RESTRICTED  
  
WT/TPR/G/388  
7 May 2019  
(19-3127) Page: 1/13 
Trade Policy Review Body  Original: English  
 
TRADE POLICY REVIEW  
REPORT BY  
TRINIDAD AND TOBAGO  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Trinidad 
and Tobago  is attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the first 
session of the meeting of the Trade Policy Review Body on Trinidad and Tobago . WT/TPR/G/388 • Trinidad and Tobago  
 
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  Contents  
1   INTRODUCTION  ................................ ................................ ................................ ..........  3 
2   THE MACROECONOMI C ENVIRONMENT  ................................ ................................ ....... 3 
2.1   Economic Growth, Unemployment and Inflation ................................ ...............................  3 
2.2   Fiscal Performance  ................................ ................................ ................................ ....... 4 
2.3   Balance of Payments  ................................ ................................ ................................ .... 5 
2.4   Economic Outlook  ................................ ................................ ................................ ........  6 
3   INSTITUTIONAL FR AMEWORK  ................................ ................................ .....................  6 
3.1   The Mi nistry of Trade and Industry  ................................ ................................ ................  6 
3.2   Other Key Organizations and Stakeholders  ................................ ................................ ..... 6 
4   TRADE POLICY AND  STRATEGY  ................................ ................................ ...................  7 
5   TRADE AGREEMENTS  ................................ ................................ ................................ ... 7 
5.1   CARICOM Sing le Market and Economy (CSME)  ................................ ................................  7 
5.2   CARICOM Bilateral Trade Agreements  ................................ ................................ ............  8 
6   PREFERENTIAL TRA DE AGREEMENT  ................................ ................................ ............  8 
6.1   CARIFORUM -EU Economic Partnership Agreement (EPA)  ................................ ..................  8 
6.2   CARIBCAN  ................................ ................................ ................................ ..................  8 
6.3   Caribbean Basin In itiative (CBI)  ................................ ................................ ....................  8 
7   TRINIDAD AND TOB AGO BILATERAL AGREEM ENTS  ................................ .....................  8 
7.1   TT-Panama Partial Scope Trade Agreement  ................................ ................................ ..... 8 
7.2   TT-Guatemala Partial Scope Agree ment................................ ................................ ..........  9 
7.3   TT-El Salvador Partial Scope Trade Agreement  ................................ ................................  9 
8   THE MULTILATERAL  FRAMEWORK  ................................ ................................ ...............  9 
8.1   The World Trade Organization (WTO)  ................................ ................................ .............  9 
8.2   Aid for Trade (AfT)  ................................ ................................ ................................ ....... 9 
8.3   National e -Commerce Strategy ................................ ................................ ..................... 10 
8.4   The WTO Agreement on Trade Facilitation  ................................ ................................ .....10 
9   BUSINESS REFORMS  ................................ ................................ ................................ . 10 
10   DIVERSIFICATION  ................................ ................................ ................................ .. 11 
10.1   The Manufacturing Sector  ................................ ................................ .......................... 11 
10.1.1    National Quality Policy  ................................ ................................ ............................ 11 
10.1.2    New Economic Spaces  ................................ ................................ ............................ 12 
10.2   Maritime Sector  ................................ ................................ ................................ ........ 12 
10.3   Yachting Sector  ................................ ................................ ................................ ........ 12 
10.4   Creative Industries  ................................ ................................ ................................ ...12 
10.5   Agriculture  ................................ ................................ ................................ ............... 12 
10.6   Tourism  ................................ ................................ ................................ ................... 12 
10.7   Services  ................................ ................................ ................................ .................. 12 
11   INVESTMENT  ................................ ................................ ................................ ...........  13 
12   CONCLUSION ................................ ................................ ................................ ...........  13 WT/TPR/G/388 • Trinidad and Tobago  
 
