February 6, 2017: Speaking at the Trinidad and Tobago Chamber of Industry and Commerce’s Breakfast Seminar themed “Maximizing Export Potential to the European Union (EU) through the Economic Partnership Agreement (EPA)”, Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry urged the stakeholders present to fully exploit the export opportunities available under the CARIFORUM-EU Economic Partnership Agreement (EPA).
The Seminar which took place on Tuesday 31 January, 2017 saw a number of private sector stakeholders seeking information on the Economic Partnership Agreement and accessing the EU market. Senator Gopee-Scoon informed those present that for Trinidad and Tobago ‘one of the main objectives of the Agreement is to encourage exports of non-energy goods to the EU market. The Agreement allows domestic manufacturers to import raw materials and intermediate products at reduced duties, from the European Union. Thus, manufacturers have the assurance that they can obtain their raw materials without delay and at competitive costs without the imposition of high customs duties. In addition, it is the only Agreement that Trinidad and Tobago has signed, which contains enhanced provisions related to the services sector. This augurs well for domestic service providers, who now have access to the European Union – a vast market with limitless possibilities that also serves as an alternative to the traditional markets of the USA, Canada and Great Britain’.
Minister Gopee-Scoon also emphasized the importance of the EU as Trinidad and Tobago’s trading partner. She said ‘For the period January to September 2015, the EU was our second-ranked export market, accounting for 12% of Trinidad and Tobago’s exports, behind the USA at 34% of total exports but ahead of CARICOM which stood at 11% of total exports.However, it is notable that only three countries, namely Spain, France and the UK, accounted for 63% of our total trade with the EU. It is therefore necessary for local exporters to consider new markets outside of the traditional Western European economies and underscore the opportunities for Trinidad and Tobago’s goods and services to penetrate new markets in Eastern and Southern Europe’. Minister Gopee-Scoon gave the commitment of the Ministry of Trade and Industry to continue to embark on regional and international initiatives that will allow Trinidad and Tobago to leverage its strengths and effectively compete in any market, including the EU.
His Excellency Aad Biesebroek, Head of the European Union Delegation to Trinidad & Tobago and Mr. Gabriel Faria, Chief Executive Officer, Trinidad and Tobago Chamber of Industry and Commerce in their Remarks both endorsed the Trade and Industry Minister’s call for greater utilization and implementation of the Economic Partnership Agreement.
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