Manning assures US: TT well prepared to provide further energy security

Prime Minister Patrick Manning yesterday discussed six major elements of trade with Samuel W Bodman, Deputy Secretary of the US Department of Commerce as well as several other key officials in the Department of Commerce. Manning and Bodman spoke extensively about the Caribbean Basin initiative (CBI), “Most-favoured-Nation Status” for Trinidad and Tobago and special and differential treatment for CARICOM States. The CBI is a broad programme to promote economic development through private sector initiative in Central America and the Caribbean. The goal is to expand foreign and domestive investment in non-traditional sectors, diversifying CBI country economies and expanding their exports.

Major elements of the programme are:
Duty-free entry to the US in perpuity for a wide range of products manufactured in CBI countries as an incentive for investment and expanded export production. US economic assistance to the region to aid private-sector development by financing essential imports and by establishing development banks, chambers of commerce, skills-training programmes, industrial free-zones and other essential infrastructure. Other elements include Caribbean Basin country self-help exports; a deduction on US taxes for companies that hold business conventions in qualifying CBI countries to increase their tourism; a wide range of US Government, State government and private sector promotion programmes; and support from other trading partners and multi-national development institutions. Manning said there were certain items that were not included in the CBI for which TT would like to enjoy “Most-favoured-Nation Status.” These include petroleum, iron, steel and aluminium products.

On the issue of national security, Manning referred to the entire Caribbean being affected by the illegal drug trade, and when action is taken by TT to eradicate the problem, the drug dealers will move further up the Caribbean thereby affecting other islands. On the other hand Bodman and his team focused much of their talk yesterday on the role of TT in securing the energy supply to the US. Bodman noted that 68 percent of the US Liquefied Natural Gas supply was imported from TT. Manning assured Bodman that TT was well prepared to provide further energy security to the US. Manning and Bodman agreed that TT and the US will seek to work together in ensuring that TT and the entire Caribbean enjoy an equitable stake in the process of wealth creation and development in the Western Hemisphere.