TT, Cuba deepening trade relations

Trade and Industry Minister, Paula Gopee-Scoon, revealed this on Monday while speaking about Government’s plans to deepen regional trade relations with Cuba, Chile and Venezuela, as a complement to its National Export Strategy (NES), which aims to promote and facilitate domestic and foreign investment, and export-led trade.

Following Rowley’s and Castro’s June 2016 talks, “It has consequently been determined that a Ministerial led delegation from TT will attend the Havana International Trade Fair (commonly known as FIHAV) to drive this endeavour.”

She noted that Cuba is still largely a new market for TT but with a population of more than 11 million, “Government will actively be pursuing opportunities for increasing our export levels.”

According to The Canadian Trade Commissioner Service website, the next FIHAV, is scheduled to take place from October 31 to November 4, at the Expocuba Fairgrounds, Havana.

“FIHAV (is) Cuba’s largest annual multi-sector trade fair. Last year, it welcomed over 1,000 companies from 70 countries and 68 Canadian companies exhibited in the Canadian pavilion,” the website stated.

Gopee-Scoon said the delegation will address the two key areas of trade and energy, among others, as well as “seek to improve the mechanisms that support the collaboration between both countries.”

Meanwhile the objectives of this country’s participation at FIHAV 2016 are to improve and strengthen the commercial relationship, enhance those mechanisms that promote increased trade, gain a better understanding of the business culture in Cuba, and increase export sales through market presence and recognition by Cuban buyers, importers and distributors.

“We are deeply heartened by the opening up of the Cuban market which has tremendous prospects for the expansion of our local exports,” the Trade Minister declared.

Turning her attention to Chile, Gopee-Scoon said discussions have begun towards the negotiation of a Partial Scope Trade Agreement with a focus on energy products and other products of interest to both sides.

“It is noteworthy that Chile is the country with the most trade agreements in the Western hemisphere and has one of the lowest duty regimes in Latin America. Why should we not be part of this?” the minister asked.

Back in July, PM Rowley and Chile’s president, Michelle Bachelet, discussed the deepening of TT and Chile’s trading relations while bother were at the CARICOM Heads of Government meeting in Guyana.

Gopee-Scoon on Monday (September 5), said, “We are quite hopeful that negotiations will commence soon. We continue to pursue markets in line with our strategic objective of increasing exports.”

“In addition to Chile, I want to also mention the favourable discussions held by (Rowley) in Ghana (in May) and more recently, with our CARICOM neighbour, Jamaica (in late July) on improving our trading patterns and relations in both energy and non-energy products.”

Regarding Venezuela, the minister announced on Monday that a third shipment of locally-manufactured goods is due to be sent to Venezuela in mid- September.

This follows a visit to this country last week by a delegation from the South American nation to negotiate a second three-month contract for the purchase of locally manufactured goods, using funds from a US$50 million revolving fund that was established in May 2016 during a one-day visit to TT by Venezuela’s president, Nicol?s Maduro.

“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.

The items agreed four months ago included food and personal hygiene products. Now, the list of TT-manufactured goods will be expanded to include a few new products, as well as new suppliers, following negotiations and factory site visits.

Gopee-Scoon provided an update on Government’s efforts to deepen TT’s regional trade while delivering remarks at the September 5 launch of the Oxford Business Group’s (OBG) second annual economic review of this country, “The Report: Trinidad and Tobago 2016”, at the Hyatt Regency, Port-of-Spain.