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  1  INTRODUCTION  
1.1.  During the period under review (2012 -2018), Trinidad and Tobago was led by two different 
administrations and hence, two (2) different strategic approaches shaped and influenced 
macroeconomic policies and activities in the country. These differing approache s are embedded in 
the Medium Term Policy Framework 2011 -2014 (MTPF) developed by the Peoples Partnership (PP) 
Government in 2011 and the National Development Strategy 2016 -2030 (NDS) (hereafter referred 
to as Vision 2030) developed in 2016 by the currently  ruling People’s National Movement (PNM) 
Government.  
1.2.  The MTPF recognized that additional reforms were required to create a more productive, 
competitive, diversified and innovation -driven economy that will contribute to the attainment of 
“Prosperity for All ”. The MTPF identified seven (7) interconnected development Pillars to achieve the 
desired economic and social transformation of the country.  Integral to the MTPF was the recognition 
that international trade is fundamental to the country’s continued prospe rity. 
1.3.  In 2016 Vision 2030 was developed to serve as a strategic roadmap to achieve developed 
country status by 2030. Vision 2030 takes into consideration all relevant regional and international 
commitments, including those of the World Trade Organization ( WTO) and the United Nations (UN) 
Sustainable Development Goals (SDGs) and comprises five (5) fundamental pillars. The theme which 
guides the trading environment is Theme IV : Building Globally Competitive Businesses . 
2  THE MACROECONOMIC EN VIRONMENT  
2.1  Economic G rowth, Unemployment and Inflation  
2.1.  During the period under review (2012 -2018) the rate of economic growth fluctuated within a 
range of -6.5% to 2.0%. In 2012 the growth rate was 1.3% which then rose marginally to 2.7% in 
2013. However, during 2014 the rate plummeted to -1% but subsequently improved to 1.8% in 
2015. In 2016 the growth rate plunged deeply to -6.5%, which was the lowest for the review period 
but recovered significantly over the next two (2) consecutive years with rates of -1.9% and 1.9% in 
2017 and 2018 respectively. 2018 witnessed a welcomed upturn in economic activity as the economy 
entered a new growth path on account of improvements in the prices of crude oil and natural gas 
and a concomitant increase in output of natural gas. The Internatio nal Monetary Fund (IMF) has 
projected that growth in Trinidad and Tobago’s economy will average 1.5% over the next five (5) 
years (2019 -2023).  
2.2.  Over the period under review (2012 -2018) the rate of inflation trended downwards which 
positively impacted the ec onomy and the purchasing power of consumers. Following a high of 9.2% 
in 2012 the inflation rate fell sharply to 5.1% in 2013, however in 2014 the rate of inflation nudged 
slightly upwards to 5.8%. During the period 2015 -2018 there was a gradual decline in  the rate of 
inflation from 4.7% in 2015 to 1% in 2018. The rate of inflation recorded in 2018 was the lowest 
rate for the period under review. One of the primary contributors to the ease in the inflationary 
pressures was the reduction in food inflation th roughout the period owing to lower cost of production 
and greater local output.  
2.3.  During the period under review (2012 -2018), unemployment remained within the conservative 
range of 3 -5%. In 2012 the unemployment rate stood at 4.9%, this was followed by a con secutive 
decline over the next two (2) years registering at 3.7% and 3.3% in 2013 and 2014 respectively. 
For the years 2015, 2016 and 2017, the unemployment rate increased marginally and was recorded 
at 3.4%, 4% and 4.8%, respectively.  WT/TPR/G/388 • Trinidad and Tobago  
 
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  Figure 1: Economic growth  
(%) 
 
Source:  TT growth: Ministry of Finance, Review of the Economy, 2018, 2017 and CBTT.  
 Global growth: World Economic Situation Prospects, United Nation s, 2018.  
Figure 2: Inflation and unemployment rates  
(%) 
 
Source:  Central Bank of Trinidad and Tobago; Central Statistical Office; and Review of the Economy, 2018.  
2.2  Fiscal Performance  
2.4.  Over the period under review (2012 -2018) the steep drop and subsequent fluctuation in 
commodity prices within a low band, declining energy output and gaps in tax compliance and 
administration, led to decreases in Government revenue which resulted in fiscal imbalances. In order 
to address the fiscal imbalance, the Government successfully undertook fiscal consolidation 
measures by reducing expe nditure and increasing revenue. The fiscal and other measures 
implemented included the reduction in Value Added Tax (VAT) from 15% to 12.5%, efficient cuts in 
transfers and subsidies, improvement in revenue collection and tax reforms, increases in energy 
production and exploration activities and expansions in non -energy sector revenue streams through 
-8.0-6.0-4.0-2.00.02.04.0
2012 2013 2014 2015 2016 2017 2018
TT growth Global growthFig. 1: Economic growth
Source:  TT growth: Ministry of Finance, Review of the Economy, 2018, 2017 and C BTT.
Global growth: World Economic Situation Propects, United Nations, 2018.(%)
0.02.04.06.08.010.0
2012 2013 2014 2015 2016 2017 2018
Headline inflation UnemploymentFig. 2: Inflation and unemployment rates
Source:  C entral Bank of Trinidad and Tobago; C entral Statistical O ffice; and Review of the Economy, 2018.(%)WT/TPR/G/388 • Trinidad and Tobago  
 
