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Vol.18 No.3 – December 2018<br />
The Voice of Business in Trinidad & Tobago<br />
Looking<br />
Outwards<br />
The art and science of exporting<br />
Champion exporter: SM Jaleel<br />
Export markets | Trade deals<br />
Non-tariff barriers | Support agencies
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Vol.18 No.3 – December 2018<br />
Contents<br />
ON THE COVER<br />
Directors of SM Jaleel: Dr Mikaeel<br />
Mohammed (seated) and Eesa<br />
Mohammed, Vice President, Marketing<br />
(Photo courtesy TTCIC)<br />
07<br />
A note from the editor<br />
Natalie Dookie introduces this<br />
issue of CONTACT<br />
08<br />
SM Jaleel:<br />
global exporter<br />
Kalifa Sarah Clyne profiles the<br />
winner of the T&T Chamber’s<br />
prestigious annual award and its<br />
global brands<br />
14<br />
The will to export<br />
Joel Henry sits down with the CEO of<br />
exporTT to talk about the agency’s<br />
activities and plans, and detects a new<br />
energy in the national export drive<br />
20<br />
Know your<br />
export markets<br />
Every overseas market has its own<br />
characteristics. Lisa Douglas-Paul<br />
looks at our main target areas and<br />
what to expect from each one<br />
SPECIAL CONTACT SURVEY: LOOKING OUTWARDS<br />
25<br />
29<br />
32<br />
Breaking into Europe<br />
The European Union is a<br />
particularly complicated<br />
market, with 28 countries (soon<br />
to be 27) involved. The regional<br />
agency Caribbean Export<br />
provides an introduction<br />
Who do we have trade<br />
deals with?<br />
Trinidad and Tobago has<br />
negotiated trade agreements<br />
with many of its trading<br />
partners. The Ministry of Trade<br />
and Industry sets out the<br />
possibilities of each<br />
Non-tariff barriers – the<br />
exporter’s nightmare<br />
Usha Samsundar explains<br />
how even the best-prepared<br />
exporter can be ambushed by<br />
unexpected obstacles<br />
04<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Vol.18 No.3 – December 2018<br />
The Voice of Business in Trinidad & ToBago<br />
Published by<br />
The Trinidad and Tobago Chamber of<br />
Industry and Commerce<br />
Looking<br />
Outwards<br />
The art and science of exporting<br />
Champion exporter: SM Jaleel<br />
Export markets | Trade deals<br />
Non-tariff barriers | Support agencies<br />
44<br />
46<br />
48<br />
The economic outlook<br />
Prospects <strong>for</strong> Trinidad and<br />
Tobago, the Caribbean, and the<br />
global economy in the year ahead<br />
Energy update<br />
The state of the energy sector<br />
in figures<br />
Welcome to new<br />
members<br />
Columbus Circle, Westmoorings, Port of Spain, Trinidad and Tobago<br />
PO Box 499, Port of Spain • Tel.: (868) 637-6966 • Fax: (868) 622-4475<br />
Email: chamber@chamber.org.tt • Website: www.chamber.org.tt<br />
Tobago Division:<br />
ANSA McAL Building, Mil<strong>for</strong>d Road, Scarborough, Tobago<br />
Tel.: (868) 639-2669 • Fax: (868) 639-2669<br />
Email: tobagochamber@chamber.org.tt<br />
Produced <strong>for</strong> the Chamber by<br />
MEP Publishers (Media & Editorial Projects Ltd)<br />
34<br />
Where to go <strong>for</strong> help?<br />
A checklist of private sector<br />
and government agencies<br />
which can supply export<br />
guidance, in<strong>for</strong>mation and<br />
documents<br />
6 Prospect Avenue, Maraval, Port of Spain, Trinidad and Tobago<br />
Tel.: 622-3821 • Fax: 628-0639<br />
Email: info@meppublishers.com • Website: www.meppublishers.com<br />
Editor Natalie Dookie<br />
Consulting editor Jeremy Taylor<br />
Online editor Caroline Taylor<br />
General manager Halcyon Salazar<br />
Page layout & design Bridget van Dongen<br />
Advertising Evelyn Chung, Tracy Farrag, Mark-Jason Ramesar<br />
Production Jacqueline Smith<br />
Editorial assistant Shelly Inniss<br />
38<br />
The voice of experience<br />
Six successful exporters –<br />
old and new, large and small<br />
– tell their stories to Natalie<br />
Dookie<br />
DISCLAIMER<br />
Opinions expressed in <strong>Contact</strong> are those of the authors, and not<br />
necessarily of the Trinidad and Tobago Chamber of Industry and Commerce<br />
or its partners or associates.<br />
CONTACT is published quarterly by the Trinidad and Tobago Chamber of Industry and<br />
Commerce (TTCIC). It is available online at www.chamber.org.tt/contact-magazine.<br />
© 2018 TTCIC. All rights reserved. No part of this magazine may be reproduced in any<br />
<strong>for</strong>m without the written permission of the publisher.<br />
www.chamber.org.tt/contact-magazine 05<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
A note from<br />
the editor<br />
Exports play a crucial role in Trinidad and Tobago’s economy. They influence<br />
economic growth, employment, and our balance of payments. They earn<br />
essential <strong>for</strong>eign exchange. As we adjust to a low-price energy environment,<br />
there needs to be an even greater focus on growth opportunities <strong>for</strong> exports.<br />
We are the largest oil and natural gas producer in the Caribbean, and our<br />
hydrocarbon sector has dominated our exports. But in recent years we have become<br />
more diversified, with a greater reliance on services.<br />
There are several factors which determine our level of exports: competitiveness,<br />
quality, value added, the exchange rate, productivity, and the economic prospects<br />
of our export markets. We can work towards raising this level through private sector<br />
innovation, reducing tariff and non-tariff barriers, and by pursuing supply-side<br />
policies to increase our competitiveness. Exporting provides real benefits <strong>for</strong> firms,<br />
including longer-term security, by spreading risk over a wider customer base – and<br />
of course increased sales and profits.<br />
In this issue of CONTACT, we<br />
are Looking Outwards<br />
In this issue of CONTACT, we are Looking Outwards. Our team of experts from<br />
Trinidad and Tobago and the Caribbean provides guidance on export planning, and<br />
identifies where and how to access support locally. ExporTT’s CEO sets the stage<br />
by charting the size of our exports, what we export, where to, and what are the<br />
most promising opportunities in 2018. Trade agreements can be complex, but the<br />
Ministry of Trade and Industry helps us to penetrate the legal jargon and translate it<br />
into competitive advantage. Exporters are often presented with unexpected market<br />
challenges, but one of our trade specialists outlines how to overcome non-tariff<br />
barriers.<br />
Which market conditions present key opportunities <strong>for</strong> local exporters, in which<br />
country and in what sector? The Chamber’s Trade & Research Economist guides<br />
us through their recommendations. Learn from organisations that are exporting<br />
success<strong>full</strong>y, and be inspired as they share their journey.<br />
Exports have a major impact on our economy. They are one of the biggest<br />
determinants of Trinidad and Tobago’s economic per<strong>for</strong>mance. Growth in exports<br />
can also advance our domestic economy by creating a knock-on effect <strong>for</strong> related<br />
industries. Recognising the importance of this <strong>for</strong> our future sustainability, we look<br />
<strong>for</strong>ward to your feedback: share your export experience, tell us if you agree with<br />
our experts’ advice and recommendations, and what else you would like to see us<br />
add to the conversation.<br />
Editor<br />
www.chamber.org.tt/contact-magazine 07<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
SM Jaleel:<br />
global<br />
exporter<br />
This year’s prestigious Chamber award<br />
“Internationally Known … T&T Owned”,<br />
sponsored since inception by First<br />
Citizens, was won by a company with<br />
extraordinary international reach<br />
WORDS By: Kalifa Sarah Clyne<br />
photos courtesy: sm jaleel<br />
After almost a century in business, SM Jaleel is a proud locally-owned player<br />
with a strong presence on the global stage. It is the largest manufacturer<br />
of non-alcoholic drinks in the anglophone Caribbean.<br />
Its many brands – fruit juices, soft drinks, flavoured water, energy<br />
drinks – are distributed around the world by nearly 100 distributors, and can be found<br />
in over 30,000 wholesale and retail stores, including Walmart in the United States.<br />
The company manufactures its own PET containers, a technology it pioneered<br />
in the Caribbean in the 1980s. Its staff has grown from 25 to 1,378 located in ten<br />
different countries in five continents.<br />
Evolution<br />
The family-owned business of SM Jaleel was founded in 1924 by a young visionary<br />
entrepreneur, Sheik Mohammed Jaleel. He used to make the company’s first product,<br />
Jaleel Beverages, under his house in San Fernando, and marketed it to clients from a<br />
traditional horse and cart.<br />
08<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Jaleel Beverages were followed by<br />
a string of other brands. Wonder in the<br />
late 1930s, Applette, Joe Louis Punch<br />
(after the famous boxer whom Jaleel<br />
brought to Trinidad), Red Spot. Dixi Cola<br />
success<strong>full</strong>y expanded the portfolio<br />
in 1968. By the time Red Spot hit the<br />
market, SM Jaleel was operating ten<br />
trucks and an automated production<br />
line. The company could produce about<br />
90 cases an hour, and a case of sweet<br />
drink cost 24 cents.<br />
The export journey began in the<br />
1950s, when Jaleel built a factory in<br />
Grenada, run by his son Zaid, to produce<br />
The first product, Jaleel<br />
Beverages, was made under<br />
the founder’s house in San<br />
Fernando, and marketed to<br />
clients from a traditional<br />
horse and cart<br />
www.chamber.org.tt/contact-magazine 09<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
A new generation took over<br />
the business and revived both<br />
the founder’s vision and the<br />
company’s <strong>for</strong>tunes<br />
Red Spot in glass bottles. The company’s<br />
<strong>for</strong>tunes dipped somewhat from the<br />
late 1960s, and Sheik Mohammed Jaleel<br />
died in 1977, after selling the business<br />
to Shaffikool Mohammed, the husband<br />
of his daughter Salaha.<br />
So a new generation took over the<br />
business and revived both the founder’s<br />
vision and the company’s <strong>for</strong>tunes.<br />
Aleem Mohammed, Jaleel’s grandson,<br />
joined the company and rose to<br />
become chairman. The business moved<br />
to Otaheite Industrial Estate, where it is<br />
still headquartered today. New products<br />
were introduced – Pear D, Cole Cold,<br />
Fruta, the large bottle, Caribbean Cool.<br />
The company earned franchises from<br />
well-known international companies –<br />
7-UP, Capri Sun, Cadbury Schweppes.<br />
By 1988, market share had grown to<br />
30%.<br />
The first export shipments had<br />
been made from Trinidad and Tobago in<br />
1983. The main export markets were the<br />
UK, the USA, Canada, Jamaica, Antigua,<br />
Dominica, and Barbados. SM Jaleel<br />
began awarding its own franchises:<br />
third party manufacturers produced<br />
and distributed the Caribbean Cool<br />
brand, <strong>for</strong> instance, in Canada, the USA,<br />
England, Scotland and Malaysia.<br />
The business grew and grew. It<br />
continued to produce new brands,<br />
notably Chubby (1993) in its specially<br />
designed chubby bottle aimed at<br />
children. The company started winning<br />
awards <strong>for</strong> exports and innovation.<br />
Busta followed, and Viva flavoured<br />
sparkling water. With the help of<br />
subsidiaries, joint ventures and<br />
franchisees, SM Jaleel was doing good<br />
business everywhere from Barbados,<br />
Jamaica and Guyana to Haiti, Mexico<br />
and Brazil, Guatemala and North<br />
America.<br />
As the brand list continued to<br />
swell, the company added Fruta Kool<br />
Kidz, Oasis bottled water, Caribbean<br />
Cool drinks, 1-litre Fruta, and Turbo<br />
energy drinks. It acquired the franchise<br />
<strong>for</strong> Tampico. It set up a plant in Saudi<br />
Arabia to export to the Middle East, and<br />
another in Durban to market Chubby in<br />
South Africa. It acquired fruit juice<br />
concentrate manufacturing companies<br />
in Trinidad and Jamaica, adding Trinidad<br />
Reconstituted juices and Juciful juices<br />
to the portfolio. These factories allowed<br />
10<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
vertical integration by buying fruit<br />
from local farmers and converting it<br />
into frozen orange and grapefruit juice<br />
concentrate <strong>for</strong> use throughout the<br />
year.<br />
The export team<br />
Today, SM Jaleel’s Caribbean sales export<br />
team is led by Clint Villafana, Vice<br />
