Gopee-Scoon undescores EU’s importance to TT

She made the call while speaking at the TT Chamber of Industry and Commerce’s Breakfast Seminar last week, which had as its theme “Maximizing Export Potential to the European Union (EU) through the Economic Partnership Agreement (EPA)”.

The seminar saw a number of private sector stakeholders seeking information on the Economic Partnership Agreement and accessing the EU market.

Minister Gopee-Scoon informed those present that for TT, ‘one of the main objectives of the Agreement is to encourage exports of non-energy goods to the EU market.’ The Agreement allows domestic manufacturers to import raw materials and intermediate products at reduced duties, from the European Union.

Thus, manufacturers have the assurance that they can obtain their raw materials without delay and at competitive costs without the imposition of high customs duties.

In addition, it is the only Agreement that Trinidad and Tobago has signed, which contains enhanced provisions related to the services sector.

This augurs well for domestic service providers, she said, who now have access to the European Union – a vast market with limitless possibilities that also serves as an alternative to the traditional markets of the USA, Canada and Great Britain’.

Minister Gopee- Scoon also emphasized the importance of the EU as Trinidad and Tobago’s trading partner. She said, “For the period January to September 2015, the EU was our second- ranked export market, accounting for 12 percent of TT’s exports, behind the USA at 34 percent of total exports but ahead of CARICOM which stood at 11 percent of total exports.” However, it is notable that only three countries namely Spain, France and the UK, accounted for 63 percent of TT’s total trade with the EU. It is therefore necessary, the Minister said, for local exporters to consider new markets outside of the traditional Western European economies and underscore the opportunities for Trinidad and Tobago’s goods and services to penetrate new markets in Eastern and Southern Europe.

Gopee-Scoon gave the commitment of the Ministry of Trade and Industry to continue to embark on regional and international initiatives that will allow Trinidad and Tobago to leverage its strengths and effectively compete in any market, including the EU. Aad Biesebroek, Head of the European Union Delegation to TT and Gabriel Faria, TT Chamber Chief Executive Officer, in their remarks both endorsed the Trade and Industry Minister’s call for greater utilization and implementation of the Economic Partnership Agreement.