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  diversification projects. Government’s expenditure ranged from approximately USD 7.2 billion to 
USD 9.2 billion during the period under review. In 2012 expendi ture was recorded at USD 7.8 billion 
but rose consecutively in 2013 and 2014 to USD 8.7 billion and USD 9.2 billion, respectively. 
However, during the next four (4) years expenditure declined successively to USD 8.8 billion, 
USD 7.7 billion, USD 7.3 billio n and USD 7.2 billion in 2015, 2016, 2017 and 2018, respectively.  
2.5.  Government revenue over the review period (2012 -2018) ranged from USD 5.3 billion to 
USD 8.6 billion. Government revenue in 2012 was USD 7.3 billion, this figure rose consecutively 
over the next two (2) years to US D 7.7 billion and USD 8.6 billion in 2013 and 2014, respectively. 
However, over the next three (3) years, Government revenue experienced a sharp decline from 
USD 8.4 billion in 2015 to USD 5.3 billion in 2017. The year 2016 revenue was recorded at 
USD 6.6 billion. In 2018 there was some recovery in Government revenue as revenue rebounded 
marginally to USD 6.3 billion. This recovery in Government revenue was on account of increases in 
the price of oil and a spike in the natural gas ou tput. 
2.6.  The country’s fiscal imbalance fluctuated throughout the period under review (2012 -2018) 
whilst an overall deficit was maintained. Fiscal deficits were recorded in all years, with a deficit of 
USD 0.5 billion in 2012 followed by a rise to USD 0.9 bil lion in 2013. The deficit then fell to 
USD 0.6 billion and USD 0.4 billion in 2014 and 2015, respectively. However, the deficit then 
increased to USD 1.1 billion in 2016 and USD 1.9 billion in 2017. In 2018 the fiscal deficit once again 
fell to USD 0.9 billion. 
2.3  Balance of Payments  
2.7.  Imports were approximately USD 11 billion in 2012 and increased to USD 12 billion in 2013. 
Imports then decreased thereafter over the next four (4) years falling consecutively to 
USD 10.6 billion, USD 8.7 billion, USD 7.9 billion and USD 6.9 billion in 2014, 2015, 2016 and 2017, 
respectively.  
Figure 3: Balance of payments  
(USD million)  
 
Source:  Review of the Economy, 2018  
2.8.  Exports were recorded at approximately USD 12.2 billion in 2012 and increased to 
USD 17.7 billion in 2013. Over the next three (3) years exports fell to USD 13.7 billion, 
USD 10.1 billion and USD 7.5 billion in 2014, 2015 and 2016, respectively. In 2017, exports 
rebounded to USD 9.1 billion on account of an increase in output of natural gas fro m the 
commissioning of British Petroleum’s (BP’s) Juniper Platform.  
-2,00002,0004,0006,000
2012 2013 2014 2015 2016 2017
Current account Capital account
Financial account Balance of paymentsFig. 3: Balance of payments
Source:  Review of the Economy, 2018.(USD million)WT/TPR/G/388 • Trinidad and Tobago  
 
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  2.9.  In 2012 the visible trade surplus was approximately USD 1.2 billion which increased to 
USD 5.7 billion in 2013. The trade surplus was reduced consecutively over the next three (3) years 
to USD 3.3 billion and USD 1.5 billion in 2014 and 2015 respectively, before falling to a deficit of 
approximately USD 0.4 billion in 2016 . The trade balance recovered in 2017 with a recorded surplus 
of USD 2.2 billion. The trade performance is expected to c ontinue on an upwards trajectory as BP’s 
Angelin Platform commences production in 2019.  
2.10.   The Gross Official Reserves amounted to USD 9.4 billion in 2012 with an Import Cover of 
approximately 10.6 months. As at September 2018 the Gross Official Reserves amou nted to 
USD 7.53 billion representing an average of 8.1 months of import cover which is well above 
international standards. The Heritage and Stabilization Fund (HSF) increased to USD 6 billion as at 
September 2018 from USD 4.5 billion in August 2012. During the period under review (2012 -2018) 
two (2) withdrawals were made from the HSF in 2016 and 2017 at an amount of USD 0.38 billion 
and USD 0.25 billion respectively.  
2.4  Economic Outlook  
2.11.   Trinidad and Tobago’s future economic ou tlook should be viewed in the context of the global 
environment and in particular fluctuating commodity prices in crude oil and natural gas. Over the 
period under review, the price of crude oil fluctuated from an average of USD 94.08 per barrel in 
2012 to an average of USD 65.06 per barrel in 2018. Currently (February 2019) the price per barrel 
based on the West Texas Intermediate is below USD 56.00.  
2.12.   Despite this exogenous shock, the economic outlook for Trinidad and Tobago remains positive 
which is demonst rated by increases in economic growth for 2018, estimated at 1.9%. This trajectory 
is expected to continue given the expansionary projects in both the energy and non -energy sectors 
currently being implemented. These include projects in the transport, marit ime, manufacturing and 
agriculture and agro -processing sectors. The IMF has projected that growth in Trinidad and Tobago’s 
economy will average 1.6% over the next 5 years (2019 -2023), with the fiscal deficit narrowing to 
an average of 4% of GDP over the me dium term as energy revenues rise, non -energy revenues 
recover and improvements are undertaken in the efficiency of transfers and subsidies.  
3  INSTITUTIONAL FRAMEW ORK 
3.1  The Ministry of Trade and Industry  
3.1.  The Ministry of Trade and Industry (MTI) has the principal responsibility for formulating trade 
policies and negotiating and implementing trade agreements. However, it does not execute these 
functions in isolation, but with the active participation from other key stakeholders, organizations 
and bodies in  crafting public policies. This institutional structure allows for the participation of various 
elements of civil society in policy making, as well as, the negotiations of trade agreements. This is 
done via a Ministry -led Cabinet appointed Technical Coordi nating Committee (TCC) which is 
supported by sub -committees on agriculture, market access, services, investment, legal and trade 
related issues. These sub -committees provide advice to the TCC on the specific subject areas. 
Additionally, the Ministry of Tra de and Industry is advised by wider dialogue which is carried out via 
monthly meetings of the private sector -led Standing Advisory Committee on Trade and Trade -
Related Matters. This Committee comprising members from private sector entities, other key areas  
of civil society and representation from the Ministry of Trade and Industry. The Ministry 
representative provides advice on trade related matters as well as obtains information from the 
private sector on key issues which required intervention at the Minis try level.  
3.2  Other Key Organizations and Stakeholders  
3.2.  Additionally, a myriad of strategic organizations and state agencies were established over the 
years to facilitate and promote trade, business and investment in the country. Such organizations 
include The  National Export Facilitation Organization of Trinidad and Tobago – exporTT, the National 
Investment Promotion Agency of Trinidad and Tobago – invesTT, Evolving Technologies and 
Enterprise Development Company Limited - eTecK, the Trinidad and Tobago Creativ e Industries 
Company - creativeTT and the Coalition of Services Industries (TTCSI). These organizations were 
established under the guidance and leadership of the Ministry of Trade and Industry to provide the WT/TPR/G/388 • Trinidad and Tobago  
 