President of Export Sales (Caribbean and<br />
Third Party). It includes Amir Hosein and<br />
Aaron Logie. At an extra-regional level,<br />
Brian Erdelyi (Chief Revenue Officer,<br />
based in Canada) leads a team supported<br />
by Suneeta Hosein and Michelle Grant.<br />
The team is focused on the company’s<br />
continued growth and market expansion.<br />
In an interview, Clint Villafana<br />
confirmed that working with his team<br />
has been a very rewarding experience.<br />
They were instrumental in the growth<br />
of the department, and in the expansion<br />
of the company’s footprint into more<br />
new markets in recent years, such as<br />
Ghana, Puerto Rico, Holland, Bonaire,<br />
Belize, and Aruba. “They have been key<br />
in the expansion of our existing SMJ<br />
portfolio within existing markets, and<br />
increasing overall market share <strong>for</strong> the<br />
company’s brands.”<br />
Part of SM Jaleel’s success is<br />
surely due to the judicious selection<br />
of export models and products,<br />
based on careful market research. A<br />
franchise agreement? A new affiliate<br />
or subsidiary? Exclusive agreement<br />
with an experienced distributor?<br />
Outsourced production? The decision,<br />
Villafana explained, depends partly on<br />
the size of the country and its distance<br />
from Trinidad, which will affect<br />
shipping costs. “We per<strong>for</strong>m a value<br />
chain analysis to determine the best<br />
approach.”<br />
Local costs matter too. “Markets<br />
have different duty structures,” Villafana<br />
pointed out, “and as such can make<br />
our products uncompetitive due to<br />
price sensitivity. To address this in the<br />
Organisation of Eastern Caribbean States<br />
(OECS), many years ago we introduced<br />
a production facility in St Lucia, which<br />
allows us to benefit from a lower duty<br />
structure since we are selling from a Less<br />
Developed Country (LDC).”<br />
Villafana continued: “Markets<br />
have different regulatory requirements<br />
in terms of labels and ingredients, so<br />
in entering markets we have had to<br />
work closely with our Research and<br />
Development team to customise some<br />
of our existing brands to meet these<br />
requirements.”<br />
SM Jaleel makes good use of the<br />
Caricom free trade agreement, and is<br />
now expanding into Costa Rica, where<br />
Michelle Grant, Finance and Operations<br />
Manager, SMJ Procurement and<br />
Marketing, Inc<br />
Brian Erdelyi, Chief Revenue Officer, SM<br />
Jaleel<br />
From left to right: Export Managers Aaron Logie and Amir Hosein; Suneeta Hosein, Manager, Centralised Planning Unit;<br />
Clint Villafana, Vice President, Export (Caribbean and Third Party)<br />
www.chamber.org.tt/contact-magazine 11<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
it will benefit from concessions available under the trade<br />
agreement that country has with Trinidad and Tobago.<br />
Flexibility<br />
SM Jaleel has an excellent track record in responding to<br />
changing market conditions and innovating to support<br />
growth.<br />
In 1984, <strong>for</strong> example, when the economic climate<br />
demanded a container that would bring consumers both<br />
savings and convenience, the company introduced the<br />
revolutionary Jaliter bottle (Jaleel + litre), and became the<br />
pioneer in large-<strong>for</strong>mat 2-litre soft-drink packaging. In<br />
conjunction with Reynolds Metals Company, it was the first<br />
company in the world to market fruit juices in two-piece<br />
aluminium cans using nitrogen technology, thus eliminating<br />
the need <strong>for</strong> artificial preservatives.<br />
Chubby is another example of flexibility. It was born<br />
when SM Jaleel observed that children were being given soft<br />
drinks in large bottles which were cumbersome <strong>for</strong> them to<br />
hold: so it filled that gap in the market by introducing the<br />
flagship brand in its characteristic chubby bottle.<br />
Chubby changed the market and created a global<br />
trans<strong>for</strong>mation <strong>for</strong> SM Jaleel. Today, it is sold in over 60<br />
countries and is manufactured on four continents around<br />
the world; it has proven to have almost unrivalled global<br />
reach in terms of penetrating new markets and countries.<br />
Responsibility<br />
SM Jaleel is notable <strong>for</strong> its response to environmental<br />
challenges too. In Trinidad, it recycles all its cardboard, cans,<br />
plastic bottles, shrink wrap, cardboard, pallets, metal drums,<br />
and unused tetra packs. It is in the process of building a waste<br />
water treatment plant. It is working to reduce the materials<br />
in its packaging, and lowered the weight of its plastic water<br />
bottles by half in two years.<br />
It takes corporate social responsibility very seriously<br />
too. One of its recent projects has been to partner with Vitas<br />
House Hospice during Cancer Awareness Month (October), to<br />
raise funds to promote cancer awareness through education,<br />
early detection, and treatment. In another project, the<br />
company was one of the first to respond to hurricaneravaged<br />
Dominica last year, sending over 200 tonnes of<br />
drinks, water, food, toiletries and groceries as part of the<br />
relief ef<strong>for</strong>t.<br />
Reaching out<br />
One of SM Jaleel’s current objectives is truly remarkable: it<br />
wants to leverage its export success so as to give a plat<strong>for</strong>m<br />
to other Trinidad and Tobago manufacturers and exporters.<br />
SMJ Director Dr Mikaeel Mohammed told a business<br />
audience earlier this year that the company wanted to help<br />
exporters get things done, and was already working with one<br />
of Trinidad and Tobago’s best-known brands, using SM Jaleel’s<br />
existing distribution and marketing network. “We want to<br />
help each and every company here [to] reach destinations you<br />
never dreamed of,” he declared. “Caribbean brands are just as<br />
good [as international ones], if not better.”<br />
It sounds like the same sort of innovative thinking<br />
that has marked out SM Jaleel since its earliest days in<br />
San Fernando. While it pursues its aggressive growth<br />
campaign, takes care of its corporate social responsibility,<br />
and continues to innovate, SM Jaleel has placed its brands –<br />
and Trinidad and Tobago – in the hands of consumers across<br />
the world.<br />
12<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
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looking outwards<br />
The will to<br />
export<br />
For decades, T&T has dreamed about a big jump in nonenergy<br />
exports, enough to break dependence on oil and<br />
gas. Is that about to happen at last? CONTACT sat down<br />
with exporTT’s CEO Dietrich Guichard to find out<br />
WORDS By: Joel Henry<br />
photos courtesy: exportt<br />
courtesy exportt<br />
“<br />
The current environment,” says Trade and Industry<br />
Minister Paula Gopee-Scoon, “requires a more<br />
aggressive approach to implementing government<br />
policy aimed at growing exports to lessen the<br />
country’s vulnerability and dependence on oil and gas.”<br />
The Minister was speaking in November 2017 at the<br />
National Export Facilitation Organisation of Trinidad and<br />
Tobago, otherwise known as exporTT. New signage was<br />
being unveiled at its Charlotte Street headquarters, which<br />
was being renamed “Export House.” A symbolic change, but<br />
symbols have meaning. And the change in signage reflects a<br />
new approach and outlook <strong>for</strong> exporTT.<br />
“Our approach is much more aggressive,” says Dietrich<br />
Guichard, Chief Executive Officer. “There are a lot of things<br />
that we are doing differently internally, and we are trying to<br />
engage our clients more intimately.”<br />
In this era of uncertain prices <strong>for</strong> Trinidad and Tobago’s<br />
energy exports, a <strong>for</strong>eign exchange crunch, and the critical<br />
need <strong>for</strong> diversification of the economy, the nation needs new<br />
sources of export revenue.<br />
The most recent figures out of the Ministry of Trade and<br />
Industry (<strong>for</strong> October 2016 to September 2017) show that<br />
TT$37 billion of the total TT$41 billion worth of exports were<br />
energy-related. That’s 88%. This needs to change.<br />
So what is exporTT doing to make it happen?<br />
Dietrich Guichard, CEO, exporTT<br />
14<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
“For the first time the macroeconomic<br />
situation is pushing business in a particular<br />
direction”<br />
What is exporTT and what does it do?<br />
Dietrich Guichard: ExporTT officially is the sole national<br />
export facilitation organisation <strong>for</strong> Trinidad and Tobago<br />
outside of the oil and gas and petrochemical sector. Our<br />
focus is the development and promotion of the export of<br />
goods and services, regionally and internationally.<br />
Trinidad and Tobago’s top<br />
non-energy exports,<br />
October 2016 – September 2017<br />
“Facilitation” is a broad word. What does it entail?<br />
DG: Facilitation can be broken down into various areas.<br />
We have an export promotion division, a research<br />
division, a capacity building division (including standards<br />
implementation), and a training division. In general<br />
our activities are dedicated to growing exports and<br />
diversifying the economy in a very real and practical way.<br />
Can you give me an example of exporTT’s activities?<br />
DG: One programme we have in place is taking the top 120<br />
exporters and working with them in their organisations.<br />
This includes diagnosing where they are in their financial,<br />
marketing, and human resource capability, and identifying<br />
their strengths and weaknesses. Really we are diagnosing<br />
all aspects of their business operations, including the will<br />
to export. Many people say they want to export, but is it<br />
really true?<br />
Then we are developing robust export plans with<br />
them. If they wish to get into a market or markets we<br />
will provide the necessary in<strong>for</strong>mation and contacts –<br />
importers, market prices, the contacts to get you there.<br />
If you do not have the wherewithal, we will work with<br />
you to build your firm’s capacity, including training,<br />
research, and even funding <strong>for</strong> machinery.<br />
How far along is this programme?<br />
DG: We will complete 30 companies at the end of this<br />
fiscal (September 2018).<br />
You mentioned the “will to export”. It seems there is<br />
a new energy and willingness to get things done.<br />
DG: When I took up the post of CEO at exporTT the<br />
Chairman said, somewhat tongue-in-cheek: “ExporTT is<br />
Trinidad and Tobago’s best kept secret”. So we made a<br />
conscious decision to change that. We have been much<br />
more aggressive in our marketing. And we have made<br />
a conscious decision to change the way we do things.<br />
We have moved our officers from being office-based<br />
most of the time to being out there in the market. It is<br />
Toilet tissue<br />
Cigarettes<br />
Cereals, precooked and otherwise<br />
Building cement (grey)<br />
Aromatic bitters<br />
Biscuits, unsweetened<br />
Sweet biscuits<br />
Other chocolate in blocks, slabs or bars<br />
Other sugar confectionery<br />
Prepared foods from cereals<br />
Beer<br />
Bottles <strong>for</strong> soft drinks, beers, wines, spirits<br />
Other detergents<br />
Aerated beverages<br />
TT$253 million<br />
TT$239 million<br />
TT$219 million<br />
TT$156 million<br />
TT$97 million<br />
TT$89 million<br />
TT$87 million<br />
TT$84 million<br />
TT$79 million<br />
TT$77 million<br />
TT$73 million<br />
TT$72 million<br />
TT$60 million<br />
TT$59 million<br />
www.chamber.org.tt/contact-magazine 15<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Trinidad and Tobago’s top ten non-energy export markets, 2016<br />
Guyana<br />
US$243 million<br />
Suriname<br />
US$66 million<br />
USA<br />
US$236 million<br />
UK<br />
US$40 million<br />
Jamaica<br />
US$117 million<br />
Saint Lucia<br />
US$40 million<br />
Barbados<br />
US$70 million<br />
Netherlands<br />
US$30 million<br />
Grenada<br />
US$68 million<br />
St Vincent &<br />
the Grenadines<br />
US$28 million<br />
“Our<br />
approach is<br />
much more<br />
aggressive”<br />
a much more aggressive approach in terms of interventions and support <strong>for</strong> local<br />
manufacturing.<br />
Then there is the state of the economy and the lack of <strong>for</strong>eign exchange. Money<br />
drives everything. The traditional importers and distributors are starting to feel the<br />
crunch. Getting hard currency to restock and so on, and continue operations in the<br />
