CONTACT Magazine (Vol.18 No.3 – December 2018)

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In the case of Guyana, the
estimated 4 billion barrels of oil found
offshore since 2015 could transform the
economy beyond the projected growth
rate of 3.3%. Guyana is expected to
generate increased demand for business
support services well beyond 2018 in
order to sustain the increase in market
activity, particularly in the areas of ICT
and business consultancy.
Latin America
Latin America is seen as the new
horizon for global trade. Trinidad and
Tobago’s exporters can already benefit
from preferential trading arrangements
with Colombia, Venezuela, Costa Rica,
Cuba, the Dominican Republic and
Panama. This access advantage can
have a positive impact on the Trinidad
and Tobago manufacturing sector.
The Dominican Republic, a
significant trading partner for Trinidad
and Tobago, has the highest projected
growth rate for 2018 in Latin America
and the Caribbean. There is much
untapped potential and existing
demand for manufactured products,
particularly inputs for value-added
production for re-export.
In Central America, the market access advantage provided by the TT-Panama
Partial Scope Trade Agreement, coupled with the improvements made to the Panama
Canal, can give T&T manufacturers increased access to greater volumes of cheaper
inputs from global markets for their value-added manufactured products.
Cuba
It has been perceived as difficult to penetrate, but Cuba continues to pique interest.
It has undergone significant changes since 2014 and continues to open up its
economy. Trinidad and Tobago businesses continue to pursue opportunities in the
Cuban market, with varying levels of success.
Restrictions on financial transactions continue to affect the ease of doing
business in Cuba, but the support provided by Trinidad and Tobago’s Trade Facilitation
Office in Havana has made navigating the business landscape significantly easier.
The US and the EU
The changing political landscape in T&T’s traditional export markets has caused
established exporters to feel concerned about the possible impact on preferential
access to the United States and the European Union.
For the past 18 years, T&T exporters have enjoyed duty-free access to the
US through the Caribbean Basin Trade Partnership Act (CBTPA). However, this
arrangement is due to expire on September 30, 2020. There is healthy caution about
its prospects of renewal, given recent developments in US foreign policy under the
Trump administration. This is particularly important as the US is the largest export
market for T&T products.
On the other side of the Atlantic, the infamous Brexit vote sent shockwaves
through the international community in 2016. The United Kingdom announced that
it would be leaving the European Union in 2019, arousing immediate concern as to
how Trinidad and Tobago – and by extension Cariforum – will continue to benefit
from preferential access for its exports.
Brexit could affect not only the remaining 27 EU member states but also
www.chamber.org.tt/contact-magazine 21
Trinidad and Tobago Chamber
of Industry and Commerce