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  enabling environment to achieve greater coordina tion in growing and developing business, trade and 
investment in the country.  
4  TRADE POLICY AND STR ATEGY  
4.1.  During the period under review (2012 -2018), the Government of the Republic of Trinidad and 
Tobago (GORTT) developed a Trade Policy and Strategy for the period spanning 2013 -2017. The 
overarching goal of this Trade Policy and Strategy was to ensure that the benefits of international 
trade contributed to the socio -economic development of Trinidad and Tobago; through the expansion 
and diversification of prod uction, exports (goods and services) and markets.  
4.2.  The objectives of the Trade Policy and Strategy were as follows:  
• To expand market access for Trinidad and Tobago’s goods and services globally and 
regionally;  
• To safeguard sensitive productive sectors;  
• To increase export capacity and competitiveness of value -added goods and services, in the 
energy and non -energy sectors;  
• To improve the business and trade -enabling environment;  
• To strengthen the institutional framework for trade;  
• To mobilize resources to finan ce needs of the trade and trade -related sectors;  
• To deepen regional and hemispheric integration and cooperation as a means of increasing 
leverage when dealing with the international community; and  
• To mainstream trade policy into the wider macro -economic an d development policy -setting.  
4.3.  Since the expiration of the 2013 -2017 Policy, the GORTT in collaboration with the Economic 
Commission for Latin America and the Caribbean (ECLAC) has commenced the development of a 
new Trade Policy and Strategy for Trinidad an d Tobago for the period 2019 -2023. The major aim of 
this Policy is to increase the country’s non -energy exports. The new National Trade Policy and 
Strategy 2019 -2023 articulates Government’s trade -related policies aimed at enhancing and 
diversifying the co untry's exports (especially in the non -energy sector) and increasing its earnings 
of foreign exchange. The new policy will aim to transform Trinidad and Tobago’s exports to ensure 
that the country produces increasingly high -value goods and services.  
5  TRADE AGREEMENTS  
5.1.  The Government of Trinidad and Tobago continues to recognize the significance of improving 
and solidifying relations with its regional and international trading partners through deepening ties 
via a number of trade agreements. The involvement in  these Agreements has been in coordination 
with other members of the Caribbean Community (CARICOM) and CARIFORUM (CARICOM and the 
Dominican Republic).  
5.1  CARICOM Single Market and Economy (CSME)  
5.2.  Implementation of the CARICOM Single Market and Economy (CSME) became operational in 
January 2006. As a member of the Caribbean Community, Trinidad and Tobago is committed to the 
realization of the CARICOM Single Market and Economy (CSME). From 2012 to pre sent, at the 
CARICOM level the CSME has progressed in several ways. In particular, there has been 
advancements in the free movement of goods, services, skills, capital and the cross -border 
establishment of businesses.  
5.3.  In addition, several domestic and regi onal achievements have taken place during the period 
under review including:  
i. all Member States have adopted the regional model law - “Caribbean Community Act” which 
gives the Revised Treaty of Chaguaramas the force of law in their respective Member States;  
ii. the Double taxation agreement has been incorporated into Member States domestic laws;  
iii. Member States have recognized the original jurisdiction of the Caribbean Court of Justice in 
domestic law; and  WT/TPR/G/388 • Trinidad and Tobago  
 
