Third shipment of goods for Venezuela

The update on the US$50 million revolving fund that’s being used by Venezuela to pay for basic food items and manufactured goods from TT was provided yesterday morning by Trade and Industry Minister Paula Gopee- Scoon.

“Following the initial shipments in July 2016, discussions have been ongoing between Venezuela’s procurement company Corpovex and TT, in preparation for a third shipment of goods,” Gopee-Scoon said. “Just last week, a Venezuelan team returned to Port-of-Spain to negotiate a second three-month contract for the purchase of locally manufactured goods.” The minister said these items include food and personal hygiene products, previously negotiated, which will now be expanded to include a few new products as well as new suppliers following negotiations and factory site visits.

“This shipment is expected to take place by mid-September. We are very pleased with the collaboration with our partners from Venezuela and the trading arrangement which has progressed to the benefit of both sides; this resulting from firm commitments made between Prime Minister Dr Keith Rowley and Venezuela’s President Nicolas Maduro, during the latter’s visit to TT in May this year,” she said.

Gopee-Scoon noted that her ministry, together with and the TT Manufacturers Association, will continue to have oversight of the arrangement and provide support during the process.

“It is expected, however, that the Government’s involvement in the business negotiations and logistics will be reduced as the parties adopt more traditional private sector trading arrangements.” Gopee-Scoon spoke about the TT-Venezuela trade deal while delivering remarks at the launch of the Oxford Business Group’s second annual economic review of this country, The Report: Trinidad and Tobago 2016, at the Hyatt Regency, Port-of-Spain.