Trinidad and Tobago 2012 - invesTT

Trade and Investment
Approvals and Procedures
CARICOM and the United States
The trade programs known collectively as the Caribbean Basin
Initiative (CBI) are a vital element in U.S. economic relations with
the Central American and the Caribbean countries. The CBI was
developed to facilitate the economic development and export
diversification of the Caribbean Basin economies. Launched in
1983, the Caribbean Basin Economic Recovery Act (CBERA)
was substantially expanded in 2000 through the U.S.-Caribbean
Basin Trade Partnership Act (CBTPA). CBTPA entered into force on
October 1, 2000 and continues in effect until September 30, 2020.
Trinidad and Tobago is one of the countries that benefits from the
CBI program and would therefore benefit from CBTPA through
preferential duty-free access to the U.S. market for most goods
until 2020.
Development of a fully developed CARICOM-US trade agreement
has been deferred until the completion of the negotiation of a Trade
and Development Agreement with Canada.
CARICOM and Canada
CARICOM is a long established trade and investment
partner for Canada, with commercial relations dating back to
pre-confederation. A trade agreement with CARICOM would further
strengthen Canada’s commercial ties with longstanding regional
partners and contribute to the shared goal of development through
economic integration within the western hemisphere. The WTO
General Council, at the request of Canada, has recently extended
the MFN waiver for CARIBCAN (one-way preferential arrangement)
to 2013.
As such, Trinidad and Tobago continues to be a beneficiary of the
1986 Caribbean/Canada Trade Agreement (CARIBCAN) which
provides non-reciprocal duty free access to the Canadian market for
a range of goods from participating CARICOM countries. Trinidad
and Tobago and other CARICOM partners are now involved in the
negotiation of a reciprocal trade and development agreement with
Canada. It is projected that this Agreement, consistent with Article
XXIV of the General Agreement on Tariffs and Trade (GATT), will be
concluded before the expiration of the WTO waiver.
The main objective of Trinidad and Tobago’s participation in the
negotiations of the proposed agreement is to further the national
trade development agenda by providing a more secure and
predictable market access for locally produced goods exported
to Canada; expand the agreement to include trade in services
and investment; provide for the settlement of disputes; and
solidify development support and funding for the adjustment to
liberalisation.
The Economic Partnership Agreement (EPA)
The CARIFORUM Economic Partnership Agreement (EPA) is
expected to improve trade and investment relationships between
CARIFORUM (i.e. CARICOM plus the Dominican Republic) and
Europe. It provides for the establishment of a stable and secure
trading environment for goods and services from the Caribbean; as
well as intended to stimulate greater investment between Europe
and the Caribbean.
Goods and services coming from the African Caribbean Pacific
(ACP) countries previously enjoyed preferential access to the EU
markets under the Lomé Agreement. However, with increasing
opposition from WTO states, the ACP countries and the EU agreed to
develop new WTO-compatible trading arrangements, progressively
removing barriers to trade between them and enhancing cooperation
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