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  iv. Caribbean Vocational Qualifications (CVQs) can now be issu ed by Barbados, Grenada, 
Guyana, Jamaica, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.  
5.2  CARICOM Bilateral Trade Agreements  
5.4.  As a member of CARICOM, Trinidad and Tobago currently has bilateral agreements with 
Venezuela, Colombia, the Dominican Republic, Cuba and Costa Rica. The Latin American markets 
are a point of focus given their geographical proximity, population, geographical disposition, 
purchasing power and investment opportunities.  
5.5.  With regard to the CARICOM -Cuba Trade Agreemen t, on November 10, 2017, a second protocol 
to the existing Trade Agreement between CARICOM and Cuba was signed. This new Agreement 
seeks to expand preferential market access. More specifically, Cuba has granted duty -free access to 
an additional list of app roximately 326 items exported from CARICOM Countries. These products 
include meat, fish, dairy produce, fruits and vegetables, beer, rum, cement, soaps, articles of apparel 
and clothing. Whereas, CARICOM duty -free offer to Cuba includes; fish, pharmaceutic al products, 
fertilizers, articles of iron and steel, electrical machinery and equipment and parts thereof.  
6  PREFERENTIAL TRADE A GREEMENT  
6.1  CARIFORUM -EU Economic Partnership Agreement (EPA)  
6.1.  The CARIFORUM -EU EPA Agreement was signed in 2008 and is being provis ionally applied. The 
CARIFORUM -European Community Economic Partnership Agreement Act No. 9 of 2013 was assented 
to on 17 July 2013.  
6.2  CARIBCAN  
6.2.  Trinidad and Tobago continues to be a beneficiary of the 1986 Caribbean/Canada Trade 
Agreement (CARIBCAN) which pro vides non -reciprocal duty free access to the Canadian market for 
all goods excluding: textiles and clothing, footwear, leather garments, luggage and handbags and 
lubricating oil from participating CARICOM countries. A successor Agreement between CARICOM 
Member States and Canada failed to materialize after seven (7) rounds of negotiations and the 
process was formally suspended by Canada on 4 May 2015.  
6.3.  However, in July 2015, at the request of Canada, the WTO General Council extended the Most 
Favoured Nation ( MFN) waiver for CARIBCAN, whereby preferential access is granted for exports to 
be allowed into Canada from CARICOM Member States until December 2023.  
6.3  Caribbean Basin Initiative (CBI)  
6.4.  The Caribbean Basin Initiative (CBI) was established in 1983 through the  Caribbean Basin 
Economic Recovery Act (CBERA), which came into effect on 1 January 1984. This program was 
expanded in 2000 through the US -Caribbean Basin Trade Partnership Act (CBTPA), which entered 
into force on 1 October 2000. The CBTPA, through which t he benefits under CBERA were further 
expanded, is due to expire on 30 September 2020.  
7  TRINIDAD AND TOBAGO BILATERAL AGREEMENTS  
7.1.  Trinidad and Tobago has negotiated and concluded several Partial Scope Trade Agreements 
(PSTAs) with countries in Latin America, namely Panama, Guatemala and El Salvador. This illustrates 
the Government’s commitment to extending its economic presence in Latin America. Another country 
of interest that Trinidad and Tobago is desirous of establishing a PSTA with is Chile. In 2017, Trin idad 
and Tobago re -engaged Chile for the exploration of a Partial Scope Trade Agreement, and both 
countries exchanged an initial list of products of interest in 2018.  
7.1  TT-Panama Partial Scope Trade Agreement  
7.2.  The Trinidad and Tobago -Panama Partial Scope Trad e Agreement (PSTA) Agreement was 
signed on 3 October 2013. The legislation which gives effect to the Agreement was approved by 
Parliament and then assented to by the President on 1 April 2015 via Act No. 5 of 2015 and entered WT/TPR/G/388 • Trinidad and Tobago  
 
