Pushing the right buttons to strenghten trade means labour market adjustments

2003 was a successful year for the Ministry of Trade and Industry. During this period the Ministry made significant steps towards realising its mission to promote the international competitiveness of Trinidad and Tobago through the execution of effective trade, investment and industrial development policies and programmes. Naturally, these plans are being undertaken within the context of the development of Government’s Vision 2020 Strategy.   In 2004 the Ministry and its agencies aim to broaden and deepen initiatives and to build on the foundation laid in 2003. The Ministry of Trade and Industry is responsible for formulating policies and providing a regulatory and fiscal framework for the promotion and development of trade and investment including industrial development. The national strategy for trade is to strengthen trade related capacity in Trinidad and Tobago within the context of negotiations to establish a hemispheric free trade area of the Americas.

The objective is to  integrate the economy of Trinidad and Tobago into the Latin American market and generally expand and facilitate Trinidad and Tobago’s development through, among other things, expanding trade integration regionally and internationally. Thus far, Trinidad and Tobago either individually or with Caricom has successfully negotiated free trade agreements with the Dominican Republic, Cuba, Colombia, Costa Rica and Venezuela. Through the Ministry of Trade and Industry, the country also actively participates in the World Trade Organisation and post Lome arrangements.

The next six months will be crucial for the Ministry and for Trinidad and Tobago as the country seeks to have Port-of-Spain be the permanent site for the Free Trade of the Americas (FTAA) headquarters. 
In order to realise its mission, the Ministry is engaged in several major projects. Some of the key initiatives include:
* Continued Market Access through negotiation of bilateral agreements and the finalisation of the FTAA 
* Continued Competitiveness of our sectors
* The Trade Assistance programme
* The Caricom Trade Support programme
* Making Spanish the first foreign language of Trinidad and Tobago and
* An aggressive public education and awareness campaign. In the coming weeks, separate articles will address these and other issues in greater detail.
 
The Trade Assistance Programme
The overall objective of this programme is to improve the international trade performance of Trinidad and Tobago. The main goal being to identify and address the adjustment needs stemming from trade liberalisation and to provide public and private sector agents with the information and tools necessary to understand clearly the effects of trade liberalisation on Trinidad and Tobago and to promote exports and attract investment.
The programme comprises three subcomponents: (i) an analysis of the impact of trade liberalisation on the economy as a whole and on specific sectors; (ii) a review of existing strategies on export promotion and investment attraction and the development of new programmes in these fields, including sector-specific strategies for priority exports; and (iii) an action plan to help meet adjustment needs, including a programme to identify and access sources of funding that might support sectors affected by trade liberalisation.
A study outlining a strategy to promote the technological transformation of industries, and the identification of possible labour market adjustment needs is also near completion.

Caricom Trade Support Programme
The Caricom Trade Support (CTS) Programme is a comprehensive facility established by the Government of Trinidad and Tobago to assist Caricom states to enhance their economic performance by fostering the process of diversification and improved trade capacity in their individual economies.  In addition, the CTS Programme seeks to achieve several goals, which would redound to the overall benefit of the Caricom region. This programme is supported by the Caricom Trade Support fund, provided by the Government of Trinidad and Tobago, which is a revolving loan fund of US$ 16 million. Trinidad and Tobago is the principal intra-regional supplier of goods to the region and this program seeks to redress the current intra-regional trade imbalances by increasing member states’ production and trade capacity. Ultimately, any benefits, which accrue to the region, will have a positive impact on Trinidad and Tobago.The CTS programme facilitates the expansion of private sector initiatives that would enhance current revenue streams and foreign exchange earning capabilities. It encourages revitalisation of firms and businesses in other Caricom Member States through the expansion and diversification of their operations that would foster growth, improved efficiencies and export performance. It will provide technical assistance support for business development projects from the initial planning stages to implementation and beyond. 

Making Spanish the first foreign language of Trinidad and Tobago:
With the FTAA set to begin in 2005, Spanish is fast becoming the lingua franca of business and travel. Trinidad and Tobago expects to be the major business and manufacturing hub in the hemisphere.  Consequently, the time is ideal for Trinidad and Tobago to put on the national agenda, training in the Spanish language for all citizens. The pressing need to speak Spanish is even more pointed since 18 of the 34 countries participating in the FTAA are Spanish-speaking. Trinbagonians are now faced with the reality that proficiency in Spanish is a necessity if we are to market our products to a population of over 850 million in the Americas, the majority of whom are Spanish-speaking. The Ministry of Trade and Industry together with the Ministry of Education and other key Ministries and stakeholders will oversee all aspects of this initiative in an effort to develop a National Programme to promote the use of Spanish at all levels of the society.

Conclusion
By simple definition trade is the action of buying and selling goods and services. However, it is more than that and can be a unifying force in the hemisphere. Trade is everybody’s business; it impacts on all our lives.  At all levels of society it is the force that drives the economy and directly affects our pockets. The aforementioned programmes are just a few examples of work being done by the Ministry of Trade and Industry.  In the following months more information will be forthcoming as part of the ongoing public education.  A better understanding of the work and structure of the Ministry of Trade and Industry can only benefit and enhance our appreciation of trade and the direct, indirect, tangible and intangible effect trade has on all our lives. This article is part of the public education by the Ministry of Trade and Industry. For further information please contact Dionne Ligoure, Communications Specialist, the Ministry of Trade and Industry at dligoure@tradeind.gov.tt or 868. 623.2931-4 ext. 2028. Fax 868.627.0002