Trinidad and Tobago WT/TPR/S/151 
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IV. TRADE POLICIES BY SECTOR 
(1) OVERVIEW  
1. Over the period under review, the composition of the economy has shifted towards the sectors 
where Trinidad and Tobago is more competitive,  mainly activities linked to the hydrocarbons 
industry.  As a result, the GDP share of hydrocarbon exploration and production, as well as refining, 
has increased.  The evolution of manufacturing has been driven by activities where hydrocarbons play 
a major role, directly or indirectly, such as petrochemicals and iron and steel production.  In contrast, agriculture's share of GDP has continued to fall, to  stand now at only 1.3%.  Trinidad and Tobago is 
seeking to make service activities more competitiv e by reforming and modernizing the regulatory 
environment, and by promoting the use of new te chnologies.  The ultimate goal is to facilitate the 
gradual transformation of Trinidad and Toba go's resource-based economy into a knowledge-based 
one. 
2. Although trade policies and incentives schemes ha ve been used to promote other activities, 
the hydrocarbons sector still accounts for over a third of  GDP and over 80% of exports.  This sector 
has benefited from the upward trend in hydrocarbon s prices since 2003, as well as from an increase in 
production.  As a result, the share of the hydrocarbons  sector in GDP has increased to about one third.  
Large international companies dominate the sector but there is also strong state participation.  Most of 
Trinidad and Tobago's energy production is exported. 
3. The Government actively supports agriculture d espite its shrinking contribution to GDP;  it 
considers agriculture a key sector for diversificati on, and income and employment growth.  With the 
exception of the sugar industry and a few other products, agricultural production is largely geared 
towards the domestic market.  Agricultural polic y has become more open, as witnessed by the 
reduction in the scope and rates of the import surcharg es, the partial reform of the sugar industry, and 
the divestment in state-owned enterprises.  In centive schemes still include guaranteed prices for 
certain commodities, subsidies for the acquisition of equipment, and preferential credit.  Sugar production continues to be the most important agri cultural activity;  the state-owned sugar company 
was restructured in 2003 but prices have yet to be liberalized.  Domestic support accounted for 
12-15% of agricultural GDP during the 1999-03 period. 
4. Manufacturing activity is closely linked to the hydrocarbons sector.  Trinidad and Tobago has 
become an important producer of petrochemical produc ts, thanks in part, to its natural resources and 
geographical situation.  Most non-petroleum manufac turing consists of iron and steel, cement, wood 
products, paper, printing and publishing.  A number of incentive sch emes are available for 
manufacturers including tariff concessions for imports of machinery, equipment, and materials for approved activities;  corporate tax relief to appr oved enterprises;  and accelerated depreciation 
allowances.  A number of free zones have been established to encourage the development of export-
oriented manufacturing. 
5. The services sector accounts for the largest shar e in both GDP and employment;  the main 
activities are financial services, distribution, tran sportation, telecommunications, and government 
services.  The greatest impact of recent liberalizati on and reform efforts has been on financial services 
and telecommunications.  In other subsectors, the Government is in the process of reviewing the 
legislation.  Reform in the financial services sect or has included enhanced regulation and steps to 
consolidate supervision but the Government h as identified the need for further reforms. 
6. In telecommunications, new legislation was in troduced in 2001 to transform the industry from 
a virtual monopoly to a competitive environment.  The required legislation was promulgated in WT/TPR/S/151 Trade Policy Review 
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June 2004, with liberalization scheduled as from July 2005.  In maritime transport, the Government is 
seeking to restructure the Port Authority and co mmercialize operations to increase efficiency and 
reduce costs. 
7. In the Uruguay Round, Trinid ad and Tobago made sector-specific commitments with respect 
to 8 of the 12 sectors identified in the classification prepared by the WTO Secretariat.  Trinidad and 
Tobago participated and undertook commitments in  the WTO Negotiations on Telecommunications, 
but did not make commitments in the Negotiations  on Financial Services.  As a result, the only 
financial services area in which it made GATS commitm ents is reinsurance.  In June 2005, Trinidad 
and Tobago submitted an initial offer in the ne gotiations on services under the Doha Development 
Agenda. 
(2) AGRICULTURE  
(i) Features and market developments 
8. Agriculture has continued to lose share of GDP during the period under review, falling from 
1.9% of GDP (including forestry and fisheries, but  excluding agri-business) in 1999 to 1.3% in 2004 
(or some 4.6% of GDP including agri-business).  This decline reflects partly the stronger growth of 
other sectors, but also the contraction of activity in agriculture, particularly in the sugar industry.  The 
sector has been faced with re duced capacity, production, exports, income, profitability, and 
competitiveness.  Crop activities account for some two thirds of value added, while livestock 
generates 22% and fisheries 10%. 
9. Government intervention in the sector, traditiona lly important, has decreased in recent years, 
and takes mainly the form of guaranteed prices fo r certain commodities and preferential credit.  Since 
Trinidad and Tobago's last Review, the Government  has restructured the sugar industry and reduced 
State participation in it (see below).  However, the Government still owns more than half of the 
country's agricultural land, which includes la nd designated as forest reserves.  Although still 
employing some 5% (9% including food processing) of  the labour force, agriculture has declined in 
importance as a source of employment. 
10. The Government believes that the decline in the re lative importance of agriculture is the result 
of a number of factors1:  (i) the structural transformation of the economy and increased competition 
from fasters growing sectors;  (ii) the low investme nt in the sector, due to relatively lower returns 
compared with other areas of the economy;  (iii) developments in interna tional trade, such as the 
gradual dismantling of preferential market opportu nities;  (iv) increasing competition from global 
suppliers;  and (v) under-utilization of state la nds, praedial larceny and high labour costs. 
11. The competitiveness of Trinidad and Tobago's agriculture has been eroded as a result of 
Dutch-disease effects.  The boom in the oil sector in  the 1970s and, more recently, the expansion of 
service activities, such as tourism, increased  demand for both non-traded goods and factors, 
increasing their relative prices. 
12. Sugar production continues to be the cornerst one of traditional agriculture.  Other major 
traditional crops are cocoa and coffee.  In recent y ears, there has been diversification into production 
of non-traditional crops such as citrus, rice, and vege tables.  Trinidad and Tobago is a traditional net 
importer of food (Tables AI.1 and AI.2). 
                                                      