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  into force on 5 July 2016. Sin ce entering into force, a Joint Administrative Commission (JAC) has 
been formed to aid in the implementation of the PSTA. The Commission will meet in 2019 to discuss 
the implementation of the Agreement.  
7.2  TT-Guatemala Partial Scope Agreement  
7.3.  The TT -Guatemala PSTA was negotiated by both countries on 6 February 2015. This Agreement 
aims to enhance economic relations between both countries through the expansion of trade in goods 
and services. The Agreement provides for local manufacturers in Trin idad and Tobago to benefit 
from preferential rates on one hundred and forty -six (146) products. It is intended for all Trinidad 
and Tobago exporters to sell products such as agro -processed goods, curry, chocolate, guava jams 
and jellies, peanut butter, hyd raulic fluids, toilet or facial stock, building bricks, tiles and alumin ium 
doors, at a duty -free rate to a market of approximately 15.4 million persons. There ha s been 
consequent consideration of particular agricultural products being included and discuss ions are 
ongoing between both Governments.  
7.3  TT-El Salvador Partial Scope Trade Agreement  
7.4.  El Salvador and Trinidad and Tobago undertook negotiations for the Partial Scope Trade 
Agreement (PSTA) in 2014. This Agreement will strengthen trade and cooperation ti es between both 
countries. It is also expected to open the doors to increase trade, which currently ranges around 
USD 60 million per year in products of reciprocal interest such as metal containers, plastic products, 
cosmetics, pharmaceuticals, furniture, tuna and leather packaging by El Salvador; and oil and 
lubricants, natural gas, matches, condiments and spices among others by Trinidad and Tobago. The 
Government has not moved forward from the negotiation stage  
8  THE MULTILATERAL FRA MEWORK  
8.1  The World Trade Organization (WTO)  
8.1.  Trinidad and Tobago remains firmly committed to a fair and equitable rules -based multilateral 
trading system that is supportive of the development pursuits of Members and which it considers to 
be the foundation of its relationship with t rading partners. As a small and vulnerable economy (SVE) 
with supply -side capacity constraints, Trinidad and Tobago recognizes the importance of trade as a 
development tool and therefore looks to the multilateral trading system as an avenue to reduce its 
vulnerabilities.  
8.2.  Trinidad and Tobago is deeply committed to the negotiating process under the Doha 
Development Round and recognizes that its successful conclusion will bring benefits to all Members. 
However, there is advocacy for a pragmatic approach involv ing a work programme that takes due 
cognizance of the unique issues related to SVEs.  
8.3.  Trinidad and Tobago continues to submit notifications under the WTO Agreements as required, 
including in the areas of technical barriers to trade, sanitary and phytosanita ry measures, import 
licensing, agriculture, subsidies and countervailing measures, anti -dumping measures and state 
trading enterprises.  
8.2  Aid for Trade (AfT)  
8.4.  Trinidad and Tobago’s National Aid for Trade (AfT) Strategy was approved in 2016 together 
with the d evelopment of a National Aid for Trade Monitoring Committee. This Strategy will assist 
donors, investors and international development partners in deciding where best to channel their 
resources to assist Trinidad and Tobago to further develop its internati onal trade capacity. Notably, 
the Strategy identified funding for trade -related projects and programmes under three (3) pillars, 
namely:  
a. Export Diversification;  
b. Competitiveness; and  
c. Trade Facilitation.  WT/TPR/G/388 • Trinidad and Tobago  
 
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  8.5.  One project entitled the Development of a National Qu ality Policy for Trinidad and Tobago was 
completed and approved by the Government under the AfT Strategy. Some of the Projects being 
considered for funding are from the services sector, in particular the creative industries.  
8.3  National e -Commerce Strategy  
8.6.  In 2017 the Government developed a National e -Commerce Strategy aimed at increasing usage 
of e-commerce by businesses to increase exports in Trinidad and Tobago. Government’s role is to 
ensure that businesses and consumers have the necessary tools and resour ces to derive tangible 
benefits from e -commerce, as well as, the legal and regulatory frameworks that foster business and 
consumer confidence in the establishment of a larger digital economy. The principal objective of this 
Strategy is to create an enablin g environment that facilitates and promotes e -commerce for local 
businesses to serve domestic and international consumer markets. It is envisaged that such an 
environment will encourage firms, especially MSMEs, to conduct business online which will increas e 
exports especially in the non -energy sector.  
8.4  The WTO Agreement on Trade Facilitation  
8.7.  In 2015, Trinidad and Tobago ratified the WTO Trade Facilitation Agreement (TFA). The 
ultimate purpose of this Agreement is to reduce the costs and delays associated wit h procedures 
which enable trade within free -market principles and to contribute to economic growth driven by 
trade expansion. In keeping with the obligations under the TFA Trinidad and Tobago submitted its 
Notification for Category A commitments to the WTO  during the review period.  
8.8.  A National Trade Facilitation Committee’s (NTFC) comprising representatives of the public and 
private sectors and was established on 23 March 2016 under the aegis of the Ministry of Trade and 
Industry. The Committee’s mandate inc ludes the domestic implementation of the WTO TFA. 
Since  2016, the Committee has undertaken a range of activities which are required for coordinating 
and implementing various provisions under the TFA. These activities include the development of a 
Roadmap an d an Implementation Plan for Trade Facilitation, as well as, the submission of Trinidad 
and Tobago’s priority training needs to the CARICOM Secretariat under the CARICOM Regional 
Strategy for implementation of the WTO TFA.  
8.9.  Furthermore, Trinidad and Tobago also participates in the CARICOM Regional Committee on 
Trade Facilitation (RCTF) which was established to facilitate regional coordination and 
implementation of the TFA within CARICOM and to promote consistency between national and 
regional trade facilitat ion priorities.  
9  BUSINESS REFORMS  
9.1.  Improving the domestic business and investment climate remains one of the key objectives of 
the Government. While the Ministry of Trade and Industry is charged with implementing specific 
business reforms, it is also respons ible for monitoring and reporting on the implementation of 
reforms under several other Ministries and Government agencies that impact on overall business 
and investment. These reforms are categorized under the following three (3) broad areas:  
a) Improving the  Ease of Doing Business  – In June 2013, an Inter -Ministerial Committee, 
chaired by the Minister of Trade and Industry, was formed and charged with the mandate of 
implementing an aggressive package of reforms to improve Trinidad and Tobago’s ranking 
in the World Bank’s Doing Busi ness Index. To encourage collaboration and buy -in from all 
relevant stakeholders, an implementation plan for measures to improve the ease of doing 
business in Trinidad and Tobago was approved by the Cabinet in April 2017.  
b) Implementation of a New Investment  Framework for the Approval and Facilitation 
of Investments in the Non -Energy Sector  – In April 2017, Cabinet agreed to establish 
this framework with the aim of reducing bureaucracy and red tape faced by current and 
potential investors. A key component of the Framework is the Inter -Ministerial Committee 
(IMC) appointed by Cabinet and chaired by the Minister of Trade and Industry. This 
Committee was established to improve the processing times involved in approving and 
facilitating investments in the non -energy sector.  WT/TPR/G/388 • Trinidad and Tobago  
 
