In the last couple years T&T’s ranking for the ease of doing business has slipped.
While the Trade Ministry has implemented several initiatives aimed at improving this country’s ranking, T&T is small and has a more complex trading business environment, said Trade minister Paula Gopee-Scoon.
She made the statement at a press conference held yesterday while announcing measures to positively impact the ease of doing business in T&T.
“We have accomplished significant headway in the number of services that we have. But it requires more than that.
It requires deep analysis and further recommendation going back to all of our trade ordinances and perhaps we have gone too deep but that’s where we have to go,” Gopee-Scoon said.
She said she was not please about T&T’s position on the ease of doing business ranking but assured that Government was “dealing with it” and ensuring greater collaboration with the private sector.
“The idea is not so much to bask on the little we have done but we have taken a robust look at what needs to be done and we are on our way. We just have to be diligent in our application to ensure it is done,” Gopee-Scoon noted.
She added one of the key objectives of the Government has always been the improvement of the domestic business, trade and investment environment, through legislative, administrative and institutional reforms.
Gopee-Scoon noted key business reforms undertaken by the Government over the past four years to assist the public and private sector included strengthening of the Single Electronic Window (SEW) for Trade and Business Facilitation, advancing reforms in specific indicators in the World Bank’s Doing Business Index, revision of Services Standards through the new Investment Framework and strengthening the Single Electronic Window (SEW).
She said modern trade legislation would facilitate the achievement of the country’s trade policy, the alignment of the national and regional obligations, adaptation to international trade developments and help meet the changing needs of domestic exporters.
“Although amendments have been undertaken on individual pieces of legislation, a comprehensive review of existing legislation and introduction of new legislation in trade and business related areas were identified as a priority.
As such, consultant Maxwell Stamp PLC was engaged in 2018 who developed a Diagnostic Review of the Institutional Framework for Trade and Business in T&T,” Gopee-Scoon added.