Browne sees end to preferential trade

Pundit Manideo Persad, left, T&Ts High Commissioner to India, chats with Mariano Browne, Minister of Trade and Industry, at the second Asian trade and investment mission to T&T at the Old Fire Station Building, Abercr****y Street, Port-of-Spain, yesterday. PHOTO: DILIP SINGH

Exporters can expect tougher international competition as global trends change from preferential treatment to more reciprocal trading arrangements, said Trade Minister Mariano Browne. He said despite this, government was working to provide exporters with advantages, such as, easier market access, more competitive tax rates, competitive energy costs, a skilled labour force and a well-educated population as key to successful global market penetration.

Browne said that as members of Caricom, exporters from T&T have immediate access to a market of six million people, which will increase to 20 million if Haiti and the Dominican Republic are included. Businesses here will soon have free access to an even larger market of more than 90 million, since we recently concluded bilateral trade agreements with Col****ia, the Dominican Republic, Cuba and Costa Rica. Browne said despite having access to some of the largest global markets, the recent Economic Partnership Agreement (EPA) between Cariforum and the European Union (EU) reflects a shift in global trade away from preferential to a more competitive reciprocal trading arrangement, which means exporters will have to be more competitive.

He was speaking yesterday at the second Asian trade and investment mission to T&T at the Old Fire Station Building, Abercr****y Street, Port-of-Spain. He said T&T has also expanded its partnership with India, Bangladesh and Sri Lanka. In recognising the growing healthy trade between T&T and the Far East countries of India, Sri Lanka and Bangladesh, Browne said India is the fourth leading source of foreign direct investment into T&T after the USA, UK and Germany. I urge both our business communities to make greater use of the investment promotion and protection agreement signed between T&T and India in 2007.

This trade mission, the second such from India, has been scheduled to coincide with the Trade and Investment Convention (TIC), which is organised by the T&T Manufacturers Association (TTMA). TIC will run from June 24-27 at the Centre of Excellence, Macoya. Browne gave statistics to show deepening trade ties between T&T and Bangladesh and T&T and India. With respect to Bangladesh, we experienced a trade surplus of approximately US$16 million, more than 90 per cent of the items iron and steel products. In 2007, we exported almost US$475 million in liquefied natural gas (LNG) to India, which accounted for the first trade surplus with India in over ten years, he said.

Source: http://guardian.co.tt/business/business/2009/06/23/browne-sees-end-preferential-trade