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  c) Strengthening of the Single Electronic Window (SEW) for Trade and Business 
Facilitation (TTBizLink)  – In January 2016, Cabinet agreed to the execution of a 
USD 25 million loan from the Inter -American Development Bank to fund the strengthening 
of the Single Electronic Window for Trade and Business Facilitation. The main projects under 
this programme are:  
i. Review of the Legislative and Institutional Framework for Trade and Business  
This project involves diagnosing and updating the legislative and in stitutional framework 
for trade and business in Trinidad and Tobago and making appropriate recommendations 
for improvement consistent with international best practice.  
ii. Consultancy to Implement a Risk Management Solution  
This consultancy will enable officer s in the relevant agencies to make risk -based 
decisions within their day to day border management tasks, using an advanced 
automated risk management system which will result in improved accuracy and 
targeting of high -risk cargo.  
iii. Consultancy to Develop and Implement an Automated Construction Permit System  
The existing construction permit processes will be re -engineered from a paper -based 
system to an automated online system which will significantly reduce the time to obtain 
construction permits for business activity.  
10  DIVERSIFICATION  
10.1.   The Government has identified several key economic areas of interest for the diversification 
of the economy. These include the manufacturing sector, financial services, maritime services, 
aviation services, fishing and fish processing, agriculture and agro -processing and software design 
and applic ation.  
10.1  The Manufacturing Sector  
10.2.   Over the period 2012 -2017 the Manufacturing sector, on average, recorded negative growth. 
However, in 2018, the Sector rebounded with growth of 7.3 %, registering an uptick in economic 
activity in most manufacturing subsector s. 
10.3.   This performance can be attributed to the Government’s focus on reforming the economic 
environment to facilitate business growth and development with a focus on non -energy exports. 
Some of the measures being implemented in this regard include the develo pment of a  National 
Quality Policy, the creation of new economic spaces and the drafting of a new Special Economic 
Zones Policy for Trinidad and Tobago, as well as, enhanced market access and improved access to 
finance for domestic manufacturers.  
10.4.   The Manuf acturing sector in Trinidad and Tobago is entering an era of rapid technological 
change with the onset of the 4th Industrial Revolution, which the Government intends to take 
advantage of. Advances in technology will have tremendous impact on production, pr oducts and 
processes of manufacturers. In particular, the 4th Industrial Revolution will beckon manufacturers 
in Trinidad and Tobago to re -examine the way they do business. Manufacturers are being facilitated, 
through the recently implement Research and De velopment and Grant Fund Facilities, to invest in 
new technologies in order to adapt to these changes, especially when meeting the needs of 
customers in new and existing export markets.  
10.1.1   National Quality Policy  
10.5.   The Government understands that quality is cri tical to productivity, innovation, 
competitiveness, and trade facilitation and has therefore developed a National Quality Policy for the 
period 2018 -2030. One of the main objectives of this Policy is to improve the operating framework 
of Trinidad and Tobag o’s Quality Infrastructure by providing guidance to the development of the 
human capital, physical infrastructure, governance arrangements and implementation of legal 
reforms.  WT/TPR/G/388 • Trinidad and Tobago  
 