1 Ministry of Agriculture, Land, and Marine Resources (2001). Trinidad and Tobago WT/TPR/S/151 
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13. Sugar accounts for a third of non-processed agricultural GDP and for over a quarter of 
employment in the sector.  In 2003, exports of raw sugar reached 59,300 tonnes, down from 
109,300 tonnes in 1997.  Raw sugar exports depend ma inly on quota arrangements with the European 
Union and the United States, which provide guara nteed prices above the world-market price.  
Trinidad and Tobago was allocated an export quota of 45,382 tonnes of raw sugar by the European 
Union under the Sugar Protocol, and an additional 1,901 tonnes under the Sp ecial Preferential Sugar 
Arrangement.  The tariff quota assigned to Trinidad and Tobago by the United States for 2004-05 was 7,371 tonnes.
2  Refined sugar is exported mostly to other CARICOM countries. 
14. Sugar is imported when domes tic production is insufficient to meet export quotas and 
domestic demand.  Imports were subs tantial in 2000 and 2001, thereafter imports have been small or 
negligible.  Imports of sugar (ex cept icing sugar) are subject to a 40%  tariff, and an import surcharge 
of 60%.  Icing sugar is subject to a 25% tariff a nd a 75% import surcharge.  However, if the need 
arises, the Government may issue an Order to allow imports of a certain amount of sugar at a lower 
tariff.  This last occurred in 2002. 
15. One of the major developments during the peri od under review has been the restructuring of 
the state-owned sugar company, CARONI (1975) Li mited, in the third quarter of 2003.  CARONI 
engaged in the production and purchase of sugar cane and manufacture and sale of sugar, as well as 
some other activities.  The IMF estimates that CA RONI was incurring losses of some 1% of GDP on 
an annual basis, and had accumulate d debt of 6% of GDP by end 2003.3 
16. CARONI's restructuring included the privatiza tion or closure of its sugar cane production.  
Since July 2003, a new government-owned company, the Sugar Manufacturing Company Limited 
(SMCL), has been in charge of manufacturi ng sugar from cane purchased at guaranteed prices 
(TT$180 per ton).  SMCL has cut sugar processing fr om 98,300 in 2002 to a target of 75,000 tonnes 
in 2004 and reduced its production costs.  Another co mpany, Rum Distillers Li mited, which was also 
established in late July 2003, as a subsidiary of CA RONI, is now a wholly-owned state enterprise.  
CARONI as such was retained as a non-trading entity to manage all liabilities and non-strategic 
business units, which will be divested.  A sugar i ndustry team has responsibility for the management 
of the day-to-day operations of the old CARONI 1975 Lt d. Estates.  The intention is to divest all the 
non-cane operations to the private sector.  The author ities indicate that this process has already begun 
with the divestment of rice lands. 
17. As part of the restructuring of CARONI, ( 1975) Limited some 10,000 workers were offered 
and accepted a voluntary separation of employment  package at a cost of TT$653 million.  The 
restructuring is expected to improve the compe titiveness of the sugar industry, prepare it for the 
phasing out of EU preferences, and improve public finances.  The authorities indicate that the emphasis of sugar policy is to develop the sugar can e industry, in particular downstream activities. 
(ii) Policy objectives and administration 
(a) Policy formulation and institutions responsible 
18. The Ministry of Agriculture, Land and Marine Resources (MALMR) formulates the overall 
agricultural policy framework and sector-specific policy measures, in cluding incentives.  The role of 
the MALMR involves production, processing, and ma rketing activities within the crops, livestock, 
and fisheries subsectors, as well as the management of natural renewable aquatic resources, and lands 
                                                     
 
2 USTR  Press Release P2004-63, 23 July 2004.  Available at:  http://www.ustr.gov/assets/Document_ 
Library/Press_Releases/2004/July/ asset_upload_file743_5603.pdf. 
3 IMF (2005). WT/TPR/S/151 Trade Policy Review 
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and water devoted to farming.  The MALMR is also  responsible for the protection of the environment 
from degradation resulting from agricultural and fisheries practices, and the maintenance of 
biodiversity with respect to both plant and animal species whether cultivated or existing in the wild.  
In Tobago, the Division of Agriculture, Marine Affa irs and the Environment, of the Tobago House of 
Assembly participates in policy formulation and ha s been mandated to devise strategies aimed at 
revitalizing the agriculture sector on the island. 
19. There are several large public enterprises ope rating in the sector, including the recently 
restructured CARONI (sugar production), National Flour Mills, the National Agricultural Marketing 
and Development Company (NAMDEVCO), the Ag ricultural Development Bank (ADB), and the 
Cocoa and Coffee Industry Board (CCIB).  The MALMR provides policy guidelines for the ADB, 
NAMDEVCO and the CCIB. 
(b) Policy objectives 
20. Despite the shrinking contribution of agriculture  to GDP, the Government considers it to have 
great potential for food security, rural development,  and sustainable livelihood, income, employment 
growth and foreign exchange generation, and theref ore takes an active role in developing the sector.  
State intervention in the sector has been declining:   over the years, reforms have been undertaken to 
reduce distortions and rationalize incentives.  Me asures taken include divestment of state-owned 
agricultural enterprises, the restructuring of the s ugar sector, and the diversification of agricultural 
production. 
21. Agricultural policy is currently reflected in the Government's Vision 2020 strategy 
(Chapter II(2)(ii)).  Within this framework, a Stra tegic Agricultural Development plan for the period 
2005-10 is being developed.  The MALMR's main policy objective is to improve competitiveness 
through an increase in productivity and earnings while maintaining produc tion sustainability and 
protecting the environment.4  To this end, it envisages strategies that include:  the application of more 
efficient technology in production;  the marketing of  products that meet international food health and 
safety requirements;  the development of the agri-processing industry;  and addressing land tenure 
issues, as well as concerns with resp ect to the availability of appropr iate physical infrastructure and 
credit, and land theft. 
22. The MALMR recognizes the need for enhanced priv ate participation in the sector, and for the 
State to play a regulatory and trade-facilitati on role.  The Government is implementing the 
Agriculture Sector Reform Programme-Technical Assistance Programme (ASRP-TAP) to strengthen 
the performance of the sector by creating a more dynamic land market, improving the management of 
State-owned lands, and fosteri ng agri-business development. 
(iii) Policy instruments 
(a) Border measures 
23. Agricultural products enjoy higher tariff protection than non-agricultural goods.  The 2004 
applied MFN tariff on imports of agricultural produc ts (WTO definition) averaged 19.1%.  Using the 
ISIC classification, the average tariff on agricult ure and fisheries was 20.6% in 2004.  Some 
agricultural subsectors, such as fruit and vegetabl es, animals and products thereof, beverages and 
spirits, and tobacco products benefit from higher than  average protection (Table III.3).  In general, 
tariff quotas are not used;  however, prior to the restructuring of CARONI in 2003, preferential tariff quotas were used occasionally for imports of sugar. 
                                                     
 
4 University of the West Indies and Ministry of  Agriculture, Land and Marine Resources (2004). Trinidad and Tobago WT/TPR/S/151 
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24. Certain agricultural products are subject to ad ditional import surcharges, although the list of 
products has been trimmed since the last Review .  In 2005, Trinidad and Tobago applied import 
surcharges at 40% and 86% on poultry, and at 60% and 75% on sugar and ici ng sugar, respectively 
(Table III.5).  Import duties on alcoholic beverages ar e set at specific rates.  Locally and regionally 
produced alcoholic beverages face excise/compensatory  duties.  Including surcharges, the single most 
protected product is sugar (see below). 
25. Import licences are still required for livestock, fish , crustaceans, molluscs, and oils and fats 
(Table III.8).  Imports of all plants, fruit and vege tables must have a permit from the Plant Quarantine 
Division of the MALMR (Chapter III(2)(xi)).  Since the creation of the WTO, Trinidad and Tobago 
has notified four emergency sanita ry and phytosanitary measures. 
(b) Internal measures 
26. Trinidad and Tobago maintains a system of guaranteed prices for coffee, cocoa, milk, 
oranges, grapefruit, paddy rice, copra, and dry she ll corn (Table IV.1).  Farmers selling to approved 
purchasers receive guaranteed prices.  The list of appr oved purchasers is available at the MALMR.  In 
contrast with the situation in 1998, guaranteed prices for most goods were below market prices in 
early 2005. 
Table IV.1  
Price support programme:  guaranteed prices, 2005 
Commodity Guaranteed price (TT$) 
Oranges 21.00/cratea 
Grapefruit 13.00/crateb 
Cocoa 14.00/kg. 
Coffee 11.00/kg. 
Milk 2.55/litre 
Dry shelled corn 2.20/kg. 
Paddy rice Grade I 2.20/kg. 
Paddy rice Grade II 1.82/kg. 
Paddy rice Grade III 1.37/kg. 
Paddy rice Grade IV 0.66/kg. 
Copra 2.00/kg. plus subsidy of 1.1/kg. 
Sugar cane 180/ton 
 
a Crate of oranges = 40.9 kg. 
b Crate of grapefruit = 36.4 kg. 
 
