The T&T Manufacturers’ Association (TTMA) is commending the Government for the successful implementation of the special economic zones law and the establishment of the National Illicit Trade Task Force.
In a statement yesterday, the TTMA said this new special economic zones regime will create a comprehensive investment framework that aims to attract both local and international investment. adding that it will also boost exports, promote economic diversification, generate new employment opportunities and encourage greater privatesector involvement in the economy.
The TTMA added these efforts will be aligned with globally accepted standards and best practices, noting that the new SEZ will also see the establishment of the T&T SEZ Authority (SEZA) and the appointment of a board of directors, and staffing.
"The TTMA is particularly pleased with the new regulations that enable any organisation, whether public, private, or a public-private partnership, to seek specific licences from the SEZA to operate within the new system," the TTMA said.
It also cited that among some of the most noteworthy elements of the new regime were the implementation of stringent controls in the application process, as operators will now be obligated to submit a new application with appropriate documentation, following specific criteria and an operational plan.
"If the documentation is deemed insufficient or unsatisfactory, authorities can now request additional information. This requirement also applies to the renewal process.
"The TTMA is also pleased with the oversight that will provided by the Minister of Trade and Industry in the review and granting of SEZ licenses," the TTMA said.
In addition, it said the regulations state the Comptroller of Customs will now have enhanced authority over documents such as records, receipts, and other related paperwork for imported and exported goods, and has been given the power to conduct inspections of premises during reasonable hours.
The association also noted that under the SEZ regulations, it is prohibited for operators to utilise imported materials, articles, or goods within a zone for any purposes other than those explicitly allowed by the licence's terms and conditions. In case of any deficiencies in goods or materials, charges may be imposed, and the operator will be responsible for settling those fees within 30 days of being notified of any discrepancies, the TTMA added.
The Special Economic Zones (SEZ) Act, 2022, was fully proclaimed on July 5, 2024 by President Christine Kangaloo.
The Act was partially proclaimed on January 31, 2022, to allow for the establishment of the T&T SEZ Authority (SEZA); the appointment of a board for the Authority; and the staffing and setting up of the SEZA.