traditional way, is becoming harder and harder. For the first time the macroeconomic<br />
environment is pushing business in a particular direction to help with their <strong>for</strong>eign<br />
exchange requirements.<br />
Who are some of our major exporters?<br />
DG: Carib Brewery and SM Jaleel and Company have major investments in the islands.<br />
SM Jaleel goes even further with a presence in South Africa and Saudi Arabia, with<br />
actual production facilities in these territories. Carib has investments up the islands<br />
and acquired a brewery in Florida a few years ago. The ANSA McAL Group of Companies<br />
(owners of Carib) is setting up business in Cuba, in the Mariel Special Economic Zone.<br />
What are the most promising export markets?<br />
DG: The Latin American market seems to have regions which are growing. Our<br />
manufacturers, through exporTT, are aggressively seeking to maximise those territories<br />
where we have existing trade agreements – Colombia, Costa Rica, Panama, Haiti and<br />
Cuba. Cuba has taken a lot of time, but we are now seeing tremendous benefits from<br />
our investments in the island.<br />
16<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
www.chamber.org.tt/contact-magazine 17<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Major Trinidad and Tobago non-energy<br />
companies exporting to CARICOM<br />
Over US$20 million per year<br />
SM Jaleel<br />
WITCO<br />
Associated Brands Industries<br />
Trinidad Cement<br />
Nestlé Caribbean<br />
Trinidad Distillers<br />
Electrical Industries Group<br />
Caribbean Development Company<br />
Holiday Snacks<br />
Between US$10 million and US$20 million<br />
per year<br />
Angostura<br />
Bermudez Biscuits<br />
Baker Hughes<br />
Grand Bay Paper Products<br />
Trinidad Tissues<br />
Universal Foods<br />
Carib Glassworks<br />
John Dickinson<br />
Between US$5 million and US$10 million*<br />
VEMCO<br />
IAL Engineering<br />
Unilever<br />
Advance Foam<br />
NFM<br />
Century Eslon<br />
Chief Brand Products<br />
* There are about 50 firms in this category in total.<br />
“We are now<br />
the number one<br />
exporter into Cuba<br />
from the Caribbean<br />
and Latin America”<br />
ExporTT (in its prior incarnation as the Business<br />
Development Company) and the Ministry of Trade and<br />
Industry have had a trade facilitation office in Cuba <strong>for</strong><br />
over ten years. We are now the number one exporter<br />
into Cuba from the Caribbean and Latin America.<br />
That’s impressive.<br />
DG: In fact Carib Glass has just shipped their first major<br />
shipment of glass bottles <strong>for</strong> the largest local rum<br />
producer in Cuba. Carib beer has signed a distribution<br />
agreement with the largest liquor company in Cuba to<br />
supply the finished beer product to the market. Angostura<br />
has well over 10,000 points of sale on the island, working<br />
closely with exporTT trade facilitation. Sacha Cosmetics<br />
is a major exporter to Cuba. Trinidad Tissues and Grand<br />
Bay Paper and Care Products (makers of tissue paper and<br />
tissue paper pulp) are major suppliers into Cuba.<br />
It has been a bit of a wait, an over 10-year<br />
investment, but we are seeing tremendous growth in the<br />
Cuban market.<br />
What about exporting to the diaspora?<br />
DG: There is a high demand <strong>for</strong> local products in our<br />
diaspora – New York, London, Toronto and Miami.<br />
Caribbean products are growing in prominence, and while<br />
Jamaica has been able to benefit immensely from this, we<br />
have been a bit lagging.<br />
But we are targeting the diaspora market. In<br />
November we will be in Canada on a trade mission.<br />
Targeting the importers who service the diaspora market<br />
will be a major focus <strong>for</strong> us. Earlier this year, during the<br />
Trade and Investment Convention (TIC), exporTT was<br />
responsible <strong>for</strong> bringing international buyers. We brought<br />
in the purchasing manager <strong>for</strong> the GraceKennedy Group<br />
from Canada.<br />
GraceKennedy is well-established, not only in<br />
the diaspora market in North America, but they have<br />
grown and are in the mainstream distribution sector.<br />
18<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Export House, head<br />
office of exporTT,<br />
on Charlotte Street,<br />
Port of Spain<br />
courtesy exportt<br />
He met with the major local suppliers to discuss<br />
utilising GraceKennedy’s distribution channel. We had<br />
very fruitful meetings and hope<strong>full</strong>y we will see some<br />
traction in increasing our exports to the diaspora in<br />
North America.<br />
Sounds like progress is being made. What of the<br />
challenges?<br />
DG: The challenges are well-known – crime, the<br />
productivity and availability of labour, the lack of <strong>for</strong>eign<br />
exchange to invest in new or expand existing business.<br />
Companies are not happy with the pace at which they<br />
receive their VAT (value added tax) refunds. Many of them<br />
use it as the liquidity to run their business.<br />
The government understands the problems and<br />
they are working on them. The Ministry of Trade and<br />
Industry is working very hard to improve the ease of<br />
doing business, getting businesses up and running,<br />
getting all the approvals much more easily.<br />
And on a personal level, how do you deal with the<br />
challenges? What motivates you?<br />
DG: I’ve always liked the export arena. My first job, straight<br />
out of university, was travelling up and down the islands<br />
selling construction material <strong>for</strong> a local company. I just<br />
reached a point in my life and maturity where I wanted<br />
to use my experience to help in nation-building, and give<br />
back to the manufacturing and export sector that has<br />
been good to me. When the position became available I<br />
felt it was an ideal fit with my practical export experience<br />
to bring that understanding to the public sector.<br />
Is there anything you would like to tell potential<br />
exporters?<br />
DG: Don’t be afraid. Don’t be afraid to go out there.<br />
What holds back a lot of business people is the fear of<br />
the unknown. ExporTT is here to demystify your business<br />
expansion aspirations. We are very open. We are very<br />
responsive. We are here to help.<br />
Special resources <strong>for</strong> companies<br />
• “The Ministry of Trade and exporTT have a<br />
fund of TT$25 million whereby we assist<br />
small and medium-sized manufacturers<br />
to purchase plant and equipment. This<br />
is a grant. You don’t have to pay it back.<br />
You must satisfy the requirement that you<br />
are able to increase your exports or prove<br />
that you are having an impact on import<br />
substitution. You are eligible <strong>for</strong> this grant<br />
up to $250,000. It is a matching grant,<br />
meaning it will pay the supplier half of the<br />
cost <strong>for</strong> the equipment up to that amount.”<br />
• “Companies can also access a research and<br />
development grant of up to a million dollars<br />
per company. The grant includes concept<br />
development <strong>for</strong> an innovative product or<br />
service, commercialisation of the product,<br />
and assistance in marketing the new<br />
product.”<br />
• “ExporTT doesn’t only deal with exporters.<br />
We even have an entrepreneurship<br />
programme <strong>for</strong> people who are now starting<br />
up, moving them along the developmental<br />
process to one day becoming exporters.<br />
We have a cohort now in Tobago of about<br />
12 indigenous manufacturers who in some<br />
instances are not even exporting to Trinidad.<br />
We are training them in marketing, labelling,<br />
finance and business planning.”<br />
www.chamber.org.tt/contact-magazine 19<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Know your<br />
export<br />
markets<br />
Every export market has its own character. Get to know<br />
the possibilities, the hazards and the quirks of each one<br />
WORDS By: Lisa M. Douglas-Paul<br />
Trade and Research Economist, Trinidad and<br />
Tobago Chamber of Industry and Commerce<br />
For many countries, the economic outlook in 2018 has been quite positive,<br />
given the changes in the international trade environment. Some of these<br />
changes have opened the way to new opportunities and improved access in<br />
Trinidad and Tobago’s traditional export markets. But political developments<br />
in other traditional markets may threaten the favourable access which many Trinidad<br />
and Tobago companies enjoy.<br />
Caricom, Latin America, the United States and the European Union collectively<br />
accounted <strong>for</strong> over 80% of Trinidad and Tobago’s exports in 2017. Given the economic<br />
importance of these trading partners, exporters should watch <strong>for</strong> new opportunities<br />
there. Similarly, experienced exporters will note the changing dynamics in existing<br />
markets that will affect their trade beyond 2018.<br />
Let’s take a look closer look at the changing conditions that occurred in some<br />
of Trinidad and Tobago’s traditional markets and examine their possible impact on<br />
our exports.<br />
Caricom<br />
The United Nations Commission <strong>for</strong> Latin America and the Caribbean (UNECLAC)<br />
stated in its 2018 Economic Outlook that Caribbean economies have exhibited<br />
improved growth and resilience in 2018. Two economies stood out in this regard:<br />
Jamaica and Guyana.<br />
As a result of improvements made to its investment infrastructure, Jamaica<br />
established itself as the top economy in Caricom <strong>for</strong> ease of doing business in 2018.<br />
It was also ranked as the fifth easiest place to start business in 2018 by the World<br />
Bank Group.<br />
As the largest English-speaking territory in the Caribbean, with more than<br />
double the population of T&T, Jamaica holds great potential <strong>for</strong> local businesses<br />
seeking to expand their product and service outreach.<br />
20<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Travel mania/shutterstock.com<br />
In the case of Guyana, the<br />
estimated 4 billion barrels of oil found<br />
offshore since 2015 could trans<strong>for</strong>m the<br />
economy beyond the projected growth<br />
rate of 3.3%. Guyana is expected to<br />
generate increased demand <strong>for</strong> business<br />
support services well beyond 2018 in<br />
order to sustain the increase in market<br />
activity, particularly in the areas of ICT<br />
and business consultancy.<br />
Latin America<br />
Latin America is seen as the new<br />
horizon <strong>for</strong> global trade. Trinidad and<br />
Tobago’s exporters can already benefit<br />
from preferential trading arrangements<br />
with Colombia, Venezuela, Costa Rica,<br />
Cuba, the Dominican Republic and<br />
Panama. This access advantage can<br />
have a positive impact on the Trinidad<br />
and Tobago manufacturing sector.<br />
The Dominican Republic, a<br />
significant trading partner <strong>for</strong> Trinidad<br />
and Tobago, has the highest projected<br />
growth rate <strong>for</strong> 2018 in Latin America<br />
and the Caribbean. There is much<br />
untapped potential and existing<br />
demand <strong>for</strong> manufactured products,<br />
particularly inputs <strong>for</strong> value-added<br />
production <strong>for</strong> re-export.<br />
In Central America, the market access advantage provided by the TT-Panama<br />
Partial Scope Trade Agreement, coupled with the improvements made to the Panama<br />
Canal, can give T&T manufacturers increased access to greater volumes of cheaper<br />
inputs from global markets <strong>for</strong> their value-added manufactured products.<br />
Cuba<br />
It has been perceived as difficult to penetrate, but Cuba continues to pique interest.<br />
It has undergone significant changes since 2014 and continues to open up its<br />
economy. Trinidad and Tobago businesses continue to pursue opportunities in the<br />
Cuban market, with varying levels of success.<br />
Restrictions on financial transactions continue to affect the ease of doing<br />
business in Cuba, but the support provided by Trinidad and Tobago’s Trade Facilitation<br />
Office in Havana has made navigating the business landscape significantly easier.<br />
The US and the EU<br />
The changing political landscape in T&T’s traditional export markets has caused<br />
established exporters to feel concerned about the possible impact on preferential<br />
access to the United States and the European Union.<br />
For the past 18 years, T&T exporters have enjoyed duty-free access to the<br />
US through the Caribbean Basin Trade Partnership Act (CBTPA). However, this<br />