Source : Ministry of Agriculture, Land and Marine Resources. 
27. In the 1999-04 period, the Government granted payments totalling approximately 
TT$211 million (US$33.5 million) for price s upport and input subsidies (Table IV.2). 
Table IV.2 
Price and input support, 1999-04 
(TT$) 
Type of 
support 1999 2000 2001 2002 2003 2004Total
1999-04
Price and input support  26,627,928  47,464,490 27,923,141 37,686,837 34,036,918 37,208,283 210,942,597
 
Source: Information provided by the authorities of Trinidad and Tobago. WT/TPR/S/151 Trade Policy Review 
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28. The Cocoa and Coffee Industry Board is a stat e agency administered by the MALMR.  
Growers are not obliged to sell their crops to the Board;  however, the Board buys up some 85% of 
domestic production.  The crops are purchased from farmers at guaranteed prices, TT$14/kg. for cocoa and TT$11/kg. for coffee.  Some 80% of expor ts are by the Board.  In the case of direct 
exports, exporters must submit price offers receive d to the Board for approval.  These price offers 
must not be lower than the price at which the Bo ard sells.  Cocoa and coffee farmers registered under 
the Farmers' Registration Programme are eligible fo r a number of incentives;  applications must be 
made to the MALMR. 
29. Rice farmers receive guaranteed prices rangi ng between TT$0.66/kg. and TT$2.20/kg., 
depending on the grade.  All paddy produced locally is sold to the Ri ce Mill at Carlsen Field, which is 
owned by the majority state-owned National Flour M ills.  The subsidy incorporated in the guaranteed 
price (calculated based on the cost of production) is:  TT$1.43/kg., TT$1.12/kg., TT$0.72 and TT$0.09 for grades I, II, III and IV respectively.  An average TT$3.7 million of subsidies have been paid annually by the Government since 1999.  Rice im ports face a tariff of 25% .  Imports are mainly 
from the United States, Guyana, and India. 
30. As notified by Trinidad and Tobago to the WTO, support to the agricultural sector has 
increasingly taken the form of direct payments to fa rmers, mainly for infrastructure, research, land 
preparation, and other purposes (see below).  Trinidad and Tobago notified its domestic support 
programmes as measures exempt from the reduction comm itment, thus falling under the "Green Box".  
Domestic support accounted for between 12% and 15.3% of agricultural GDP during the 1999-03 
period (Table IV.3). 
Table IV.3 
Domestic support to agriculture, 1999-03 
(TT$ million, financial year, 1 October-30 September) 
Commodity 1999 2000 2001 2002 2003 
Total domestic support 99.8 88.5 107.2 109.5 108.2 
Agricultural GDP 830.3 697.2 707.5 713.7 768.2 
Domestic support as % of agricultural GDP 12.0 12.6 15.2 15.3 14.1 
 
Source : Ministry of Agriculture, Land and Marine Resources;  and notifications to the WTO Committee on Agriculture. 
31. Fiscal incentives available to the agriculture sector include import duty concessions and VAT 
exemptions.  Under Section 56 of the Customs Ac t, approved agricultural enterprises, (including 
fisheries and forestry), are exempted from im port duties on a range of agricultural inputs and 
equipment, including wheel tractors, agricultural ch emicals, hand tools, and machinery.  A range of 
agricultural inputs and equipment is also exempted  from the VAT.  In addition, an income tax 
exemption is provided for a maximum period of te n years for approved agricultural holdings of less 
than or equal to 40.5 hectares. 
32. A number of incentives aimed at specific activ ities are also in place (Table IV.4).  The 
incentives outlined fall within the MALMR's Agricu ltural Incentive Programme (AIP).  The AIP's 
aim is to achieve increased productivity, growth and development in the agriculture sector by 
supporting increased access to technol ogy at a lower cost, encouraging rehabilitation efforts, lowering 
the cost of inputs, and providing price incentiv es for commodities that have the potential to be 
internationally competitive.  To benefit from thes e incentives, an applicant must be a registered 
farmer. Trinidad and Tobago WT/TPR/S/151 
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Table IV.4 
Incentives to the agriculture sector 
Activity Type/amount of incentive Conditions/eligibility 
Agriculture/floriculture (1) Purchase price subsidy for vehicles, payable in 
 5 annual tranches 
 - new wheel tractor:  15% up to TT$25,000 
 - used wheel tractor:  15% up to TT$15,000 
 - new 4-wheel drive:  15% up to TT$30,000  - imported used 4-wheel drive:  15% up to 
  TT$25,000 
 - imported used 2-wheel drive:  15% up to   TT$15,000  - new truck:  15% up to TT$35,000 
 - used truck:  15% up to TT$20,000 
 (1) Farmers registered under the Farmers' 
 Registration Programme, providers of tractor 
 services to the ag riculture sector and 
 farmers marketing/producing cooperatives.  
 Once every 5 years.  Minimum farm sizes  to qualify:  (i)  2WD and 4WD and tractors:  
 (a) vegetable crops 0.25 ha (undercover), 
 -0.5 ha (field);  (b) food crops, mixed crops  and livestock 1 ha;  (c) tree crops;  (d)   ornamental crops 0.25 ha;  (e) dairy and beef 
 10 adult animals;  (f) pigs 10 breeding 
 animals or 20 fatteners;  (g) goats/sheep 20  breeding animals;  (h) poultry 10,000 
 (broilers), 3,000 (layers);  (ii) trucks: (a) citrus 
 8 ha;  (b) cocoa/coffee 12 ha;  (c) coconut 20  ha. 
 (2) Subsidy for machinery and equipment: 
 - machinery and/equipment/trailers:  50% of 
   purchase price up to TT$25,000/TT$3,000 
 - biodigesters/solar dryers:  50% of cost up to    TT$5,000 (2) Farmers registered under the Farmers' 
 Registration Programme 
 (3) Water incentives: 
 - Wells, dams, ponds:  25% of cost up to 
   TT$20,000 
 - Water pumps/irrigation equipment:  50% of    purchase price up to TT$7,500/TT$25,000 (3) Farmers registered under the Farmers' 
 Registration Programme 
Soil conservation Payments to farmers: 
 - contour drains:  TT$70 per 30 metres 
 - storm drains:  TT$80 per 30 metres  - contour banking a nd ridging: TT$370/ha. 
 - contour barriers:  TT$40 per 30 metres 
 - terrace outlets:  TT$120 per 30 metres  - check dams:  50% of cost up to TT$200 Farmers registered under the Farmers' Registration 
Programme 
Land preparation Payments to farmers: 
 - Tillage operations 25% of the cost up to 
   TT$200/ha and 2ha/year Farmers registered under the Farmers' Registration 
Programme.  At least 0.5 ha must be prepared 
Beekeeping Subsidy of 50% of the purchase price up to TT$25,000 
of machinery and equipment for beekeeping Registration/prior inspection of goods 
Fisheries (1) Lower prices for: 
 - gasoline used in fishing vessels 
   (TT$0.12/litre);   - diesel fuel used in fishing vessels  
   (TT$0.10/litre); 
 - oil used in fishin g vessels (TT$0.75/litre) (1) Registration as vesse l owner.  Engines and 
 vessels must be registered with the MALMR.  
 A maximum of two registered marine out- board engines per pir ogue and one in-board 
 diesel engine per vessel is allowed 
 (2) Purchase price subsidy for vehicles, in 5 
 annual tranches:  - new 4-wheel drive :  15% up to TT$30,000 
 - used 4-wheel drive:  15% up to TT$25,000 
 - new 2-wheel drive :  15% up to TT$20,000  - used 2-wheel drive:  15% up to TT$15,000 
 - new truck:   15% up to TT$35,000 
 - used truck:  15% up to TT$20,000 (2) Registered fishermen who own commercial 
 fishing vessels.  Once every 5 years.  Minimum number of fishing vessels owned 
 and operated: 
 - 2 and 4-wheel drive:  3-5 pirogues;     ≥  1 trawler; 
 - trucks:  ≥  6 pirogues;  ≥  1 trawler 
 (3) Purchase price subsidy on pirogues or multi 
 purpose boats:  10% up to TT$5,000/  TT$50,000, respectively (3) Registered fishermen and fishing vessel 
 owners 
Aquaculture  - Ponds for the production of fresh water fish:  
   25% subsidy of the cost of construction up to    TT$20,000 Registered fish farmers.  The parcel of land should 
be at least 0.8 ha in size 
Table IV.4 (cont'd) WT/TPR/S/151 Trade Policy Review 
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Activity Type/amount of incentive Conditions/eligibility 
Citrus Payments to farmers: 
 - establishment of new fields and      rehabilitation of old fields:  20% of the cost 
    up to TT$2,000/ha. Citrus farmers registered under the Farmers' 
Registration Programme.  A minimum of 1 ha must be established or rehabilitated 
Coconut Payments to farmers: 
 - establishment of new fields/rehabilitation of 
  old fields:  25% of the cost up to   TT$1,200/TT$1,000/ha. Coconut farmers registered under the Farmers' 
Registration Programme.  A minimum of 5 ha. 
must be established or rehabilitated 
Beef, dairy, goats, sheep Payment to farmers: 
 - establishment of pastures:  50% of cost up to   TT$2,000/ha. Registered under the Farmers' Registration 
Programme 
Cocoa/coffee Payment to farmers: 
 - establishment/rehabilita tion:  50% of cost up 
   to TT$4,000/TT$2,000/ha. Registered under the Farmers' Registration 
Programme 
Sugar cane Subsidy: 
 - Fertilizers:  50% of c.i.f. price  - Aerial spraying:  100% of cost Registered under the Farmers' Registration 
Programme 
 
