GROWING IMPORTANCE OF DR MARKET TO TT

Today’s decline and understandable further possible decline of Trinidad and Tobago exports to several CARICOM States has resulted in the growing importance of the Dominican Republic market, as well as the markets of Cuba and Costa Rica, to this country and by extension economic and social stability in the Caribbean community of nations. The four-year slide in the United States economy, which had been spurred on by the September 11, 2001 aberration, has seen a fall off in imports by the US from these States, a falling away of visitor arrivals, and an uncomfortable drop in remittances by CARICOM nationals, who live and work in the United States. Many of these nationals had either lost jobs in the immediate aftermath of September 11, suffered a cut in pay or agreed (had to agree may be more correct) to a shorter work week.

Trinidad and Tobago exporters have been increasingly targetting the Dominican Republic’s relatively large population and potentially huge import market, and while this should not be seen as a dismissal of our traditional markets in the English-speaking Caribbean, the reality demands that our exporters need to look for an even wider customer base. CARICOM is still this country’s second largest export market, after that of the United States of America, and the need to look more closely at the Dominican Republic, Cuba, Costa Rica and other Latin American import markets has been made all the more necessary not simply because CARICOM buyers are dwindling in number, but because of a post September 11, 2001 difficulty in accessing the US market. Trinidad and Tobago manufactures, agricultural products, processed meats and other products are increasingly geared to overseas markets, and the literal obstacles placed in their path by the United States have forced manufacturers and producers to constantly search for new avenues for their exports. Shortly after the September 11 bit, the US Agricultural Department imposed new restrictions on agricultural imports which, although they applied across the board, nonetheless hit Trinidad and Tobago and the rest of CARICOM somewhat hard.

It was a clear bid to protect the interests of US farmers, whose lobby is among the most powerful in the United States. Only the naive would have believed otherwise. The recent ‘security’ measures will further restrict entry of products of our farmers as well as those of small manufacturers. In this context and in the context of clearly dwindling economic growth in several English speaking Caribbean countries, the need to expand our export market base, including that provided by the Dominican Republic, is increasingly clear. It was late Trinidad and Tobago Prime Minister, Dr Eric Williams, who in his book, From Columbus to Castro. first published by Andre Deutsch, London, in 1970, who would say: “....it will be necessary to establish closer economic relationships with the non-Commonwealth countries — the French and Dutch territories and the independent countries of the Dominican Republic, Haiti and Cuba, which must be incorporated into the inter-American family”.

It was only in 1995, 25 years later, that this country’s “economic relationship” with the Dominican Republic took full root when, following on a visit by a Trinidad and Tobago trade mission to the DR, significant orders were placed for Trinidad and Tobago goods. From this flowed trade agreements both with the Dominican Republic and Cuba. It should be emphasised, however, that prior links had already been made. Today, the Dominican Republic imports the bulk of its cooking gas from Trinidad and Tobago, while fertilisers are also on its list of TT imports. Meanwhile, its population is in in excess of 8 million people. It is a producer of bauxite, and who knows, one day this country may purchase DR bauxite for its long projected aluminium smelter plant. A substantial portion of the trade between the Caribbean Commonwealth of Nations and the Dominican Republic is duty free thanks to an Agreement establishing a Free Trade Area between the two parties. Next week, the national airline, BWIA West Indies Airways Limited, will begin a new service to the Dominican Republic out of Piarco International Airport.This follows the establishing of earlier services to Cuba and Costa Rica. This move will clearly result not only in bringing nationals of Trinidad and Tobago and the DR closer together, but in assisting in the strengthening of trading links between the two countries.

This will mark yet another step in the forging of bonds between this country, and by extension CARICOM, and the Dominican Republic. For it will not be enough for Trinidad and Tobago to be the sole beneficiary of the marketing thrust. Instead, we must forever work on the assumption that an economically stronger CARICOM will mean an economically stronger Trinidad and Tobago, and an economically stronger region, embracing Spanish, French and Dutch speaking nations. And this particularly on the eve of our and the region’s entry into the around the corner Free Trade Area of the Americas, when the need to present a united front is greater than ever before.