TRINIDAD AND TOBAGO WANTS TO BOOST A TRADE WITH CENTRAL AMERICA

Port Spain, February 3- Trade and Industry Ambassador Mervyn Assam wants to boost this country’s non-energy exports (including services) to Central America by negotiating trade deals with Panama, Guatemala and Nicaragua, he told reporters last Thursday.

He said these partial-scope bilaterals would be the first ever signed by TT with those countries, and could well lay the groundwork for broader trade deals between the trade blocs of Caricom and Central America.

Speaking at Building C at the Waterfront Complex, Assam said he also hoped to boost trade by appointing trade attaches to this country’s main trading partners elsewhere, on the heels of the ongoing designation of this country’s diplomats.

The attaches, he said, would promote Trinidad and Tobago, and bring tourists and investment to this country’s shores.

Assam hoped for trade deals with the three countries to be completed this year, saying he expects to visit Panama on March 28 to conclude recent talks, after which he would respectively engage Guatemala and Nicaragua.

“We have just concluded the first round of negotiations with the Republic of Panama in order to proceed with the conclusion of a partial scope agreement with that country.” He hailed the input of the Ministry of Trade and Industry and Ministry of Foreign Affairs in recent talks with the Panama Ambassador and Panama Deputy Foreign Affairs Minister.

“As you are aware, Trinidad and Tobago in its new thrust is attempting to diversify the economy away from its traditional dependence on the energy sector, and as a consequence of which we are mandated to engage in the development of the non-energy sector which will include services as an important component of this diversification process,” said Assam.

“Most developed countries earn a lot of income from the services sector -financial services, tourism, sport, entertainment, ICT, etcetera- and Trinidad and Tobago is attempting to do the same”.

Assam said the trade agreements would cover areas such as double taxation, bilateral investment treaties and investment protection.

He said this country does not have any current bilateral trade agreements with the three nations under negotiation. Assam admitted it can be hard to negotiate trade deals on services.

In the question session, Assam named further suitable areas of services to be negotiated.

“We have offered some broad categories -ICT, tourism, medical, education, agriculture, cultural and sporting, entertainment and construction services, to name a few,” he said. “These are broad categories, but within these categories we will have to start limiting them when we exchange what we call ‘lists’ of goods and services that we hope to be able to negotiate and export to each others country, at the reduced or eliminated tariffs”.

Assam said these are the first trade deals with the three countries, and noted similar deals with Venezuela and Colombia have lapsed.

This country has a partial-scope agreement with Brazil. He noted an increased importance of such bilateral deals, in the absence of the failed Free Trade Area of the Americas (FTAA), which a past PNM regime had once sought to headquarter in Trinidad and Tobago.

He said bilaterals would help this country’s manufacturers cut their teeth in expectation of eventual access to an even larger Central American market that may follow. Asked if local manufacturers had anything to fear from a flood of Central American goods, he said he hoped the local sector is mature and could stand some competition.

He said local businessmen had flocked to a trade seminar held here last year where they had met Central American counterparts.

Assam assured his team has consulted private sector bodies such as the TT Manufacturers Association (TTMA), TT Chamber of Industry and Commerce and TT Coalition of Services Industries.

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