Source: MALMR. 
33. The Agricultural Development Bank (ADB) was established in 1968 to foster agriculture, 
fishing and related industries primarily through th e provision of short-, medium- and long-term loans 
for the sustained development of the agri-bus iness sector.  Since the late 1990s, the ADB has 
concentrated its activities on modernizing the sector, upgrading productive capacity, and promoting 
agri-tourism, aquaculture, and woodworking.  The ADB  offers loans for a wide range of agricultural 
activities.  There are no lending limits, and repayment is  structured to fit the product cycle.  Interest 
rates are calculated on the declining balance and are based on a prime rate;  the rate was 8% in December 2004.  Loans are available to citizens or residents of Trinidad and Tobago, or companies 
registered in the country.  Since its creation, th e ADB has provided credits for over TT$2 billion.  In 
the 1998-04 period, disbursements totalle d TT$265.5 million (some US$42 million). 
Table IV.5 
Agricultural Development Bank approvals and disbursements, 1998-04 
(TT$) 
Year 1998 1999 2000 2001 2002 2003 2004a1998-04
Approvals 80,319,000 58,828,511 56,929,341 36,343,192 31,729,368 38,488,234 28,586,901 331,224,547
Disbursements 66,311,000 48,548,461 36,829,599 24,762,793 21,247,357 29,149,018 38,665,327 265,513,555
 
a Disbursements figures for 2004 include lo ans approved in 2003 but disbursed in 2004.  
 
Source:  Information provided by the authorities of Trinidad and Tobago. 
34. The ADB also offers same-day package loans for sugar cane a nd dairy projects.  These loans 
are granted within one day, based on an assign ment of sales.  The ADB is affiliated to the 
CARIFORUM Agribusiness Research and Training F und (CARTF), funded by the European Union to 
provide support for research and training in the ag ri-business and fisheries subsectors through grants 
of up to US$50,000. 
35. Trinidad and Tobago has notified the WTO th at it does not subsidize its exports of 
agricultural goods.5 
                                                      
5 WTO document G/AG/N/TTO/5, 20 September 2004. Trinidad and Tobago WT/TPR/S/151 
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(3) HYDROCARBONS  
(i) Features 
36. The hydrocarbons sector dominates the economy of Trinidad and Tobago.  It accounts 
directly for about a third of GDP, and is by far the largest source of foreign exchange earnings.6  The 
sector's share of GDP declined from its peak of 42.1% in 1980 to 34.1% in 2004, but has increased 
during the period under review.  Some 59.8% of the sector's value added was generated in 2004 by 
extracted crude oil and gas;  17.6% by refined pe troleum and condensed gas;  and 22.3% by processed 
petrochemicals and other.  Supported by new produc tion and higher international prices, the energy 
sector is expected to expand further over the comi ng years, particularly in the areas of liquefied 
natural gas (LNG) and petrochemicals. 
37. Most of Trinidad and Tobago's energy production is exported.  The sector also generates over 
37% of government revenue and 85.8% of merchandise exports.  Exports of hydrocarbon products 
reached some US$4.4 billion in 2003, equivalent  to 40% of GDP;  exports of fuels reached 
US$3.5 billion (Table AI.1).  The United States is th e largest market for Trinidad and Tobago's crude 
oil and natural gas exports, with a share of 100% and 86% of total exports, respectively, in 2003.  
Other export markets for hydrocarbon-related produc ts include Spain, Japan, and other Caribbean 
countries.  The energy sector plays a crucial role in the current account of the balance of payments (Chapter I (balance of payments)). 
38. Similarly, the energy sector generates important investment inflows.  The sector also accounts 
for most of the foreign direct investment (FDI) flowing into Trinidad and Tobago.  Due to strong 
foreign participation in the energy sector and its cap ital-intensive nature, FDI is its sector's main form 
of financing;  cumulative FDI over the 1999-04 period was some US$4.97 billion.  As a capital-
intensive activity, the contribution of the energy sector to employment is small, amounting to just 
3.4% of total employment in 2004. 
39. Proven oil and gas reserves were estimated at ar ound 4,500 million barrels of  oil equivalent in 
2004, of which over 80% correspond to natural gas.   Hydrocarbon resources are estimated to be 
sufficient for another 40 years of output, at current production levels.
7  Crude oil production has been 
increasing since 2001, encouraged by high interna tional prices;  it reached 134,089 b/d in 2003 
(Table IV.6).  Trinidad and Tobago has one of the largest natural deposits of asphalt in the world.8  
The latest available figures show that asphalt pr oduction reached 25,518 tonnes in 2003, of which 
83.6% was exported. 
40. Trinidad and Tobago's energy sector is character ized by the presence of large international 
companies or their affiliates.  Ho wever, there is still strong stat e participation through large state-
owned companies, such as the Petroleum Company of Trinidad and Tobago (PETROTRIN), the Natural Gas Company (NGC), and the National Pe troleum Marketing Company (NPMC), as well as 
through state minority shareholding in the domestic private companies PRIMERA and MORAVEN.  
                                                     
