Minister of Trade and Industry, Paula Gopee-Scoon, met with the recently appointed Ambassador of Romania to T&T, Theodora-Magdalena Mircea on Wednesday to discuss the status of trade between the two countries and the exploration of new opportunities for investment.
The Ministry explained that trade relations with the southeastern European country is governed by the Cariforum - European Union Economic Partnership Agreement (EPA), which contains a regional preference clause for trade within the Cariforum region, fostering regional integration and regional value chains.
A Ministry news release, sent following the meeting, explained the agreement has provided an opportunity for export of services into Romania by ensuring that the market access opening in services, which Romania provides are also made available to the Cariforum.
Ambassador Mircea, who is based in Havana, Cuba, and is appointed to 12 countries in the region, said Romania is interested in identifying areas of cooperation and collaboration, indicating Romania’s capacity to produce salt, meats, grains and other raw materials.
Minister Gopee-Scoon said she welcomed the opportunity for exploring the strengthening of ties between the two countries and noted that despite the distance the country is primed for investment made attractive by Trinidad and Tobago’s new Special Economic Zones investment framework, access to regional markets, and other advantages.
The Minister also extended the country’s openness to missions of Romanian businesses in response to exploring potential areas of mutual interests.
In 2022, Trinidad and Tobago’s exports to Romania were largely from the non-energy sector at just over $12 million. The main products were methyl alcohol ($11 million), various tools and parts ($395,000), and types of projector equipment (TT$22,177).
That same year, Trinidad and Tobago imported $20.7 million from Romania, with main products including electrical control boards (TT$3.2M), taps and parts for pipes $1.6 million; and Medicament $1.2 million.