TTMA’s Trade Brief May/June 2011

4th July, 2011

The Thirty-Second Meeting of the Council for Trade and Economic Development of the Caribbean Community (CARICOM) held on 16-20 May 2011

The TTMA represented members at the Thirty -Second meeting of the Council for Trade and Economic Development (COTED) of the Caribbean Community (CARICOM) held in Georgetown, Guyana. Discussions were held on a range of matters including the CARICOM Single Market and Economy (CSME), the impact of the rising global prices of fuel and commodities on the Region’s economies and the Region’s external economic and trade relations including the implementation of the Economic Partnership Agreement (EPA). Some issues discussed under the CSME included the status of implementation of the COTED decision to grant non-reciprocal preferential access for certain products from Haiti. Regarding the impact of rising global prices of fuel and commodities, a recommendation was made to suspend the Common External Tariff (CET) on a number of items to alleviate this problem. It was stated a reduction of the CET on these items would lead to a positive impact on the food prices in the region. In light of this, a list of items was circulated to the TTMA membership for their comments before any approval can be given to member states. The next COTED meeting is scheduled for November 2011.

Conclusion of the Partial Scope Agreement between the Republic of Trinidad and Tobago and the Republic of Panama

The TTMA had the opportunity to be a part of the negotiations of the partial scope agreement between the Republic of Trinidad and Tobago and the Republic of Panama. This agreement was concluded on June 3, 2011 after merely three rounds of negotiations, which is testament to the willingness of both parties to expand trade.

Manufacturers are encouraged to take advantage of this reciprocal trade agreement which allows products and services from Trinidad and Tobago to enter the market of one of Central America’s fastest-growing economies as a result of the huge investment and construction activity resulting from the Panama Canal expansion project. After the agreement is ratified by Cabinet and the Council for Trade and Economic Development (COTED), Trinidad and Tobago manufacturers/exporters will benefit from reduced tariffs and greater market access for items including aerated beverages, asphalt, bitumen, lubricants, blocks, tiles, aromatic bitters, agricultural products and apparel.

For more informationon the TT-Panama Partial Scope Agreement, please check the TTMA's August 2011 issue of The Manufacturer . . . coming soon. 

Seminar: CARIFORUM-EU Economic Partnership Agreement & The 10th Regional Private Sector Development Programme

The TTMA, in collaboration with the Caribbean Export Development Agency and the German International Cooperation, held a free seminar at its flagship event the Trade and Investment Convention 2011. The seminar was oversubscribed with members showing up even at the day of the event trying to secure a seat. Presenters included Mrs. Pamela Coke-Hamilton, Executive Director – Caribbean Export Development Agency, Mr. Robert Glass, Project Manager – German International Cooperation, Mr. Norris Herbert, Trade Director – Ministry of Trade and Industry and Mr. Lincoln Price, Private Sector Liaison - Office of Trade Negotiations. It was indeed an honour to have such astute trade minds gathered in one room to convey their knowledge and to highlight some of the development support facilities available to the private sector to assist with competitiveness in regional and extra regional markets and the opportunities available to the CARIFORUM Firms.

At the end of the seminar participants left with a greater understanding of the mechanics of the Economic Partnership Agreement, awareness of the 10th Regional Private Sector Development Programme and other support programmes available to the private sector. Presentations will soon be posted on our website http://www.ttma.com