 
6 The hydrocarbons sector is presented in national statistics as the "petroleum sector", which is defined 
in Trinidad and Tobago's national accounts as consistin g of:  the exploration and production of petroleum and 
natural gas;  the refining, marketing, and distribution of petroleum products;  petroleum-related services;  
petrochemicals;  and asphalt.  Including distribution serv ices related to petroleum activities, the share of GDP 
increases to close to 40% (Int ernational Monetary Fund, 2005b). 
7 International Monetary Fund (2005b). 
8 Pitch Lake at La Brea contains the world's largest source of natural asphalt.  U.S. Library of Congress 
Country Studies, Trinidad and Tobago Industry .  Available at:  http://www.country-studies.com/caribbean-
islands/trinidad-and-tob ago---industry.html. WT/TPR/S/151 Trade Policy Review 
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PETROTRIN and British Petroleum are the main crude oil producing companies, each accounting for 
44% of the total;  up until 2004 British Petroleum was the only exporter of crude oil;  in 2005, a 
consortium of BHP Billiton, Talisman and Total began exporting crude oil.  PETROTRIN, fully 
owned by the Government, is the single largest contributor to GDP and the third largest direct 
employer.9  The NPMC engages in the marketing of petroleum fuels, lubricating oils, LPG and 
compressed natural gas, bituminous products, a nd automotive specialty products;  although it no 
longer has the monopoly on the distribution and marketing of petroleum products, it possesses the largest service station network in Trinidad and Tobago.  UNIPET (domestic company) is also involved in distribution activities. 
Table IV.6 
Crude oil and natural gas production, 1999-04 
 1999 2000 2001 2002 2003 2004 
Crude oila   
Exploration (metres) 41,995 33,139 45,910 20,593 28,941 29,063 
Daily average production (barrels) 125,164 119,354 113,523 130,626 134,089 122,902 
Total production ('000 barrels) 45,685 43,680 41,469 47,824 49,117 44,982 
Imports ('000 barrels) 28,607 35,195 30,524 32,241 33,186 22,771 
Exports ('000 barrels) 20,357 19,118 18,323 24,895 26,002 20,467 
Natural gas (million cubic feet/day)    
Production 1,281.0 1,498.0 1,596.0 1,826.0 2,594.0 2,938.0 
Utilizationb 1,004.6 1,255.0 1,304.3 1,771.2 2,325.2 2,640.1 
of which:   
Petrochemicals 596.3 618.5 661.0 693.8 731.1 846.5 
Electricity generation 183.3 186.5 193.3 219.2 230.1 239.4 
LNG 225.0 450.0 450.0 858.2 1,364.0 1,415.3 
 
a Also includes condensates. 
b Utilization refers to gas sales, and does not include natural gas used in own consumption. 
 
Source:  Ministry of Energy and Energy Industries;  and Central Bank of Trinidad and Tobago.  
41. Trinidad and Tobago has an important oil refi ning industry.  PETROTRIN owns and operates 
the country's only operating refinery (Pointe-à-Pie rre), which refines petroleum products for local 
consumption and for export.10 
42. In addition to local sources of crude oil, Trin idad and Tobago also imports crude petroleum to 
maintain optimal production levels at its refine ry.  In 2004, crude oil imports amounted to 
22.5 million barrels or approximately 60% of refi nery throughput.  Most of the imports under 
processing agreements come from Barbados.  An agre ement with Venezuela was terminated in 2004.  
Imports of petroleum products face, on average, an  MFN tariff rate of 11%, with rates ranging 
between 0 and 30%;  products with more value added,  like refined oils and asphalt, face higher rates.  
Imports of crude oil are duty free. 
43. Natural gas production has continued to develop rapidly, as has that of natural-gas-based 
petrochemicals (Table IV.6).  Over 90% of pr oduction is in the hands of multinational oil/gas 
producers.  BP Trinidad and Tobago LLC, the larg est gas producer and supplier of natural gas, 
accounted for 54% of total gas production in 2004;   British Gas Trinidad Limited (BG), and EOG 
Resources Trinidad Limited (EOGR ) accounted for 20.3% and 18%, of total gas produced in 2004. 
                                                      
9 PETROTRIN online information.  Available a t:  http://www.petrotrin.com/AboutUs/DEFAULT_ 
AboutUs.htm#The%20Advantage. 
10 Ministry of Energy and Energy Industries online information. Available at:  http://www.energy. 
gov.tt/applicationloader.asp?app=articles&id=554. Trinidad and Tobago WT/TPR/S/151 
 Page 85 
 
 
Although production activities are open to compe tition, the National Gas Company Trinidad and 
Tobago Ltd. (NGC), a state-owned company, has the legal monopoly over the purchase, transmission, 
and sale of natural gas.11  Until late 2004, NGC was also responsible for the development of 
downstream gas-based industries, but this respons ibility has been shifted to the National Energy 
Corporation.  NGC negotiates gas purchasing contracts with suppliers, as needed, and separate gas 
supply contracts with consumers.  Suppliers ma y obtain incentives under th e Fiscal Incentives Act 
(section (3)(iii)). 
44. In 2004, the Atlantic Liquefied Natural Gas Co mpany (ALNG) was the main user of extracted 
natural gas, accounting for some 56% of the total sal es of natural gas in that year.  Most of the gas 
received by ALNG is utilized in the production of L NG;  some natural gas liquids are also produced 
at the plant and piped to Phoenix Park Gas Proce ssors Limited (PPGPL), a joint venture between the 
NGC and local and U.S. firms, for separation into  propane, butane, and natural gas gasoline.  Gas 
demand by ALNG increased substantially in 2002 and 2003 mainly due to the opening of two new 
liquefying trains.  The remainder of the gas was sold  by the NGC to various customers and, was used, 
in 2004, for the petrochemical industry (68.1% of the total in 2004), for power generation (20%), 
production of iron and steel (6.9%), gas processing (2.1%), and other uses including refinery (3%).  
Among petrochemicals, the main users are:  the amm onia, methanol, and urea industries, with 59%, 
40%, and 1% of total petrochemical sales, respectively. 
45. There are three LNG plants in operation:  two are entirely owned by international petroleum 
companies and one has 10% state participation, through the NGC.12  A fourth train, ALNG Train IV, 
in which NGC has an 11.1% ownership stake, is exp ected to come on-stream in late 2005.  Trinidad 
and Tobago is the world's fifth largest exporter of L NG.  The authorities expect that this plant, with a 
capacity of 5.2 million tonnes per year, will lead to an increase in domestic LNG production to approximately 15 million tonnes per year.  Over half of all the gas produced in the country is exported 
directly as LNG, a major change compared with the situation described in the previous review, when 
there were no exports of LNG.  The main mark et for Trinidad and Tobago's LNG exports is the 
United States (98% of exports in 2004);  Trinidad  and Tobago supplied 73% of U.S. LNG imports in 
2004. 
46. Natural gas is the main feedstock of th e petrochemical industry.  Production of 
petrochemicals has been incr easing steadily, from TT$2,182  million in 2000, to an estimated 
TT$3,144.4 million in 2004.  In mi d 2004, new ammonia and methanol plants began operations;  this 
resulted in a substantial increase in production.  The hub of Trinidad and Tobago's petrochemical 
industry is the Point Lisas Industrial Estate.  Forei gn private capital plays a major role in the industry 
and most of the petrochemicals produced are exporte d, mainly to the United States.  Trinidad and 
Tobago is the world's largest exporter of ammoni a and methanol from a single site.  Methanol, 
ammonia, and urea prices increased substantially between 2002 and 2003. 
47. Most petroleum-related manufacturing compani es are located in the Point Lisas Industrial 
Estate, which enjoys free-zone pr ivileges, and is managed by the majority state-owned Point Lisas 
Industrial Port Development Corporation (PLIPDECO).
13  Petrochemical companies, as well as steel 
plants and medium-sized manufacturers on the i ndustrial estate, enjoy ex emptions from customs 
duties, income and corporate taxes, business levi es, withholding taxes on remittance of profits, 
dividends and other distributions , and land and building taxes. 
                                                      