arrangement is due to expire on September 30, 2020. There is healthy caution about<br />
its prospects of renewal, given recent developments in US <strong>for</strong>eign policy under the<br />
Trump administration. This is particularly important as the US is the largest export<br />
market <strong>for</strong> T&T products.<br />
On the other side of the Atlantic, the infamous Brexit vote sent shockwaves<br />
through the international community in 2016. The United Kingdom announced that<br />
it would be leaving the European Union in 2019, arousing immediate concern as to<br />
how Trinidad and Tobago – and by extension Cari<strong>for</strong>um – will continue to benefit<br />
from preferential access <strong>for</strong> its exports.<br />
Brexit could affect not only the remaining 27 EU member states but also<br />
www.chamber.org.tt/contact-magazine 21<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Trinidad and Tobago exports 2012-2017 (US$ million)<br />
18000<br />
16000<br />
14000<br />
12000<br />
10000<br />
8000<br />
6000<br />
4000<br />
2000<br />
0<br />
2012 2013 2014 2015 2016 2017p<br />
Non-energy Energy Total<br />
The Trinidad and<br />
Tobago Chamber<br />
of Industry and<br />
Commerce, as a key<br />
business support<br />
organisation, helps<br />
T&T companies to<br />
take advantage<br />
of export<br />
opportunities, and<br />
continues to be a<br />
key partner in the<br />
national export<br />
thrust.<br />
Source: Government of Trinidad and Tobago, Review of the Economy 2018<br />
Caricom, Latin<br />
America, the<br />
United States and<br />
the European<br />
Union collectively<br />
accounted <strong>for</strong> over<br />
80% of Trinidad and<br />
Tobago’s exports in<br />
2017<br />
trade with the United Kingdom, which happens to be T&T’s<br />
fourth largest trading partner. This is particularly important<br />
since the current Economic Partnership Agreement with the<br />
EU provides preferential market access <strong>for</strong> both goods and<br />
services from Trinidad and Tobago.<br />
Non-traditional markets<br />
Although market access to traditional trading partners is of<br />
key importance to Trinidad and Tobago, exporters should also<br />
consider opportunities that are developing in non-traditional<br />
markets.<br />
Distance and logistical challenges normally dissuade<br />
smaller exporters from prospecting <strong>for</strong> opportunities in such<br />
markets. However, ICT and energy-related developments in<br />
Asia and Africa hold some potential <strong>for</strong> service exports.<br />
Market intelligence<br />
Having an idea of where the global opportunities are is just<br />
the beginning. Making the best decision depends on a sound<br />
market penetration strategy that involves continuous market<br />
intelligence gathering. It also requires an understanding<br />
of your product’s uniqueness, and how it meets existing or<br />
potential demand in your market of interest.<br />
Trade missions and trade expositions offer perfect<br />
opportunities <strong>for</strong> learning about developments in new and<br />
existing markets. In addition, companies which are interested<br />
in securing preferential access <strong>for</strong> their products – whether<br />
in a new or an existing market – should continuously engage<br />
in stakeholder consultations with the Ministry of Trade and<br />
Industry.<br />
22<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
looking outwards<br />
Breaking<br />
into Europe<br />
Exporting to the European market can be a<br />
<strong>for</strong>midable challenge, even without the threat<br />
of Brexit in March 2019. The key is thorough<br />
preparation and reconnaisance, understanding the<br />
Economic Partnership Agreement, and making use<br />
of the many available sources of guidance and<br />
advice<br />
WORDS BY: Caribbean Export<br />
The European Union (EU) is one of the world’s largest trading blocs, with over<br />
500 million consumers. It is an ideal market <strong>for</strong> Caribbean firms wanting<br />
to trade and grow their businesses, because the Economic Partnership<br />
Agreement (EPA) negotiated between the Caribbean Forum (Cari<strong>for</strong>um) and<br />
the EU is designed to enable increased trade, investment and development between<br />
the two regions.<br />
Preparation is key to breaking into any new market, and there are many factors<br />
to consider as you embark on this journey. Here are our top tips <strong>for</strong> succeeding in a<br />
competitive business environment.<br />
Be completely knowledgeable about the product you are offering<br />
A lack of detail and poor communication about your product’s ingredients, sources of<br />
inputs, safety, shelf life etc., can put you at a big disadvantage with a serious buyer.<br />
Make sure you have product in<strong>for</strong>mation factsheets on hand when engaging potential<br />
buyers.<br />
Identify a specific country in the EU with a strong and growing demand <strong>for</strong> what<br />
you can supply<br />
Stay up to date on industry trends and consumption patterns, and identify any special<br />
market niches. Consider who you want to sell to, what consumers may want, and<br />
how best your product can meet their needs. The Caribbean Export Intelligence Portal<br />
(www.ceintelligence.com) can help in identifying the target markets with the highest<br />
demand <strong>for</strong> your goods, and allows you to generate market profiles.<br />
24<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
BANKING THAT<br />
HELPS YOUR<br />
BUSINESS REACH<br />
NEW HEIGHTS.<br />
Our Corporate and Investment Banking Division<br />
offers an expansive range of intelligent business<br />
solutions. Staffed by a team with decades of<br />
experience, we will take your business to the<br />
next level.<br />
• Working Capital Financing<br />
• Plant and Equipment Financing<br />
• Construction and Commercial<br />
Mortgage Loans<br />
• Bonds and Guarantees<br />
• Investment Banking<br />
• Project Financing
looking outwards<br />
EU-Caribbean: trade in goods 2015-2017 (billion euros)<br />
Year EU imports EU exports Balance<br />
2015 4.6 7.4 2.9<br />
2016 3.6 7.0 3.4<br />
2017 4.0 7.2 3.2<br />
EU-Trinidad and Tobago: trade 2015-2017 (million euros)<br />
Take steps to<br />
protect your<br />
intellectual<br />
property (IP)<br />
in each target<br />
market<br />
2015 1243 660 -583<br />
2016 684 595 -89<br />
2017 1139 513 -626<br />
Source: ec.europa.eu, retrieved on 3 October 2018<br />
Find out about the rules and requirements <strong>for</strong> exporting to<br />
the EU<br />
There are several non-tariff measures, such as technical<br />
regulations and standards, which must be adhered to when<br />
exporting to the EU. They may vary according to your export<br />
sector. For instance, if you are a food exporter, you will need to<br />
ensure that your product meets the health and safety standards<br />
of the EU: products can be rejected at EU borders <strong>for</strong> noncompliance.<br />
You will also need to identify any additional, nonlegal<br />
buyer requirements that can enhance your chances of<br />
success<strong>full</strong>y exporting. These may include quality management<br />
systems, certification (HACCP, Global GAP), and sustainability<br />
standards (Fairtrade, Rain<strong>for</strong>est Alliance). Additionally, make<br />
sure that you are familiar with the documentary requirements<br />
<strong>for</strong> export, such as the Commercial Invoice, Customs Value<br />
Declaration, and the Single Administrative Document (SAD).<br />
Develop a strategic export/market entry strategy<br />
Determine the best buyers <strong>for</strong> your products, and research the<br />
appropriate market segments to ensure that you can meet<br />
the quality and quantity demands of the EU market. Consider<br />
partnering with like-minded suppliers who can help you to meet<br />
quantity requirements and find the best channels to penetrate<br />
the European market. Caribbean Export’s Distribution Channel<br />
Mapping Tool on the CE Intelligence Portal provides guidance<br />
to SMEs on profiling, approaching, and selecting a suitable<br />
distributor.<br />
Participate in trade shows and undertake missions to your<br />
target market<br />
While this may be a costly undertaking, it is always useful to<br />
get a first-hand view of how business is done in the country<br />
you have selected. Check out your main competitors, review<br />
prices <strong>for</strong> similar products, and begin to introduce your<br />
product to potential consumers.<br />
Protect your intellectual property<br />
Both goods and services exporters should take steps to<br />
protect their intellectual property (IP) in each target<br />
market. This can be achieved through various tools such as<br />
trademarks, patents, copyrights, industrial design rights, and<br />
geographical indications.<br />
Use available resources<br />
Taking the first steps to exporting to Europe can be a<br />
daunting process. But there is a wealth of in<strong>for</strong>mation and<br />
support to help you on your journey. Caribbean Export<br />
has developed a short, practical, commercially-led export<br />
guidance manual which begins by assessing your export<br />
readiness and provides in<strong>for</strong>mation on how best to profile,<br />
approach and select a suitable distributor.<br />
There is further advice and in<strong>for</strong>mation on breaking<br />
into EU, US and other markets, as well as financing<br />
and investment, on the Caribbean Export <strong>web</strong>site<br />
(www.ceintelligence.com).<br />
26<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Caribbean Export<br />
The Caribbean Export Development Agency, established by<br />
inter-governmental agreement, promotes trade, exports<br />
and investment in the countries of Cari<strong>for</strong>um.<br />
Who’s who?<br />
Fairtrade<br />
The International Fairtrade Certification Mark guarantees<br />
that specified products meet the sustainability standards<br />
set by Fairtrade International (FLO).<br />
Cari<strong>for</strong>um<br />
The Caribbean Forum, comprising the countries of<br />
Caricom plus the Dominican Republic, serves as a conduit<br />
between the Caribbean and the EU.<br />
Economic Partnership Agreement (EPA)<br />
The agreement signed in 2008 between Cari<strong>for</strong>um and the<br />
EU, designed to develop trade and investment between<br />
the two regions.<br />
European Union<br />
The 28 states of western and central Europe within which<br />
the free movement of goods, services, money and people<br />
is being developed. The combined population is over 510<br />
million. The United Kingdom plans to withdraw from the<br />
Union on 29 March, 2019.<br />
Global GAP<br />
An international agricultural certification scheme setting<br />
standards <strong>for</strong> “good agricultural practice” (GAP) and<br />
unifying requirements <strong>for</strong> suppliers and retailers.<br />
HACCP<br />
Hazard Analysis and Critical Control Points, a scheme to<br />
monitor and prevent biological, chemical and physical<br />
hazards throughout the food production chain.<br />
Rain<strong>for</strong>est Alliance<br />
The New York-based Rain<strong>for</strong>est Alliance certifies<br />
sustainable agriculture and <strong>for</strong>estry among other things,<br />
and awards a seal <strong>for</strong> products meeting its criteria.<br />
Single Administrative Document (SAD)<br />
This is the main customs document used <strong>for</strong> trade into or out<br />
of the EU customs area. It is known in the UK as Form C88.<br />
www.chamber.org.tt/contact-magazine 27<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Who do we<br />
have trade<br />
deals with?<br />
Trinidad and Tobago already has trade<br />
agreements in place with many of its<br />
regional and international partners, all<br />
designed to boost exports and make them<br />
easier and less costly<br />
WORDS BY: The Ministry of Trade and Industry,<br />
Trinidad and Tobago<br />
Trinidad and Tobago has trade agreements with trading partners both as<br />
part of the Caribbean Community (Caricom) and on its own (bilaterally).<br />
These agreements facilitate market access <strong>for</strong> local exporters to third<br />
countries, and also provide <strong>for</strong> the opening up of the Trinidad and Tobago<br />
market, except in the case of the USA, Canada and Venezuela, which are one-way<br />
agreements in favour of Caricom.<br />
These arrangements provide dual benefits to local companies, by facilitating<br />
the importation of cost-effective inputs and assisting with price-competitiveness<br />
in <strong>for</strong>eign markets, while providing opportunities <strong>for</strong> growth through exports. The<br />
table outlines the ten preferential trading arrangements to which Trinidad and<br />
