TRINIDAD AND TOBAGO - Ministry of Trade and Industry

TRINIDAD AND TOBAGO

TRADE POLICY

2019 - 2023

TOWARDS SUSTAINABLE ECONOMIC GROWTH AND DIVERSIFICATION

Contents

Contents

Acronyms and Abbreviations 1

Foreword 3

Acknowledgements 4

Executive Summary 5

Chapter 1.

Introductory Perspectives 10

1.1.

Background and Overarching Principles of the Policy

1.2.

Role of Trade in Domestic Economy 16

1.3.

Goals and Foundations of the Policy and Strategy

Chapter 2.

Methodology, Goals, Objectives and Key Strategies

10

22

23

2.1.

Methodology 23

2.2.

Guiding Principles 24

2.3.

Goals 25

2.4.

Objectives 25

2.5.

Key Strategies 25

Chapter 3.

Current International Trade Agreements

26

3.1.

World Trade Organization: Multilateral Trade Agreements 27

3.2.

Policy Positions on Regional Trade Agreements 28

3.2.1. CARICOM/CSME 28

3.2.2. The CARIFORUM-EU Economic Partnership Agreement (EPA)

29

3.2.3. CBERA/CBPTA 31

3.2.4. CARIBCAN 31

3.3.

Bilateral Trade Agreements 32

sContents

Chapter 4.

International Trade Challenges and Policy Measures

33

4.1.

Overarching Policy Objectives 33

4.2.

Constraints on Institutional Capacity for Negotiations 34

4.3.

Policy Measures to Enhance Technical Negotiating Capacity

34

4.4.

Constraints and Challenges Affecting Market Access for Exports

35

4.4.1. Significant Non-tariff Barriers 35

4.4.2. Application of CARICOM Trade Promotion Schemes 36

4.4.3. Challenges of Tariff Escalations and Peaks 36

4.4.4. Prohibitive Rules of Origin and Erosion of Trade Preferences

36

4.5.

Policy Measures to Enhance Market Access 36

4.6.

Challenges and Constraints Affecting Trade Facilitation 39

4.6.1. Inadequate Infrastructure 40

4.6.2. Cumbersome and Inconsistent Import and Export Procedures

40

4.6.3. Inadequate Compliance and Harmonisation with International Standards

41

4.7.

41

Policy Objectives and Strategies to Improve Trade Facilitation

4.7.1. Expand Transportation and Communications Infrastructure to Improve Local,

Regional and International Connectivity 41

4.7.2. Enhance Compliance and Harmonise with International Standards and Regulations

42

4.7.3. Upgrade Import, Export and Transit Procedures and Administration to International Best Practices

42

4.7.4. Reform All Institutions Dealing with Trade Facilitation 43

4.8.

Challenges and Constraints Related to Trade Remedies

43

4.9.

Policy to Provide Trade Remedies 43

Chapter 5.

Trade in Goods: Strategic Approach to Manufacturing,

Agriculture and Green Industries 44

5.1.

Key Sectors and Markets for Export Expansion

46

5.1.1. Manufacturing 46

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