11 TIDCO (2003), page 36. 
12 The joint-venture partners are:  Train 1:  BPTT, 34%;  British Gas, 26%;  Repsol, 20%;  Tractebel, 
10%;  National Gas Company of T&T, 10%;  Trains 2 an d 3:  BPTT - 42.5%, British Gas, 32.5%, Repsol, 25%. 
13 PLIPDECO is 43% owned by the Government and 8% by CARONI;  the remaining are shares traded 
on the stock exchange. WT/TPR/S/151 Trade Policy Review 
Page 86 
 
 
(ii) Policy objectives 
48. The Ministry of Energy and Energy Industr ies (MEEI) is responsible for managing and 
regulating the energy sector, as well as for the operational and commercial aspects of the state petroleum and energy-based industries.  The M EEI oversees a range of activities, including the 
formulation and implementation of laws and regulations for the petroleum industry.  The MEEI also 
has shared responsibility with the Ministry of Fi nance collecting petroleum revenues accruing to the 
State.
14 
49. The Government's main policy goal is to ensure the efficient and effective management of the 
energy and mineral sectors.  To this end, it h as undertaken policy initiatives over the years to reduce 
direct state participation in the industry, to rati onalize and restructure state-owned oil companies, and 
to review the petroleum taxation system.  Among its intermediate goals, the MEEI aims to increase 
exploration and production activities, particularly in  deep waters, and to de velop downstream natural 
gas-based industries.  The Government also follo ws a policy of attracting foreign investment to 
explore and increase hydrocarbon reserves, and en couraging gas-processing activities.  Another 
important aspect of the Government's policy in re lation to the energy sector is the attempt to 
maximize the level of local content and local partic ipation in all energy sector activities. Towards this 
end a Permanent Local Content Committee was established and the Local Content and Local 
Participation in the Energy Sector Policy and Fram ework was issued in October 2004.  The authorities 
indicate that this policy document, prepared by Committee, was being implemented in May 2005. 
50. The National Energy Corporation of Trinidad  and Tobago Limited (NEC), a state-owned 
enterprise, is responsible for project and infrastru cture development in the energy sector.  The  NEC 
also has responsibility for the development of dow nstream natural-gas-based industries, a role 
formerly undertaken by its parent company, the NGC. 
51. In 2000, the Government established the In terim Revenue Stabilization Fund (known as the 
Oil Stabilization Fund), out of any additional revenues from a base oil price of US$25 a barrel 
(see Chapter I).  The Fund has been  functioning on an interim basis;  legislation to implement the 
Fund on a permanent basis is awaiting approval (mid 2005). 
(iii) Legal framework and incentives 
52. Petroleum exploration and production operations  in Trinidad and Tobago are principally 
governed by:  the Petroleum Act, 1969 (Chapter 62:01), as amended;  the Petroleum Regulations, 
1970, as amended;  and the Petroleum Taxes Act,  1974.  Under the Petroleum Act, petroleum 
resources on state lands and submarine areas are vested in the State and petroleum rights with respect 
to them are exercisable by the President.  Owner s of private lands can exercise petroleum rights, 
subject to the Petroleum Act. 
53. The Petroleum Act, 1969, established a framework  for the granting of licences/contracts for 
the conduct of petroleum operations  on land and submarine areas.  The MEEI is responsible for 
determining the areas available for explorati on and production, and th rough competitive bidding, 
grants exploration and production rights.  Licences/ contracts may be of several kinds, as defined in 
the Petroleum Regulations.15  The MEEI also grants licences for refi ning;  liquefaction of natural gas;  
pipelines;  transportation (other than by pi peline);  marketing;  and petrochemicals. 
                                                      
14 Ministry of Energy and Energy Industries online information.  Available at:  http://www.energy. 
gov.tt/applicationloader.asp?app=articles&id=588. 
15 The Petroleum (Amendment), Regulations, 2001. Trinidad and Tobago WT/TPR/S/151 
 Page 87 
 
 
54. Applications for a licence may be made on an  uninvited basis or invited under a Competitive 
Bidding Order (CBO).  Successful CBO bidders are required to negotiate with the State for a production-sharing contract (PSC) or a licence.  Mo st new contracts for oil and gas development are 
PSCs, which are agreements where the contractor bears all exploration risks, and development and 
production costs in return for a stipulated share of  the production resulting from this effort.  Shares are 
specified in each PSC, and may vary from year to year, depending on the cost of production, output 
prices, and other factors.  The Government receiv es cash payments but royalties are not applied on 
PSCs.  Over the 1995-02 period, 15 PSCs were si gned, of which two during the period under review 
(in 2002).  In May 2004, the Government announced th e award of nine blocks;  in three cases, the 
awardees were offered the opportunity to enter into negotiations with the MEEI for a PSC in respect 
of their respective blocks.
16  However, no new PSCs have been signed to date. 
55. The tax regime in the petroleum industry is go verned by the Petroleum Act, the Petroleum 
Taxes Act, the Petroleum Production Levy and Subsidy Act, the Income Tax (In Aid of Industry) Act, the Corporation Taxes Act and the Unemployment Le vy Act.  The tax regime is based on a two-tier 
system consisting of three profit/income-based corporation taxes:  a petroleum profits tax (PPT), at 
50% of taxable profits;  a supplemental petroleum tax (SPT);  and an unemployment levy.  There are 
also three production-based taxes:  a royalty;  a petroleum production levy (PPL);  and a petroleum impost (Table IV.7). 
56. Companies engaging in gas production are subj ect to different taxation patterns from those 
involved in petroleum operations.  They pay royalties at a rate negotiated with  the Government, which 
is generally TT$0.015 per mcf if used domestically , and TT$0.02 per mcf, if exported.  This is 
estimated to be equivalent to less than 0.3% of the value of the natural gas in ad valorem  terms.
17  
Gas-producing companies and petrochemical companies pay corporate income tax at the standard rate 
of 35% on profits, and the petroleum impost.  This  tax rate applies also to petroleum marketing 
operations, which are not subject to the Petroleum Taxes Act. 
57. Incentives are provided to encourage investment , particularly in exploration projects and 
enhanced oil recovery schemes.  Apart from the a llowances mentioned in Table IV.7, the Income Tax 
(in Aid of Industry) Act provides for capital allo wances where applicable , and the Customs Act, 
Value Added Tax Act, the Cor poration Tax Act and the Finan ce Act, 2004 provide for various 
concessions and allowances .18  The Income Tax (In Aid of Industry) Act provides capital allowances 
applicable to the calculation of the PPT for petroleum production businesses.  Import duty and VAT 
exemptions are also granted under the Customs Act and the VAT Act (Chapter III). 
58. The tax burden of the petroleum activities of th e energy sector has increased during the period 
under review.  The tax share of the whole sector rela tive to total value-added increased from 64% in 
1998 to 76% in 2003.  Government revenue from th e energy sector represented over 40% of total 
revenue in FY 2003, up from 31% in FY 2002.  A quarter of total government revenue in FY 2003 
stemmed from PPT and SPT receipts, up from 16% in FY 2002.  Royalties accounted for less than 6% 
of revenue. 
                                                      
