Crude oil prices continued to linger near the US$80 per barrel level on which this country’s budget is based yesterday.
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Used car dealers to get 2014 import licences
The Ministry of Trade, Industry and Investment will be issuing licenses for importation of used cars based on existing quota arrangements. This follows complaints from used car dealers that they have not collected letters confirming their 2014 quotas and have not been able to secure licences to import vehicles. At a press conference in Chaguanas yesterday, T&T Automotive Dealers Association (TTADA) president Visham Babwah said the dealers were suffering losses and had been forced to “let go” employees because of the delay.
In a statement yesterday, the minister said it had met with the TTADA executive several times over the past 12 months to determine the best policy for economic sustainability of the local used-car industry and protection of consumers. “The policy position will be published within the next two weeks,” the ministry statement said. “In the interim, the Ministry of Trade, Industry and Investment has taken a decision to issue licenses for the import of used cars based on the existing quota arrangements.”