Government approves new industry plans

TRADE AND Industry Minister Ken Valley disclosed that Government has approved plans to further develop six non-energy industries as part of its ongoing efforts to diversify the national economy. Speaking at a function hosted by the ministry at the Kapok Hotel, St Clair on Monday night, Valley recalled that the Prime Minister’s Standing Committee had been reviewing plans to further develop seven targetted non-energy industries as part of Government’s ongoing economic diversification exercise.  Those industries are merchant marine, fish and fish processing, food and beverage, printing and packaging, music and entertainment, film and yachting.

The minister told his audience, which included several top members of the diplomatic corps and the local business community, that Cabinet has now approved plans for six of those seven industries. Valley also said the integration of Trinidad and Tobago’s economy into the Latin American economy remains a major priority for the Government and he was optimistic that a free trade agreement could be forged between Caricom and all Central American nations in 2006. He hinted that the Caricom-Costa Rica free trade agreement could be used as a template to create a wider free trade agreement with the rest of Central America.

Caricom also has free trade agreements with Cuba and the Dominican Republic. Talks are currently ongoing to establish Caricom free trade agreements with Canada and the Mercosur nations (Brazil, Argentina, Uruguay and Paraguay) of Latin America. Valley also expressed optimism that developments at last month’s Sixth World Trade Organisation (WTO) Ministerial Conference in Hong Kong would facilitate the restart of talks to establish the Free Trade Area of the Americas (FTAA). He added that TT remains the front runner for the FTAA Secretariat regardless of how many nations eventually comprise the FTAA.