16 Ministry of Energy and Energy Industries (2004). 
17 IMF (2005b). 
18 Ministry of Energy and Energy Industries, Industry Focus:  Legislation .  Available at:  http://www. 
energy.gov.tt/applicationloader.asp?app=articles&id=603. WT/TPR/S/151 Trade Policy Review 
Page 88 
 
 
Table IV.7 
Petroleum taxation in Trinidad and Tobago 
Tax category Content Deduction and allowance 
Royalty 12.5% of the value of all petroleum produced  
Petroleum Profits 
Tax 50% of taxable profits (i) 100% on the expenditure incurred on workovers, maintenance 
 or repair work on completed wells and qualifying side tracks; 
(ii) 100% on capital expenditure on a heavy oil project; (iii) 
 expenditure on a dry hole or a development dry hole with the 
 Minister's approval 
Supplemental Petroleum Tax 
(SPT) Sliding scale of tax rates based on oil prices, 
ranging from 0 for crude prices under 
US$13.01 a barrel, to a maximum of 38% 
(45% for offshore operations) for crude prices 
over US$49.50 a barrel 
SPT is computed on gross income from crude 
oil;  less allowances for royalty payments and 
various expenditures incurred in exploration 
and development activity 
 (i) 50% of geological and geophysical costs 
(ii) 100% of direct cost of drilling exploration wells 
(iii) royalty payment 
(iv) 100% of capital expenditure incurred in the drilling of wells 
 and the acquisition of plant a nd machinery for use in marine 
 thermal recovery schemes for heavy oil 
(v) 40% of direct intangible drilling cost and 40% of tangible 
 costs incurred in a development activity 
(vi) productivity allowance:  20% reduction in SPT  rate on  
 production over 90% of previous year's average 
(vii) small field allowance:  20% reduction in SPT rate for fields  producing is less than 200 bpd for each well 
Petroleum 
Production Levy 
(PPL) Up to 3% of gross income from crude oil; 
Provides the subsidy for petroleum products 
on the domestic market  
Petroleum Impost Rates based on petroleum produced in the 
previous year.  The impost is a payment to 
cover administrative costs of the MEEI.     
Unemployment 
Levy 5% of taxable profits (i) opera ting and administrative expense 
(ii) royalty 
(iii) petroleum production levy (iv) supplemental petroleum tax 
Green Fund Levy 2% of sales  
 
Source : Ministry of Energy and Energy Industries;  and TIDCO. 
59. Domestic petroleum product prices are subsidized by the proceeds of the Petroleum 
Production Levy.  The gross margin for certain pe troleum products is dete rmined by Ministerial 
Order.  The Petroleum Production Levy and Subs idy (Gross Margin) Order, 2003 fixed the gross 
margin for gasoline (except unleaded premium), ke rosene, and diesel, at TT$0.07 per litre for private 
companies, and at TT$0.12 per litre for state comp anies.  The margins for unleaded premium gasoline 
are TT$0.08 and TT$0.15 per litre, respectively.  Fo llowing the determination of these margins, the 
wholesale and retail prices are fixed.  The Pric e of Petroleum Products (Amendment) Order, 2003 
fixed prices for diesel, kerosene, and gasoline at ta x-inclusive retail prices ranging from TT$1.50 to 
TT$3.00 per litre (about US$0.24 to US$0.48 per litre). 
60. Natural gas pricing in Trinidad and T obago is a hybrid of different models.19  For LNG, the 
price is linked directly with gas prices in major consuming markets:  both the f.o.b. (sale) and 
producer (wellhead) prices of ALNG gas are determ ined by netback pricing based on prevailing 
prices in the United States and Europe (Spain).  Outside of LNG, i.e. in sales by NGC to the 
petrochemicals, power, heavy, and light industries,  producer (wellhead) prices are determined through 
arms-length negotiations with the producers.  Diffe rential pricing regimes prevail by end-use and by 
sector.  For the petrochemicals sector, NGC applie s a product-related pricing mechanism by which 
NGC shares the market price risks with the petr ochemical customers by allowing the gas feedstock 
price to fluctuate with commodity prices.  A product -related pricing formula links a reference price of 
                                                      
19 McGuire (2003). Trinidad and Tobago WT/TPR/S/151 
 Page 89 
 
 
gas to a reference gas-based-product price:  increas es or decreases of the price of gas are correlated to 
movement in the price of commodities (ammonia and methanol). 
(4) OTHER MANUFACTURING  
(i) Features 
61. The manufacturing sector, including food processing, but excluding petroleum-related 
activities, accounted for only 6.8% of GDP in 2003, down from 8% in 1999.  Most non-petroleum manufacturing consists of steel and cement, w ood products, paper, printing and publishing, and 
construction materials.  Despite the Government's efforts to diversify production, the non-petroleum 
manufacturing sector remains indirectly dependent  on the production of hydrocarbons.  An example 
of this is the iron and steel industry, an important user of natural gas. 
62. Both production and exports of iron and steel pr oducts increased considerably in the 1999-03 
period (Table IV.8).  Production of direct reduced  iron (DRI) almost doubled in this period;  more 
than half was exported.  Imports of iron and steel products face an average tariff of 4.6% in 2004;  the 
range is between 0 and 15%. 
63. The Caribbean ISPAT Limited iron and steel plan t, which is fully privately owned, has the 
capacity to produce 900,000 tonnes of direct reduced iron pellets, 700,000 tonnes of billets, and 
600,000 tonnes of wire rods per annum. 
64. Trinidad Cement Limited (TCL) is the sole pr oducer of cement in Trinidad and Tobago.  
Cement production increased from 688,400 tonn es to 765,600 tonnes in the 1999-03 period.  
However, exports of cement, mainly to CARICO M member states, declined from 341,600 tonnes to 
257,600 tonnes (Table IV.8).  In this respect, th e authorities note that TCL's purchase of Carib 
Cement Limited in Jamaica, was one  of the major reasons for the decline in exports of cement to 
CARICOM. 
Table IV.8 
Production and exports of steel products and cement, 1999-03 
('000 tonnes) 
 1999 2000 2001 2002 2003 
Production   
Steel products   
Direct reduced iron 1,293.0 1,524.8 2,187.4 2,316.3 2,275.0 
Billets 723.9 743. 8 668.3 816.9 896.0 
Wire rods 638.2 630.8 604.8 704.5 640.9 
Cement 688.4 742.7 696.8 743.7 765.6 
Exports   
Steel   
Direct reduced iron 521.7 677.2 1,364.2 1,377.1 1,268.3 
Billets 0.0 0.0 14.8 0.0 0.0 
Wire rods 588.8 590.4 561.0 655.1 635.3 
Cement 341.6 288.0 263.7 296.1 257.6 
 
