country, along with the UK's Minister for Trade Policy, George Hollingbery.

Cabinet approved the deal last Thursday. In a release after the signing, Trade Minister Paula Gopee-Scoon said the government reaffirmed its commitment to facilitating trade relationships in the country's interest.

British High Commissioner Tim Stew, said the agreement was an important step in ensuring a seamless transition, no matter the outcome of ongoing deliberations in the UK, and a positive step as the UK continues to strengthen its relationship with this region.

The agreement was designed to ensure continued preferential access for TT and other Cariforum countries to UK markets, if and when the UK exits the European Union. The next step is to create separate legislation in accordance with the agreement.

As it is, legislation already exists for the Cariforum-EU agreement, but a new and separate one needs to be in place for the Cariforum-UK.

Gopee-Scoon told Newsday on Saturday that this will be drafted in the next three months before going to Parliament.

From January-October 2018, TT exported $560 million worth of goods to the UK, including methanol, liquefied natural gas, aromatic bitters, iron and steel, rum, beer, cereals, curry and shandy.