Valley: TT talking trade with Argentina, Chile

This was the disclosure made by Trade and Industry Minister Ken Valley when he addressed the opening of a Free Trade Area of the Americas (FTAA) conference at UWI’s School of Education in St Augustine yesterday.

Valley said Government has long held the view that "what is required for the long-term growth and economic sustainability is the positioning of TT as an integral part of the Latin American economy."

He explained that the hiatus created by the stalled FTAA negotiations "is a blessing in disguise" because it gives TT the opportunity to cement the Caribbean Single Market and Economy (CSME) and re-engage the concept of a Free Trade Area of the Association of Caribbean States (FTAACS) that was "unceremoniously cast aside" at the 1995 Summit of the Americas. Caricom has since decided to implement a Caribbean Single Market by year’s end and work towards a Caribbean Single Economy in 2008.

TT, Jamaica and Barbados have said they would be ready for the first objective by December 31.

Valley said such a strategic approach allows TT to expand its market access opportunities "in logical concentric circles" through the CSME, FTAACS, the hemispheric FTAA and the World Trade Organisation (WTO).

He added that while Caricom remains committed to the multilateral and hemispheric negotiating process, it is also pursuing a parallel track of bilateral free trade agreements (FTAs).

Valley said in addition to ongoing talks with the Mercosur group of nations (Argentina, Paraguay, Uruguay and Brazil), TT is also currently negotiating bilateral investment treaties with Argentina and Chile.

On Monday, Venezuelan president Hugo Chavez announced his nation’s intention to join Mercosur.

Uruguay, which currently chairs Mercosur, has said Venezuela’s addition to the group should be formalised by December.

"We believe that greater coordination and integration with other blocs in the hemisphere will promote mutual economic and social development and lend us greater strength and bargaining power for hemispheric and international negotiations with third parties," Valley declared.

He also indicated that TT’s lobby for the FTAA Secretariat, to be established in Port-of-Spain, was one of five initiatives Government was pursuing to integrate TT’s economy into Latin America.

Valley said it was important to note that the initiatives were being undertaken while TT simultaneously strengthens its partnerships with its traditional markets and pursues market access agreements with previously untapped markets.