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  10.1.2   New Economic Spaces  
10.6.   Many new businesses and industries are being promoted by the  Government in various 
industrial estates throughout the country. The Government is improving and expanding the supply 
of investment -ready spaces for the expansion of economic activity and investment. One such space 
that is currently being developed is the  Phoenix Park Industrial Estate in Couva.  
10.2  Maritime Sector  
10.7.   The Transshipment and Cold -stacking activities in the Gulf of Paria are attracting an upsurge 
of interest from both local and foreign entities. These activities in the Maritime sector do not require  
infrastructure while generating significant employment. Another related Maritime project that will 
create employment and be a significant revenue and foreign exchange earner is the establishment 
of a dry -docking facility in La Brea.  
10.3  Yachting Sector  
10.8.   A Yach ting policy was developed and is currently being implemented. Yacht arrivals have been 
on the increase, rising from 904 in 2017 to 1031 in 2018, representing an increase of 14% in arrivals. 
Yachting is an important tourism niche and to this end, the Govern ment is expediting the 
development of two (2) marina facilities, one (1) in Trinidad and another in Tobago.  
10.4  Creative Industries  
10.9.   The Government is also actively facilitating the development of a creative industry sector. In 
this regard, the state agency res ponsible for growing and developing the creative industries, 
creativeTT, has been mandated to oversee the implementation of business and export -oriented 
projects, with emphasis on distribution, capacity building, marketing and promotion. Strategic plans 
have been prepared to guide the development of the film, fashion and music subsectors.  
10.5  Agriculture  
10.10.   The diversification of the Agriculture sector remains a high priority for the Government. 
Therefore, the Government offers a number of incentives through its A griculture Inventive 
Programme in a variety of areas such as inter alia  land preparation, machinery and equipment, tree 
crops and pasture management for livestock. Additionally, a number of initiatives are being 
implemented by the Government to facilitate the diversification of the sector such as the 
development of an Agro -Processing and Light Industrial Park in Moruga. This Facility is now in 
construction phase and will allow for significant value added in agriculture and agro -processing 
incorporating faci lities for canning, bottling and freezing of finished products. The Government 
continues to build on the country’s competitive advantages through the rehabilitation of the country’s 
coconut, cocoa and citrus industries through programmes such as the Coconu t Rehabilitation and 
Replanting Programme and the Cocoa Rehabilitation Programme.  
10.6  Tourism  
10.11.   The Government is also working assiduously on reforming the Tourism industry in Trinidad 
and Tobago. Some related tourism projects to boost tourism in Tobago include the construction of a 
new airport terminal in Tobago, as well as, the purchase of two (2) new ferries to service the sea 
bridge between Trinidad and Tobago.  
10.7  Services  
10.12.   In 2017, total services exports from Trinidad and Tobago accounted for approximately 
USD 1.08 billion or 0.02% share of total world exports. In comparison to 2012, Trinidad and Tobago’s 
services exports was approximately USD 1.4 billion accounting for approximately 0.03% of total 
world service exports.  
10.13.   Notably, Trinidad and Tobago has considera ble potential to benefit from this trade, since 
services now account for around 60% of its total value added. However, exports of services 
accounted for only USD 1.118 billion or only 10% of total national exports in 2017. The fastest WT/TPR/G/388 • Trinidad and Tobago  
 
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  growing sector was ot her business services such as legal, accounting, management consulting, 
public relations and research and development, followed by travel, transportation, computer and 
information services, financial services and royalties and license fees.  
10.14.   The Government has embarked on an aggressive agenda of building the export capability of 
the services subsectors, such as financial services, maritime services (ship repair, dry -docking, 
transshipment services and yachting), aviation services, tourism services, creative industries 
services, soft -ware design and application, education services, health care services, professional 
(degree -based) services, financial services, business process outsourcing, engineering and 
architecture services, renewable energy services, offsh ore platform fabrication and construction 
services.  
11  INVESTMENT  
11.1.   Trinidad and Tobago is an attractive destination for Foreign Direct Investment (FDI) since it 
provides investors with numerous benefits such as, a highly competitive cost of doing business, 
access to global markets, ideal geographic location being a gateway to the Americas, a regional 
transshipment hub and a relatively stable economic and political environment.  Its investment climate 
is generally open with minimal investment barriers. In order t o facilitate increase inward investment 
flows the GORTT has signed thirteen (13) Bilateral Investment Treaties and seventeen (17) Double 
Taxation Agreements with other Governments across North America, Latin America, Europe and 
Asia. These agreements ensur e the protection of investments made by either Party to the 
Agreement. Trinidad and Tobago has proposed the negotiation of BITs with Brazil, Chile, Colombia, 
Italy, Norway and Panama.  
11.2.   In addition to this competitive investment landscape, investors can bene fit from a range of 
investment incentives across the energy and non -energy sectors inclusive inter alia  of: 
manufacturing, creative, tourism, agriculture and maritime. These incentives are aimed at promoting 
local and foreign investment, while also creatin g an enabling business environment for all investors. 
Additionally, investors can benefit from guided facilitation from the national investment promotion 
agency, invesTT. InvesTT was established with the mandate to implement Government’s investment 
policy,  act as the focal point of access for potential foreign investors in all sectors of the economy 
as well as to facilitate all requirements, including regulatory approvals necessary to establish a 
business.  
12  CONCLUSION  
12.1.   During the period under review the Government of the Republic of Trinidad and Tobago 
focused on stabilising the economy by implementing fiscal consolidation measures, stimulating 
economic growth, encouraging FDI and promoting trade diversification through expansions in both 
its energy and non -energy sectors. Accordingly, Trinidad and Tobago has continued to actively 
engage and support the multilateral trading system and encourage free trade agreements in the 
region (Latin America and the Caribbean) in keepi ng with WTO principles, rules and guidelines.  
12.2.   To ensure active and increased participation in the international trading environment the 
Government has developed specific policies, strategies and programmes to guide its trading agenda. 
These developments ar e aimed at diversifying the economy, improving the economic performance 
of the non -energy sector and business climate, in order to maximi ze gains stemming from increased 
market access. The Government is of the view that a stronger resilient and more divers ified economy 
will increase the country’s foreign exchange earnings and international trade performance.  
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