Tobago is a party.<br />
These agreements recognise the importance of trade in services as well as<br />
goods, and thus in some cases include provisions <strong>for</strong> future negotiations in this area.<br />
Economic and technical cooperation is a key feature of the trade agreement with<br />
Colombia, as it promotes cooperation in a number of areas such as human resource<br />
development, science and technology, and tourism, through exchanges among local<br />
universities.<br />
In addition, Trinidad and Tobago, as part of Cari<strong>for</strong>um, receives development<br />
cooperation assistance under the European Development Fund <strong>for</strong> projects related<br />
to economic development, social and human development, regional cooperation<br />
and integration.<br />
Challenges<br />
The main issues encountered by<br />
exporters when trading include access<br />
to market in<strong>for</strong>mation, difficulties in<br />
meeting standards <strong>for</strong> products, access<br />
to <strong>for</strong>eign exchange, and in some<br />
instances distributor laws which act as<br />
a deterrent.<br />
Among other things, the Ministry<br />
of Trade and Industry is actively seeking<br />
to assist exporters with addressing<br />
these issues through:<br />
• trade missions, which provide<br />
opportunities to gather first-hand<br />
in<strong>for</strong>mation<br />
• exporter training and workshops,<br />
to build capacity and share<br />
in<strong>for</strong>mation<br />
• the implementation of lines of<br />
credit <strong>for</strong> specific markets<br />
• the strengthening of its Single<br />
Electronic Window, TTBizLink, to<br />
facilitate and simplify trade<br />
• and the development and<br />
implementation of policies.<br />
Additionally, the agreements<br />
provide a structure <strong>for</strong> the establishment<br />
of a joint institution to address any<br />
challenges which may arise between<br />
the parties during implementation of<br />
the respective agreements.<br />
See following pages <strong>for</strong> details of the current<br />
trade agreements<br />
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30<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce www.chamber.org.tt/contact-magazine<br />
Country/<br />
country<br />
grouping<br />
United States<br />
of America<br />
Market<br />
size<br />
(2017,<br />
millions)<br />
Name of trade agreement/date of<br />
signature<br />
325.7 Caribbean Basin Economic<br />
Recovery Act<br />
Signed: January 1984<br />
United States-Caribbean Basin<br />
Trade Partnership Act<br />
Signed: October 1, 2000<br />
Date of expiry: September 30, 2020<br />
Canada 36.7 Caribcan<br />
Signed: November 28, 1986<br />
Date of expiry: December 31, 2023<br />
Caricom 18.2 Revised Treaty of Chaguaramas<br />
establishing the Caribbean<br />
Community (Caricom), including<br />
the Caribbean Single Market and<br />
Economy (CSME)<br />
Signed: July 5, 2001<br />
Costa Rica 4.9 Caricom-Costa Rica Free Trade<br />
Agreement<br />
Signed: March 9, 2004<br />
Dominican<br />
Republic<br />
10.8 Caricom-Dominican Republic Free<br />
Trade Agreement<br />
Signed: August 22, 1998<br />
Type of<br />
agreement<br />
Unilateral<br />
One-way<br />
arrangement<br />
in favour of<br />
Caricom<br />
Unilateral<br />
One-way<br />
arrangement<br />
in favour of<br />
Caricom<br />
Free trade<br />
agreement<br />
Two-way<br />
arrangement<br />
Free trade<br />
agreement<br />
Two-way<br />
arrangement<br />
Main provisions<br />
The agreement contains chapters related to:<br />
establishment of common external tariff, rules of<br />
origin, product specific rules of origin, freedom<br />
of transit, internal taxes and other fiscal charges,<br />
quantitative restrictions, subsidies and dumping<br />
safeguards.<br />
The agreement and its protocols contain articles<br />
related to: market access, temporary admission<br />
of goods, rules of origin, product specific rules of<br />
origin, customs procedures, sanitary and<br />
phytosanitary standards, and technical barriers<br />
to trade<br />
The agreement contains articles related to:<br />
market access, rules of origin, product specific<br />
rules of origin, technical barriers to trade,<br />
sanitary and phytosanitary measures, safeguards,<br />
unfair trade practices, anti-competitive business<br />
practices, and customs cooperation<br />
Opportunities available<br />
• Duty-free access <strong>for</strong> goods into the United<br />
States<br />
• Duty-free access <strong>for</strong> most goods into<br />
Canada (does not cover textiles, footwear,<br />
luggage, leather garments, lubricating oils<br />
or methanol)<br />
• Free movement of skills/labour, goods,<br />
services, capital, and the right of<br />
establishment among all Caricom member<br />
states (except The Bahamas and<br />
Montserrat)<br />
• Free trade in all products among Caricom<br />
member states<br />
• Framework <strong>for</strong> the regional harmonisation<br />
of issues such as government procurement<br />
and e-commerce<br />
• Free trade in a wide range of goods and<br />
elimination of non-tariff barriers<br />
• Duty-free access <strong>for</strong> a selected list of<br />
agricultural products on a seasonal basis<br />
• Duty-free access <strong>for</strong> electrical products<br />
produced in free trade zones<br />
• Mechanism <strong>for</strong> settlement of disputes<br />
• Joint Council framework to facilitate<br />
expansion of the agreement and address<br />
trade issues<br />
• Free trade in a wide range of goods<br />
• Future negotiation of access <strong>for</strong> service<br />
providers in various sectors such as<br />
tourism, financial and professional services<br />
• Joint Council framework to facilitate<br />
expansion of the agreement and address<br />
trade issues<br />
• Duty-free access <strong>for</strong> a selected list of<br />
agricultural products on a seasonal basis
www.chamber.org.tt/contact-magazine 31<br />
Country/<br />
country<br />
grouping<br />
Market<br />
size<br />
(2017,<br />
millions)<br />
Name of trade agreement/date of<br />
signature<br />
Cuba 11.5 Caricom-Cuba Agreement on Trade<br />
and Economic Cooperation<br />
Signed: July 5, 2000<br />
European<br />
Union<br />
508 Cari<strong>for</strong>um-European Union<br />
Economic Partnership Agreement<br />
Signed: October 15, 2008<br />
Type of<br />
agreement<br />
Partial scope<br />
agreement<br />
Two-way<br />
arrangement<br />
Free trade<br />
agreement<br />
Two-way<br />
arrangement<br />
Main provisions<br />
The agreement contains articles related to:<br />
market access, rules of origin, technical<br />
standards, safeguards, unfair trade practices, and<br />
anti-competitive business practices<br />
The agreement contains articles related to: trade<br />
in goods – market access, rules of origin, product<br />
specific rules of origin, customs duties, antidumping<br />
and countervailing measures,<br />
safeguards, and technical barriers to trade<br />
Opportunities available<br />
• Duty-free access on a selected list of<br />
products<br />
• Access to market support through the<br />
Trade Facilitation Office in Cuba<br />
• The most comprehensive trade agreement<br />
signed by T&T; offers preferential access to<br />
a list of products<br />
• Af<strong>for</strong>ds development assistance to fund<br />
key projects within the region under the<br />
European Development Fund<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce<br />
Venezuela 31.9 Caricom-Venezuela Agreement on<br />
Trade, Economic and Technical<br />
Cooperation<br />
Signed: October 13, 1992<br />
Colombia 49.1 Agreement on Trade, Economic<br />
and Technical Cooperation<br />
between Caricom and the<br />
Government of the Republic of<br />
Colombia<br />
Signed: July 24, 1994<br />
Panama 4.1 Trinidad and Tobago-Panama<br />
Partial Scope Trade Agreement<br />
Signed: October 3, 2013<br />
Partial scope<br />
agreement<br />
One-way<br />
arrangement<br />
in favour of<br />
Caricom<br />
Partial scope<br />
agreement<br />
Two-way<br />
arrangement<br />
Partial scope<br />
agreement<br />
Two-way<br />
arrangement<br />
The agreement contains articles related to:<br />
market access, rules of origin, safeguards, and<br />
unfair trade practices<br />
The agreement and its protocols contain articles<br />
related to: market access, treatment of used<br />
goods, rules of origin, technical standards,<br />
safeguards, and unfair trade practices<br />
The agreement contains articles related to:<br />
market access, rules of origin, safeguards, antidumping<br />
and countervailing measures, sanitary<br />
and phytosanitary standards, technical barriers<br />
to trade, and trade facilitation<br />
• Elimination of tariffs on a selected list of<br />
Caricom products<br />
• Provides mechanism <strong>for</strong> settlement of<br />
disputes<br />
• Joint Council framework to facilitate<br />
expansion of the agreement and address<br />
trade issues<br />
• Duty-free access <strong>for</strong> a selected list of<br />
products; opportunity <strong>for</strong> future<br />
liberalisation of trade in services<br />
• Future negotiation of a bilateral<br />
investment treaty<br />
• Promotes technical cooperation in a<br />
number of areas such as human resource<br />
development, science and technology, and<br />
tourism, through exchanges among<br />
universities<br />
• Joint Council framework to facilitate<br />
expansion of the agreement and address<br />
trade issues<br />
• Duty-free access <strong>for</strong> a selected list of<br />
products<br />
• Development of a technical cooperation<br />
work programme to improve trade<br />
facilitation between the two countries<br />
• Future negotiation of a bilateral<br />
investment treaty within one year<br />
• Future liberalisation of trade in services in<br />
sectors such as ICT, financial services,<br />
education and transport services, within<br />
two years
looking outwards<br />
Non-tariff<br />
barriers –<br />
the exporter’s<br />
nightmare<br />
As if exporting wasn’t enough of a challenge already,<br />
the exporter can easily be ambushed by unexpected<br />
traps and pitfalls in the target market. Here’s how to<br />
deal with them<br />
WORDS BY: Usha Samsundar<br />
Business Development Consultant – Exports<br />
Quotas<br />
Ask a group of manufacturers why they haven’t been able<br />
to reach their desired level of export growth despite the preferential<br />
agreements now in place with extra-regional markets, and someone will<br />
mention non-tariff barriers.<br />
Non-tariff barriers have long been considered the villain of the piece. They are<br />
one of the key contributors to the gap between where many Trinidad and Tobago<br />
exporters actually are, and where they want to be – expanding significantly, even<br />
aggressively, into extra-regional markets.<br />
But we must be careful not to use “non-tariff barrier” as an umbrella term to<br />
refer to any and all issues which challenge exporters and delay or frustrate their<br />
attempts at new market development.<br />
Sanctions<br />
Demystifying the terms<br />
Non-tariff measures (NTMs) and non-tariff barriers (NTBs) are impediments to trade.<br />
They are the result of actions and policy measures beyond what seems to be<br />
reasonable. They are more complex and confusing than they need be. And<br />
they are non-proportional to the risk involved.<br />
Defining NTBs and NTMs is challenging because of the scope and<br />
complexity of the many items they can cover. For example, an exporter<br />
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attempts to register product under sanitary and<br />
phytosanitary (SPS) regulations in a particular<br />
country, and is faced with a flood of onerous and<br />
ever-expanding requests <strong>for</strong> more in<strong>for</strong>mation,<br />
maybe confidential or proprietary in<strong>for</strong>mation<br />
not part of the listed requirements and apparently<br />
unwarranted, plus inexplicably lengthy delays as the<br />
process drags on. This exporter has stumbled on an NTB.<br />
What they are not<br />
The challenging and time-consuming processes associated with<br />
sanitary registration and labelling requirements in the Latin<br />
American region are not NTBs or NTMs.<br />
Those processes have long been in place there, and the<br />
extensive paperwork, the documentation required and the<br />
related costs incurred should not come as a surprise. They are<br />
just part of the entry requirements <strong>for</strong> doing business there.<br />
The registration process may be a bit cumbersome, but in most<br />
cases registrations are achieved once the required paperwork<br />
and documentation are supplied.<br />
Other regions or markets that continually<br />
