The current economic down�turn is not the first that T&T has been through and the country has the capacity to come out of this economic depression, said Trade Minister Paula Go�pee-Scoon.
"We are all cognisant of the chal�lenges that the country is currently experiencing due to the fall in commodity prices and oil and gas pro�duction levels. However, this is not the first time that we as a country have faced this. However, it is all cy�clical. Perhaps prices may never ever return to their previous levels. The true mettle of a people is determined by the strategies we choose to over�come these challenges," she said.
Gopee-Scoon spoke on Tues�day at a seminar on the Economic Partnership Agreement (EPA) at the T&T Chamber of Industry and Commerce, Westmoorings. In 2008 Cariforum, which comprises the 15 Caribbean Community states, along with the Dominican Republic, signed an EPA with the European Union, promoting enhanced levels of trade in goods and services between the two groups of countries.
She said the EPA with its embed�ded commitments to trade in servic�es will serve as one of the primary vehicles to facilitate T&T's diversi�fication thrust.
"The agreement speaks to the promotion of trade in services, in sectors pertaining to maritime ser�vices, creative industries, tourism and financial services, which are a few of the focal areas that the Gov�ernment has earmarked for further development and diversification."
She said T&T has provisionally applied the CARIFORUM-EU Eco�nomic Partnership Agreement since December 29, 2008.
"One of the main objectives of the Agreement is to encourage exports of non-energy goods to the EU mar�ket. The agreement allows domestic manufacturers to import raw ma�terials and intermediate products at reduced duties, which were pre�viously dutiable from the EU. Thus manufacturers have the assurance that they can obtain their raw ma�terials without delay and at a com�petitive cost without the imposition of high customs duties," she said.
Trade benefits
She said the Ministry of Trade is tasked with co-ordinating the im�plementation and encouraging the utilisation of the EPA.
One such activity was the part�nering with the Cariforum Secre�tariat in 2016 to provide training for domestic stakeholders in spe�cific areas of the EPA such as pub�lic procurement, competition, and customs and trade facilitation. The event attracted over 70 private sector stakeholders and public officials.
She also said that the Ministry of Trade through its state agency ex�porTT executed the Fit For Europe project in December 2016, which was funded through the 10th Eu�ropean Development Fund (EDF).
The project prepared 26 compa�nies in sectors such as food and bev�erages, fashion and entertainment and ICT to embark on trade missions to the UK, France and the Nether�lands and local representatives were able to engage in one-on-one meet�ings with potential buyers, broker deals and learn first hand about the procedures and processes in doing business in the EU.
T&T Chamber
Gabriel Faria, CEO of the T&T Chamber of Industry and Com�merce, who also spoke at the forum, said it is critical that local businesses take advantage of business oppor�tunities that present themselves as a result of the EPA.
He also said there is a large Car�ibbean diaspora in the EU that local businesses can supply and called on all businesses to take all the oppor�tunities the EPA presents.