challenge our exporters are the USA,<br />
Forex<br />
restrictions<br />
Canada, Europe, and the UK, with their<br />
stringent requirements <strong>for</strong> product labelling<br />
and packaging, quality standards and<br />
certification. All this has been cited as a<br />
significant impediment to local exporters<br />
trying to doing business, but it cannot be considered an NTB<br />
or NTM, because the standards and processes are transparent,<br />
well-documented and clearly defined.<br />
Inaccurate in<strong>for</strong>mation<br />
Sometimes incomplete or incorrect in<strong>for</strong>mation can create<br />
misunderstandings that lead exporters to conclude that they<br />
are being confronted by an NTB.<br />
In a recent case, an exporter complained to a trade<br />
facilitation organisation about an NTB related to the sanitary<br />
registration process in a Central American market. After<br />
investigating, the said organisation concluded that the<br />
exporter had been misled by inaccurate in<strong>for</strong>mation<br />
from point persons they had contracted locally to<br />
assist with the registration process.<br />
Getting accurate in<strong>for</strong>mation from trusted<br />
sources about technical and SPS measures is crucial<br />
to minimising costly delays and avoiding unnecessary<br />
expense.<br />
An exporter’s guide to successful market<br />
entry<br />
Above all, be proactive, do due diligence, and network.<br />
Obtain as much data as you can on technical and sanitary<br />
requirements, and on standards and regulations, through the<br />
Enquiry Point on the Trinidad and Tobago Bureau of Standards<br />
(TTBS) <strong>web</strong>site, or through the Ministry of Agriculture, Land<br />
and Fisheries.<br />
Subscribe to the ‘ePing’ online alert system on the TTBS<br />
<strong>web</strong>site: it alerts you with an email when <strong>for</strong>eign regulators<br />
Customs<br />
Levies<br />
change their requirements.<br />
Access trade facilitation assistance, in<strong>for</strong>mation<br />
and guidance from the various organisations that<br />
work closely with exporters, like exporTT, the TTMA,<br />
and the TT Chamber of Industry and Commerce. They<br />
can recommend legal resources, and advise on how to<br />
navigate the market. They can also refer you to other local<br />
companies that may already be in the market.<br />
Note that other companies already in the market may be<br />
in different industries, and the NTBs and levels of competition<br />
may differ by industry, so use the in<strong>for</strong>mation gained from<br />
them as a guide, and not as a blueprint.<br />
A call to exporters: dealing with NTBs<br />
To ensure that NTBs do not continue to be a significant<br />
barrier to trade expansion, we need to create a comprehensive<br />
mechanism <strong>for</strong> resolution.<br />
At present, exporters seek assistance in one of several<br />
ways: through the Ministry of Trade and Industry (Trade<br />
Directorate Division) if there is a trade agreement in place,<br />
<strong>for</strong> example, or by contacting one of the trade facilitation<br />
organisations.<br />
This ad hoc arrangement is not an ideal mechanism, since<br />
it diffuses in<strong>for</strong>mation among many<br />
different agencies and organisations.<br />
There is no central point where<br />
complaints can be logged to create a<br />
viable database.<br />
We need a more sustainable<br />
solution that can help the various<br />
Regulations<br />
stakeholders to understand which markets and industries are<br />
the key offenders, in order to focus on those areas.<br />
A national committee<br />
One recommendation is to create a national committee to<br />
deal with trade issues/NTBs. This initiative could be led by the<br />
Ministry of Trade and Industry/TTBS, and bring together the<br />
key stakeholders from trade facilitation organisations and the<br />
private sector. When a complaint is lodged and found to be<br />
valid, this committee could then escalate the issue at the<br />
Caricom/Joint Council level, and ultimately to the World<br />
Trade Organisation if necessary.<br />
A study commissioned by the Caricom Secretariat in<br />
2014* noted that “trade has become more difficult recently<br />
despite agreements being in place because of a perceived<br />
surge of protectionist behaviour by import administrations”.<br />
Exporters must there<strong>for</strong>e demand a solution as a unified<br />
group. We cannot sit idly by, unable to take <strong>full</strong> advantage<br />
of trade liberalisation and the potential <strong>for</strong> significant export<br />
growth, at a time when the country desperately needs it.<br />
* Caricom Secretariat Report entitled “Identification and Assessment<br />
of the Underlying Reasons Affecting Caricom’s Trade Per<strong>for</strong>mance<br />
Under the Existing Bilateral Trade Agreements with the Dominican<br />
Republic, Costa Rica, Colombia, Cuba and Venezuela” (BKP Research and<br />
Consulting, March 2014)<br />
www.chamber.org.tt/contact-magazine 33<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Where to go<br />
<strong>for</strong> help?<br />
A checklist of private sector and government agencies<br />
which provide assistance, advice, in<strong>for</strong>mation and<br />
documentation <strong>for</strong> exporters<br />
Government agencies<br />
Organisation Location <strong>Contact</strong> Function<br />
Ministry of Agriculture, Land and Fisheries<br />
Animal Production and<br />
Health Division<br />
80 Abercromby St.,<br />
Port of Spain<br />
625-5997, 625-1473,<br />
669-6623<br />
• Export Health Certificate: meat, poultry and<br />
dairy products<br />
Plant Quarantine Division<br />
• Phytosanitary Certificate: unprocessed plant<br />
products<br />
World Trade Organisation<br />
(WTO) Sanitary and<br />
Phytosanitary Enquiry<br />
Point<br />
Ministry of Finance<br />
Research Division,<br />
Central Experiment Station,<br />
Centeno<br />
646-4334/7<br />
Internet site where enquiries about Trinidad and<br />
Tobago’s agricultural health and food safety<br />
requirements/legislation and changes that can<br />
affect trade are published, <strong>for</strong> the in<strong>for</strong>mation and<br />
comments of affected countries or countries that<br />
are members of the WTO. Established in fulfillment<br />
of Trinidad and Tobago’s obligation as a member of<br />
the WTO<br />
The Customs and Excise<br />
Division<br />
Customs House,<br />
Ajax Street,<br />
Port of Spain<br />
612-7010<br />
By monitoring compliance with trade-related<br />
rules and agreements, plays an important role <strong>for</strong><br />
businesses accessing imported raw materials and<br />
inputs. Tries to assist the public with determining<br />
import duties be<strong>for</strong>e the delivery of goods, though<br />
the list of available options is skewed towards oneoff<br />
imports by consumers.<br />
Also issues Certificates of Origin <strong>for</strong> goods exported<br />
to the United States and the European Union<br />
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Organisation Location <strong>Contact</strong> Function<br />
Ministry of Health<br />
The Chemistry, Food and<br />
Drugs Division (CFDD)<br />
92 Frederick St., Port of<br />
Spain<br />
800-CFDD (2333),<br />
627-0010<br />
Provides laboratory services and analytical and<br />
advisory support to the Customs and Excise Division.<br />
Any person, broker or business wishing to import,<br />
manufacture or sell food or drugs in Trinidad and<br />
Tobago must have them inspected and approved by<br />
the CFDD.<br />
• Export Health Certificate: food, fish and fishery<br />
products<br />
• Export Free Sale Certificate<br />
Pharmacy/Drug<br />
Inspectorate<br />
92 Frederick St.,<br />
Port of Spain<br />
624-5968,<br />
623-5242<br />
• Licence to export antibiotics<br />
The Pesticides and Toxic<br />
Chemicals Inspectorate<br />
3rd Floor,<br />
92 Frederick St.,<br />
Port of Spain<br />
623-7544 • Export Licence <strong>for</strong> toxic chemicals<br />
Ministry of Trade and Industry<br />
TTBizlink<br />
Level 9, Nicholas Tower,<br />
63-65 Independence<br />
Square, Port of Spain<br />
800-4739<br />
Single Electronic Window: a secure, user-friendly,<br />
online interface giving businesses and individuals<br />
24/7 access to applications <strong>for</strong> government’s trade<br />
and business services, such as:<br />
• E-Certificate of Origin<br />
• E-Import/Export Permits and Licences<br />
• E-Maritime Services<br />
• E-Goods Declaration<br />
The Trinidad and Tobago<br />
Bureau of Standards<br />
(TTBS)<br />
1-2 Century Drive, Trincity<br />
Industrial Estate,<br />
Macoya<br />
662-8827<br />
Deals with the dissemination of in<strong>for</strong>mation on<br />
international standards and technical regulations,<br />
training in ISO 9000 total quality management and<br />
ISO 14000 environmental management systems,<br />
testing of raw materials and finished products,<br />
inspection of consumer items<br />
Trade Licence Unit (TLU)<br />
Ground Floor, TTMA<br />
Building,<br />
42 Tenth Avenue, Barataria<br />
674-3545, 675-8242<br />
PBX: 638-9151<br />
TradeLicenceUnit@gov.tt<br />
Responsible <strong>for</strong> conducting investigations,<br />
submitting reports and issuing Import and Export<br />
Licenses in respect of goods which are still subject to<br />
import/export control<br />
• An export licence must be obtained PRIOR<br />
to the shipment of any item on the export<br />
negative list from Trinidad and Tobago<br />
• Applications may be submitted to the TLU via<br />
TTBizLink<br />
www.chamber.org.tt/contact-magazine 35<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
Organisation Location <strong>Contact</strong> Function<br />
Ministry of Trade and Industry<br />
exporTT Ltd.<br />
151B Charlotte St,<br />
Port of Spain<br />
612-3988<br />
The national export promotion agency in T&T.<br />
• RDF Financing Programmes<br />
• Co-Financing Programmes<br />
• Grant Fund Programmes<br />
• Export Market Research<br />
• E- Certificates of Origin<br />
Eximbank<br />
30 Queens Park West,<br />
Port of Spain<br />
shthomas@eximbanktt.com<br />
eximbank@eximbanktt.com<br />
The official export credit agency; provides trade<br />
finance products to the export sector, ranging from<br />
export credit insurance to asset financing<br />
The Trinidad and Tobago<br />
Free Zones Company Ltd.<br />
Albion Court,<br />
2nd Floor West,<br />
61 Dundonald St.,<br />
Port of Spain<br />
625-4749,<br />
623-8363<br />
Approved enterprises engaged in exporting from<br />
a free zone to a territory, other than the customs<br />
territory, will be exempt from:<br />
• import and export licensing<br />
• corporation tax<br />
• business levy<br />
• withholding tax or any other tax or levy on<br />
sales, receipts, profits or gains in respect of those<br />
exports<br />
Applications to become a Freezone member are<br />
judged on a case-by-case basis, but it is advisable<br />
that:<br />
• the company’s business plan clearly outlines<br />
how it intends to add value to the local market<br />
• roughly 80% of the company’s product is<br />
exported<br />
• the company is locally incorporated<br />
Ministry of the Attorney General and Legal Affairs<br />
The Intellectual Property<br />
Office (IPO)<br />
11-13 Frederick St.,<br />
Port of Spain<br />
625-9972,<br />
625-1907, 627-0706<br />
Ensures that creativity and ingenuity is protected by<br />
registering intellectual property such as trademarks,<br />
designs and patents<br />
Ministry of Foreign and Caricom Affairs<br />
Levels 10-14,<br />
Tower C, International<br />
Waterfront Centre,<br />
1A Wrightson Rd.,<br />
Port of Spain<br />
623-6894<br />
• Overseas diplomatic missions<br />
• Certificate of Recognition of Caribbean<br />
Community Skills Qualification<br />
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and Tobago Chamber<br />
of Industry and Commerce<br />
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Private sector agencies<br />
Organisation Location <strong>Contact</strong> Function<br />
The Trinidad and Tobago<br />
Chamber of Industry and<br />
Commerce (T&T Chamber)<br />
Columbus Circle,<br />
Westmoorings,<br />
Port of Spain<br />
637-6966<br />
Lobbying & advocacy on behalf of the private sector<br />
Hosts outbound Trade Missions<br />
E-Certificate of Origin <strong>for</strong> non-preferential access<br />
The American Chamber of<br />
Commerce of Trinidad and<br />
Tobago (Amcham)<br />
62 Maraval Rd.,<br />
Newtown,<br />
Port of Spain<br />
622-4466,<br />
622-0340,<br />
628-2508<br />
Lobbying & advocacy<br />
Trade Missions<br />
The Trinidad and Tobago<br />
Coalition of Services<br />
Industries (TTCSI)<br />
18 O’Connor St.,<br />
Woodbrook,<br />
Port of Spain<br />
622-9229<br />
Lobbying & advocacy on behalf of the services sector<br />
Certificate of Registration as a Caricom Service Provider<br />
The Trinidad and<br />
Tobago Manufacturers’<br />
Association (TTMA)<br />
2 Tenth Avenue,<br />
Barataria,<br />
Port of Spain<br />
675-8862,<br />
675-0095<br />
Lobbying & advocacy on behalf of the manufacturing sector<br />
Hosts the Trade Investment Convention<br />
Organises outbound Trade Missions<br />
Source: Trinidad and Tobago Chamber of Industry and Commerce<br />
REGIONAL OPERATIONS<br />
GUYANA , FRENCH GUIANA, SURINAME , BRAZIL<br />
COLOMBIA , PERU, VENEZUELA .<br />
Products & Services<br />
Cargo Carrying Equipment (DNV)<br />
CARGO CARRYING EQUIPMENT<br />
PORTABLE STORAGE<br />
Offshore and Onshore Automated Tank Cleaning &<br />
Traditional<br />
Hazardous and Non-Hazardous Waste Management<br />
& Disposal<br />
WASTE MANAGEMENT<br />
Vacuum Tanker Services<br />
Hazmat and Oil Spill Response Services<br />
Cooling Tower Cleaning<br />
Port Logistics Management & Services<br />
Thinking Outside<br />
The Tank.<br />
Lot #22B, La Brea Industrial Estate, La Brea , Trinidad , W.I. l Office# (868) 651-1544 /0130/1460 l sales@tigertankstrinidad.com<br />
tigertankstrinidad.com<br />
www.chamber.org.tt/contact-magazine 37<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
The voice of<br />
experience<br />
Six successful T&T exporters describe the<br />
export journey they have taken, and offer<br />
encouragement and advice <strong>for</strong> those who are<br />
starting out<br />
WORDS BY: Natalie Dookie<br />
Writer/Business Development Consultant<br />
Full Circle Animation Studio: build trust<br />
and reliability<br />
courtesy <strong>full</strong> circle animation studio<br />
Jason Lindsay, Managing Director, Full Circle Animation Studio<br />
Full Circle Animation began its export journey in<br />
2012, supplying animation production services in the<br />
Caribbean, North America, and the Far East. Today, its<br />
annual exports account <strong>for</strong> more than 50% of sales.<br />
In 2018 it secured a contract from Big Jump Entertainment in<br />
Canada to supply animation <strong>for</strong> the HBO show Animals.<br />
Although the digital services economy is borderless,<br />
exporting from Trinidad and Tobago has been tough, says<br />
Jason Lindsay, Full Circle’s Managing Director. “Most local<br />
business infrastructure facilitates product export,” he warns,<br />
“and is geared to medium and large companies.”<br />
Full Circle is an SME, operating in an industry (animation)<br />
which does not have enough local demand to make the<br />
business viable. “Many local agencies that support, promote<br />
and finance exporters still have not caught up with the<br />
services sector,” Lindsay says, “and do not <strong>full</strong>y understand<br />
how the digital economy operates. We were born locally but<br />
are sustained globally.”<br />
So Full Circle is pushing ahead with its export drive,<br />
and plans to add intellectual property development to its<br />
portfolio. Investing in digital properties, such as TV shows,<br />
will allow the company to benefit from ownership value on<br />
the same product.<br />
Lindsay encourages other digital services exporters to<br />
emphasise trust, effective communication, and reliability as<br />
core values, in order to build confidence with clients in the<br />
world of borderless animation.<br />
38<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
courtesy tobago cocoa estates<br />
Tobago Cocoa Estate: product quality is key<br />
Duane Dove, founder/owner of Tobago<br />
Cocoa Estate<br />
Duane Dove, founder/owner of Tobago Cocoa Estate, is often credited with putting<br />
Trinidad and Tobago’s cocoa back on the world map.<br />
He began trading with Scandinavia in 2010, and currently produces a<br />
range of different chocolate products. Tobago Estate exports almost 95% of its<br />
production, using a combined model of direct trade along with local distributors<br />
and representatives.<br />
As a chocolate maker working in the European Union <strong>for</strong> more than 20 years,<br />
Dove felt that exporting to Europe would be made easier by his experience there.<br />
He stresses that product quality is a critical factor when exporting to developed<br />
markets. Tobago Estate regularly enters international competitions to sanction<br />
its brand – in 2018 its Laura 45% chocolate bar secured silver in the plain/milk<br />
chocolate category at the 2018 European Bean-to-Bar competition.<br />
Dove’s advice to local firms: “Invest in market research when exploring new<br />
markets, and undertake feasibility studies. You need to plan your export journey<br />
care<strong>full</strong>y and thoroughly.”<br />
www.chamber.org.tt/contact-magazine 39<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
courtesy sacha cosmetics<br />
Kama Maharaj, the founder of Sacha<br />
Cosmetics<br />
Sacha Cosmetics: take advantage of T&T’s<br />
trade agreements<br />
Sacha Cosmetics first exported 15 years ago, to Caricom. It has also exported to Cuba<br />
<strong>for</strong> over ten years now, and has made inroads online, selling on Amazon in Canada, the<br />
European Union, the UK and the USA.<br />
In 2015 Sacha entered the Latin American market, operating first in Panama<br />
where it now owns five stores. Recently it signed an agreement to position its<br />
makeup products in 115 retail outlets of the Colombian-based La Riviera Group, and<br />
it plans to further increase its outlets worldwide using a franchising model.<br />
Kama Maharaj, Sacha’s founder, says: “The major challenge of exporting to<br />
Latin America is the time and costs required <strong>for</strong> completing regulatory and product<br />
registrations. However, we persisted because Trinidad and Tobago has duty-free or<br />
partial scope agreements with several of these markets.” In Colombia, import duties<br />
on American and European brands are 15-20%, while Sacha can enter the market<br />
duty-free.<br />
Maharaj encourages exporters to identify their competitors, and to differentiate<br />
their products and services. Sacha is positioned as a high-end brand in its export<br />
markets, and as the only makeup line made specifically <strong>for</strong> multi-cultural women<br />
with light, medium and dark complexions.<br />
As Sacha looks to new markets in Africa, Maharaj recommends that local firms<br />
should not restrict themselves to Caricom, as it’s a small market with limited growth<br />
potential, and nearby Latin America provides additional scope.<br />
40<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Trinidad Tissues: use the trade support<br />
agencies<br />
Trinidad Tissues Limited (TTL) first exported paper products to<br />
Cuba in 2014, using a local broker. In preparation <strong>for</strong> their first<br />
visit in 2015, they met with the Cuban Ambassador, which was<br />
crucial to gaining approvals and market entry.<br />
TTL’s CEO, Kevin Marcilliat, also credits exporTT’s Trade<br />
Facilitation Office in Cuba <strong>for</strong> helping the company to gain<br />
direct entry by arranging documents and registrations.<br />
TTL offers bilingual customer service, which has been a<br />
tremendous asset in trading with Cuba. Eventually it <strong>for</strong>med<br />
a partnership with a small paper manufacturing plant, and<br />
started shipping semi-finished products in 2016.<br />
Sallyann Rampat, Director of Sales & Marketing, says:<br />
“Since then we have doubled sales to Cuba year over year.<br />
We have also exhibited annually at FIHAV (the Havana<br />
international trade fair) since 2015, in order to maintain<br />
market visibility, and we have built excellent relationships<br />
with the main agencies in Havana.”<br />
TTL now exports to over 25 countries in the Caribbean,<br />
Central and South America. Export sales have tripled in the<br />
past five years, and now account <strong>for</strong> 50% of revenue. Rampat<br />
urges exporters to Cuba: “Invest in bilingual ‘hunters’ and<br />
have patience. While payments may be challenging, you will<br />
get paid.”<br />
“Invest in bilingual<br />
‘hunters’ and have<br />
patience”<br />
The Cuban ambassador to Trinidad and Tobago<br />
receives a donation <strong>for</strong> hurricane relief from Sallyann<br />
Rampat, Director, Sales and Marketing, and Kevin<br />
Marcilliat, CEO of Trinidad Tissues<br />
courtesy trinidad tissues<br />
www.chamber.org.tt/contact-magazine 41<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
looking outwards<br />
courtesy ramps logistics<br />
Shaun Rampersad, Chief Operating Officer, Ramps Logistics<br />
Ramps Logistics: invest in a local presence<br />
Ramps Logistics began their export journey with Haiti, Guyana<br />
and Suriname in 2013.<br />
Ramps exports integrated oil and gas logistics services,<br />
including freight <strong>for</strong>warding, customs brokerage, shore base,<br />
and visas and work permits. Preferring to establish local<br />
offices, it now has a presence in Guyana, Suriname, Miami<br />
and Houston.<br />
Shaun Rampersad, Chief Operating Officer, says: “Every<br />
country has a different model of operating and culture, and<br />
you need to <strong>full</strong>y understand this. Guyana is culturally similar<br />
to Trinidad, which made it easier <strong>for</strong> us.”<br />
Ramps is proud that its Guyana office is <strong>full</strong>y staffed by<br />
Guyanese, and that it is now the largest employer of Guyanese<br />
in the oil and gas sector there.<br />
Rampersad advises: “Just do it! Go, open an office,<br />
develop relationships, tell people what you are doing and<br />
ask <strong>for</strong> help. Speak to others who have done it already, and<br />
ensure you are well enough capitalised to be able to make it<br />
through the tough times. Once you start exporting you can<br />
standardise your <strong>for</strong>mat and develop a model which can be<br />
replicated in other markets.”<br />
Rampersad says his leadership team would be happy<br />
to share their exporting lessons with any exporter. For the<br />
future, Ramps is targeting the Latin American and West<br />
African markets, and will be further exploring Mexico and<br />
Colombia in the next few months.<br />
42<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Lake Asphalt of Trinidad and Tobago: do your market<br />
research, find partners<br />
Lake Asphalt of Trinidad and Tobago (LATT) has been exporting Trinidad Lake Asphalt<br />
(TLA) since the early 1900s. It also exports refinery bitumen, bitumen emulsions, and<br />
the LASCO range of sealants/coatings to the Caribbean.<br />
TLA is exported through a network of international distributors. In 1996 LATT<br />
began exporting TLA to China, and because TLA is a specialised asphalt modifier, the<br />
company needed to partner with a local distributor to develop national standards,<br />
connect with paving contractors, and obtain country approvals.<br />
China has since become LATT’s largest international customer, using TLA on<br />
high profile projects, including the world’s longest bridge.<br />
CEO Roger Wiggins points out that China is a huge market with tremendous<br />
potential, but business, cultural and political differences make entry challenging. He<br />
encourages exporters to engage with T&T’s Embassy in China, as they can assist with<br />
due diligence on business partners.<br />
“Research your market, your competing products, and be aware of all barriers<br />
to trade and how to overcome them. Determine the best choice of market entry<br />
and consider a distributor, agent, or licensing arrangement if a partner is needed,”<br />
Wiggins advises.<br />
He strongly recommends using the export support services of exporTT, the<br />
Ministry of Trade & Industry, the Ministry of Foreign & Caricom Affairs, and lending<br />
agencies such as the Eximbank.<br />
In the long term, LATT wants to strengthen its presence in China and Brazil,<br />
while pursuing market development in India and Africa.<br />
Roger Wiggins, CEO, Lake Asphalt of<br />
Trinidad and Tobago<br />
courtesy lake asphalt of Trindad & tobago<br />
www.chamber.org.tt/contact-magazine 43<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
STATE OF THE NATION<br />
The economic<br />
outlook<br />
The region: Latin America and the Caribbean<br />
According to International Monetary Fund (IMF) reports, challenges have<br />
been mounting in a number of emerging markets and low-income countries,<br />
including some in Latin America.<br />
Many of these economies are feeling pressures from a stronger US dollar and<br />
a tightening of financial market conditions. Facing capital outflows and trade<br />
disputes, they could deliver a shock to a wide range of emerging and developing<br />
economies. 1<br />
For example, Argentina recently experienced a currency crisis, and Brazil has<br />
faced lower business confidence and continued political uncertainty.<br />
Prospects <strong>for</strong> FDI in Latin America and the Caribbean are expected to improve<br />
in 2019. The IMF has a slightly more optimistic projection than the World Bank.<br />
FDI growth <strong>for</strong>ecasts, Latin America and the Caribbean (%)<br />
2018 2019<br />
IMF 2.0 2.8<br />
World Bank 1.7 2.3<br />
The domestic landscape<br />
The IMF has predicted that the energy sector will grow by 6.0% in 2018 and 2.4%<br />
in 2019 (Article IV Mission Concluding Statement <strong>for</strong> Trinidad and Tobago). But the<br />
non-energy sector was predicted to contract by 1.8% in 2018 and show zero growth<br />
in 2019. 2<br />
Trinidad and Tobago growth <strong>for</strong>ecasts (%)<br />
Real GDP growth 2018 2019<br />
IMF 1.0 0.9<br />
World Bank 1.6 1.9<br />
Sector growth (IMF)<br />
Energy sector 6.0 2.4<br />
Non-energy sector -1.8 0.0<br />
2019 budget<br />
Trinidad and Tobago’s national budget <strong>for</strong> the fiscal year 2018-2019 was presented on<br />
1 October by finance minister Colm Imbert. 3 He estimated total revenue at TT$47.724<br />
billion (oil revenue $9.518 billion, non-oil revenue $35.197 billion, capital revenue<br />
$3.009 billion).<br />
The IMF has<br />
predicted that<br />
the energy<br />
sector will<br />
grow by 6.0%<br />
in 2018<br />
Expenditure was estimated at<br />
$51.776 billion (see sidebar) net of<br />
capital repayments and sinking fund<br />
contributions. The fiscal deficit <strong>for</strong><br />
2019 is expected to narrow to $4.052<br />
billion or 2.5%.<br />
Major projects announced in<br />
the budget are expected to stimulate<br />
economic activity and contribute to<br />
economic trans<strong>for</strong>mation. They include<br />
the Sandals Golden Grove project in<br />
Tobago, a competitively-priced steady<br />
supply of natural gas from Venezuela’s<br />
Dragon Field, two new fast ferries<br />
<strong>for</strong> the seabridge, radical changes at<br />
Petrotrin (the Petroleum Company of<br />
Trinidad and Tobago), and a new dry<br />
dock and ship-building/ship-repair<br />
facility at La Brea.<br />
The last is a collaboration with<br />
China Harbour Engineering Company<br />
Limited (CHEC), and was signed on 7<br />
September. It is projected to generate<br />
approximately US$500 million annually,<br />
which would represent a 2.4% addition<br />
to T&T’s GDP. During the four-year<br />
construction period, it is expected that<br />
3,500 direct and 5,700 indirect jobs will<br />
be created. 4<br />
The finance minister maintains<br />
that the creation of a growth-inducing<br />
environment that promotes macroeconomic<br />
stability and confidence<br />
is a key condition <strong>for</strong> ensuring that<br />
recovery takes hold in the non-energy<br />
sector.<br />
44<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
Trinidad and Tobago: expenditure 2018-2019<br />
TT$ billion<br />
7.392<br />
6.120<br />
5.695<br />
3.546<br />
3.182<br />
1.760<br />
1.033<br />
0.780<br />
EDUCATION<br />
& TRAINING<br />
NATIONAL<br />
SECURITY<br />
HEALTH<br />
WORKS &<br />
TRANSPORT<br />
PUBLIC<br />
UTILITIES<br />
RURAL<br />
DEVELOPMENT<br />
& LOCAL<br />
GOVERNMENT<br />
HOUSING<br />
AGRICULTURE<br />
The global context 5<br />
Global growth was projected to reach<br />
3.8% in 2018 and 3.9% in 2019,<br />
according to the IMF’s April 2018<br />
World Economic Outlook (WEO). But<br />
growth seems to be slowing, and the<br />
outlook is becoming less certain. The<br />
rate of expansion appears to have<br />
peaked around July 2018 in some major<br />
economies, and growth has become less<br />
synchronised.<br />
The United States<br />
In the US, near-term momentum is<br />
strengthening in line with the April<br />
WEO <strong>for</strong>ecast, and the US dollar has<br />
appreciated by around 5% in recent<br />
weeks. The recent tariff increases<br />
on Chinese products and retaliatory<br />
measures by trading partners have<br />
increased the likelihood of escalating<br />
trade actions. These could derail the<br />
recovery and depress medium-term<br />
growth prospects, both through their<br />
direct impact on resource allocation<br />
and increased uncertainty <strong>for</strong> investors.<br />
As <strong>for</strong> oil prices, the US Energy<br />
In<strong>for</strong>mation Administration has<br />
estimated in its short-term energy<br />
outlook that West Texas Intermediate<br />
oil will average US$67.36 per barrel in<br />
2019. The World Bank is <strong>for</strong>ecasting a<br />
similar WTI oil price of US$67.40.<br />
The rest of the world<br />
Growth projections have been revised<br />
downwards <strong>for</strong> the Euro area, Japan,<br />
and the United Kingdom, reflecting<br />
negative shocks to economic activity in<br />
early 2018. There have been escalating<br />
trade tensions and market pressures<br />
on the currencies of some economies<br />
with weaker fundamentals. The UN<br />
states that intensifying trade tensions<br />
between the major economies pose a<br />
significant risk to the global growth<br />
outlook.<br />
Foreign direct investment<br />
(FDI)<br />
According to UNCTAD’s 2018 World<br />
Investment Report, weak FDI growth<br />
rates will continue <strong>for</strong> 2018 and can<br />
still result in an upswing in the global<br />
economy. In practice, FDI in LDCs<br />
remains heavily concentrated in a few<br />
countries, especially in the extractive<br />
industries. Directing FDI towards<br />
the longer-term infrastructure and<br />
diversification needs of LDCs remains<br />
an important policy challenge.<br />
Debt<br />
Global debt, both public and private,<br />
has reached an all-time high of<br />
$182 trillion, almost 60% higher<br />
than in 2007. This buildup has left<br />
governments and companies more<br />
vulnerable to a tightening of financial<br />
conditions.<br />
Emerging and developing<br />
economies are already feeling the<br />
pinch as they adjust to monetary<br />
normalisation in the advanced world.<br />
This could lead to market corrections,<br />
sharp exchange rate movements, and<br />
further weakening of capital flows.<br />
Emerging economies, excluding<br />
China, could face debt portfolio<br />
outflows of up to $100 billion, which<br />
would broadly match outflows during<br />
the global financial crisis. 6<br />
1 Lagarde, Christine, and IMF. “‹Steer, Don›t<br />
Drift›: Managing Rising Risks to Keep<br />
the Global Economy on Course.” IMF, 1<br />
October 2018. www.imf.org/en/News/<br />
Articles/2018/09/27/sp100118-steer-dontdrift.<br />
2 “IMF Executive Board Concludes 2018<br />
Article IV Consultation with Trinidad and<br />
Tobago.” IMF, 25 September 2018. www.<br />
imf.org/en/News/Articles/2018/09/25/<br />
pr18356-trinidad-and-tobago-imfexecutive-board-concludes-2018-articleiv-consultation.<br />
3 Budget Statement 2019. Ministry of<br />
Finance, 1 October 2018. www.finance.gov.<br />
tt/budget-statement-2019/#estimates.<br />
4 Paul, Anna-Lisa. “La Brea, Point Fortin<br />
Residents Anxious <strong>for</strong> Dry-Dock Project.”<br />
Trinidad Guardian, 22 September<br />
2018. www.guardian.co.tt/n/la-brea-point<strong>for</strong>tin-residents-anxious-<strong>for</strong>-drydockproject-6.2.673878.fa99ee0e28.<br />
5 “World Economic Outlook Update, July 2018:<br />
Less Even Expansion, Rising Trade Tensions.”<br />
IMF, July 2018. https://www.imf.org/en/<br />
Publications/WEO/<strong>Issue</strong>s/2018/07/02/<br />
world-economic-outlook-updatejuly-2018.<br />
6 Lagarde, Christine, and IMF. “‘Steer, Don’t Drift’:<br />
Managing Rising Risks to Keep the Global<br />
Economy on Course.” IMF, 1 October 2018.<br />
www.imf.org/en/News/Articles/2018/09/27/<br />
sp100118-steer-dont-drift.<br />
www.chamber.org.tt/contact-magazine 45<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
STATE OF THE NATION<br />
Energy Update Update<br />
A comparison of Q1 2017 and 2018 production and export<br />
levels <strong>for</strong> energy and downstream products<br />
Local crude oil and natural gas production and usage<br />
In Figure 1, where Q2 2017 and Q2 2018 are compared, the top three producers have remained unchanged with one<br />
notable switch in the rankings. It is important to note that <strong>for</strong> the same periods in both 2017 and 2018, Trinidad and<br />
Tobago was actually a net importer of crude oil, as shown in Figure 2.<br />
Fig. 1: Top local oil producers<br />
(average bopd)<br />
Q2<br />
2018<br />
Q2<br />
2017<br />
18,773<br />
12,553 11,524<br />
Trinmar Petrotrin Perenco<br />
19,951<br />
12,032 11,702<br />
Trinmar Perenco Petrotrin<br />
Fig. 3: Natural gas utilisation by sector<br />
Q2 2018<br />
3,412<br />
Fig. 2: Imports vs<br />
exports of crude oil<br />
(BBLS)<br />
Q2<br />
2018<br />
Q2<br />
2017<br />
Imports<br />
Exports<br />
7,992,239 2,242,026<br />
Imports<br />
Exports<br />
7,284,302 2,807,918<br />
increased<br />
Fig. 4: Top local natural<br />
gas producers, ● Downstream Q2<br />
(average mmscf/d)<br />
● From Q1 2017<br />
to 2018,<br />
natural gas<br />
production<br />
levels<br />
products also<br />
had modest<br />
increases in<br />
2018 2017<br />
production<br />
1,937 543 502 244 71 115<br />
2,103 1,723<br />
● Crude oil<br />
production<br />
BPTT continues BPTT on a<br />
downward<br />
537 trend 522<br />
Shell<br />
EOG<br />
As can be seen in Figure 1, when comparing Q2 data from 2017 and 2018, between the top<br />
three producers there was an average decline in oil production of 1.9%, while over the<br />
same time period there was an average 14.49% increase in natural gas output (Figure 4).<br />
Figure 3 also shows that the LNG sector continues to be the major user of natural gas<br />
locally, accounting <strong>for</strong> almost 57% of total production .<br />
509 506<br />
EOG<br />
Shell<br />
Source: MEEI Consolidated Report 2017 & 2018<br />
46<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
<strong>Contact</strong> Magazine Energy Statistics Revamp (pg. 2) .pdf 1 07/11/2018 3:40 PM<br />
Energy Update Update<br />
A comparison of of Q2 Q1 2017 and 2018 production and and export<br />
levels <strong>for</strong> energy and and downstream products<br />
C<br />
M<br />
Y<br />
CM<br />
MY<br />
CY<br />
CMY<br />
K<br />
● From Q2 2017<br />
● From Q1 2017<br />
to to 2018, natural<br />
gas natural production gas<br />
production<br />
levels levels have<br />
improved. increased<br />
●<br />
●<br />
●<br />
Downstream<br />
Downstream<br />
products also<br />
had modest<br />
products on<br />
increases in<br />
average production have<br />
shown<br />
Crude oil<br />
increases production in<br />
production<br />
downward<br />
level.<br />
continues on a<br />
trend<br />
Source: MEEI Consolidated Reports 2017 & 2018<br />
●<br />
Crude oil<br />
production<br />
continues on a<br />
downward<br />
trend.<br />
www.chamber.org.tt/contact-magazine 47<br />
Trinidad and Tobago Chamber<br />
of Industry and Commerce
the chamber and its members<br />
Welcome, new members!<br />
The Chamber extends a very warm welcome to all those companies and individuals who have become Chamber<br />
members in recent months<br />
Armoredeagle Security Services Limited<br />
5 Sixth Street East, Beaulieu Avenue, Trincity<br />
488-2405<br />
lyndon30@hotmail.com<br />
Charles Pashley<br />
Westmoorings<br />
charles.pashley1000@gmail.com<br />
GO4 Delivery Service<br />
23 Lucknow Street, St James • 235-3551<br />
go4delivery@yahoo.com<br />
QURE Limited<br />
2 Randolph Teles<strong>for</strong>d Street, Arima • 225-6678<br />
jjoseph@qureltd.com<br />
Regulated Industries Commission<br />
1st & 3rd Floors, Furness House, Corner Wrightson Road &<br />
Independence Square, Port of Spain<br />
625-5384<br />
leeyoungj@ric.org.tt<br />
Tobago Hospitality & Tourism Institute<br />
Blenheim, Mount St George, Tobago<br />
660-2196<br />
stephen.sheppard@thti.edu.tt<br />
Visto Enterprises<br />
Building 1B, Mil<strong>for</strong>d Industrial Park, Shaw Park, Tobago<br />
718-0347<br />
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48<br />
Trinidad<br />
and Tobago Chamber<br />
of Industry and Commerce<br />
www.chamber.org.tt/contact-magazine
<strong>Contact</strong> <strong>Contact</strong> <strong>Issue</strong> <strong>Issue</strong> 2 cover.indd 2 2 1 1 1<br />
10/08/2018 1:39 1:39 1:39 PM PM PM<br />
WE PUBLISH MAGAZINES ...<br />
Vol.18 Vol.18 No.2 No.2 –– September – 2018<br />
2018<br />
THE THE VOICE OF OF OF BUSINESS IN IN TRINIDAD & TOBAGO & The digital<br />
imperative<br />
T&T experts explore the<br />
the<br />
business world’s latest challenge<br />
The future of of work | | | Digital marketing<br />
The world of of fintech | | | The digital landscape<br />
... AND WE CAN PUBLISH YOURS TOO<br />
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