Source :  Central Bank of Trinidad and Tobago. 
65. Potential imports of cement face a tariff of 15%.  However, the tariff for Portland cement 
(HS 2523.291) has been increased repeatedly by House of Representatives Orders during the period 
under review.  The last increase was to 60%, fo r the period 26 March 2003-31 December 2004.  WT/TPR/S/151 Trade Policy Review 
Page 90 
 
 
Two out of the four AD duty orders in place in Trinidad and Tobago are on Portland cement, from 
Indonesia and Thailand. 
(ii) Policy considerations 
66. In its Vision 2020, the Government has targeted  for development several light-manufacturing 
subsectors including food and beverages, printi ng and packaging, and fish processing.  The 
Government is also intent in fostering the de velopment of small and medium-sized enterprises. 
67. The 2004 average MFN tariff on imports of indus trial products (ISIC-2 definition) was 8.4%, 
with a peak of 60%.  The highest average tariffs are applied on food, beverages and tobacco, clothing 
and apparel articles, wood and w ood products, and other manufacturing articles.  There are signs of 
tariff escalation in all except one (food and beverages) manufacturing sector. 
68. A number of incentive schemes are available for manufacturers.  Section 56 of the Customs 
Act allows customs duty concessions on imports of m achinery, equipment, and materials for a wide 
range of approved non-petroleum (and petroleum)  manufacturing activities (Chapter III(2)(iv)(d)).  
The Fiscal Incentives Act grants tax relief from corporate tax and customs duties to approved enterprises for up to ten years (Chapter III(4)(iii)).  A number of free zones have been established to 
encourage the development of export-oriented manuf acturing (Chapter III(3)(iv)(b)).  Accelerated tax 
depreciation is granted in the form of an initial allowance (10% of capital expenditure for general 
manufacturing and 20% for petrochemicals) and an annual allowance (10% of capital expenditure). 
(5) E
LECTRICITY  
69. The primary source of electricity generated in Trinidad and Tobago is natural gas.  Under a 
contractual arrangement in place since 1995, be tween the Trinidad and Tobago Electricity 
Commission (T&TEC) and the National Gas Commission (NGC), the price of natural gas increases annually by 4% while conversion costs change annua lly in tandem with the U.S. Consumer Prices 
Index.  The authorities indicate that prices paid by  the T&TEC for the natural gas used are based on 
costs of production;  they are not publicly disclosed .  Around 9.8% of total natural gas utilization is 
for electricity generation, which increased from 4. 8 billion kilowatt hours (kWh) in 1997 to 6.7 billion 
kWh in 2004.  The demand for electri city was 6,321 billion kWh. in 2004. 
70. At the end of 2001, responsibility for the electricity sector was moved to the Ministry of 
Public Utilities and the Environment (MPU&E) from the Ministry of Energy and Energy Industries (MEEI).  The MPU&E is responsible for policy form ulation and planning.  The sector's regulator is 
the Regulated Industries Commission (RIC);  until 2001, regulation had been under the responsibility 
of the Public Utilities Commission (PUC).  The RIC is a statutory body established under the 
Regulated Industries Commission Act, No. 26 of 19 98, which started operating in June 2001 as the 
regulatory agency for utilities.  Its functions include  setting tariffs;  monitoring rates charged to ensure 
compliance;  making recommendations for the awar d of licences;  and monitoring and enforcing 
compliance with licence conditions.
20  The RIC has stronger regulatory powers than the former PUC, 
and part of its mandate is to en sure that good quality and efficien t utility services are provided at fair 
and reasonable costs in Trinidad and Tobago.21  In March 2004, the RIC, launched quality-of-service 
standards for electricity transmission and distribution services. 
                                                      
20 Trinidad and Tobago Electricity Commission online information.  Available at:  http://www.ttec. 
co.tt/elecservices/tariffs/default.htm. 
21 Regulated Industries Commission (2005), Profile .  Available at:  http://216.247.67.112/home/about/ 
default.html. Trinidad and Tobago WT/TPR/S/151 
 Page 91 
 
 
71. The Trinidad and Tobago Electricity Commission (T&TEC), which came into being by virtue 
of the Trinidad and Tobago Electricity Commission Ordinance No. 42 of 1945, is responsible for the 
transmission, distribution, and administration of electrical power to the national electrical grid.  
T&TEC is also responsible for ensuring that there is adequate generation capacity in the country.  
T&TEC is totally state owned and re gulated and is by law the sole retailer of electric power in the 
country.  T&TEC supplies electrical power to customers on both islands via a single interconnected grid.  T&TEC purchases bulk electrical power from independent generation companies, and is responsible for securing fuel supplies for them.  T&TEC has over 356,000 customers;  industrial 
customers, which include many petrochemical plan ts, account for approximately 65% of total sales.  
The value of T&TEC assets was estimated at US$210 million in early 2005;  estimated capital 
expenditure for the period 2005-09 is US$280 million.
22  T&TEC posted a deficit of TTS$236 million 
(US$37.5 million) in 2003.  Around  97% of the population has access to electricity.  To facilitate 
access for the remaining 3% there is a national rura l electrification programme funded by the EU, and 
a national social development progr amme funded by the Government. 
72. The generation of electricity is provided by two firms but one, the Power Generation 
Company of Trinidad and Tobago (PowerGen), h as over 80% of the market.  PowerGen, a joint 
venture between T&TEC and two foreign private co mpanies, operates three major power generation 
plants with a total generating capacity of 1,18 3 MW.  The second firm engaged in generation 
activities is Trinity Power Limited, a consortium of  U.S.-owned companies.  Trinity Power has one 
generating station with a capacity of 225 MW. 
73. A 2003 study shows that electricity rates in Tr inidad and Tobago are the lowest in Latin 
American and the Caribbean.23  All electricity charges are subject to a 15% VAT.  Electricity tariffs 
vary according to user:  they are currently set by the RIC, in accordance with  the Regulated Industries 
Commission Act, No. 26 of 1998.  All tariffs are subject to minimum bill requirements, which vary according to the user, and to a fuel ch arge (Table IV.9).  This charge is meant to partly cover the cost 
of fuel used in the production and delivery of electricity,
 over and above a base approved by the 
RIC.24  There is also an exchange ra te adjustment charge, which takes into account changes in the cost 
of foreign inputs resulting from movements in the va lue of the Trinidad and Tobago dollar relative to 
the U.S. dollar;  this charge is applied followi ng a formula.  The base rate reflects conversion, 
transmission, and distribution costs.  The author ities indicate that T&TEC recently approached the 
RIC to conduct a tariff review:  base rates for residential and commercial customers have not been 
modified since 1992;  those for industrial customers have not changed since 1998.  There are four 
industrial customer rates (Table IV.9). 
74. Usage fees for industrial customers are determ ined monthly in accordance with a calculated 
maximum demand, which is the av erage kVA load during the 15-minute period of greatest use during 
the month.  There is a minimum bill, which is equi valent to the reserve capacity charge, based on 75% 
of the capacity reserved by the RIC for the customer at his/her request. 
 
                                                      
22 Trinidad and Tobago Electricity Commission online information.  Available at:  http://www.ttec.co. 
tt/. 
23 Latin American Energy Organization (2003). 
24 The fuel charge is changed based on variations of the price of natural gas over a certain amount used.  
For every one cent change from the base price of 218. 9 cents in the average gross price per MMBTU (million 
BTUs, or British Thermal Units) of fuel used in a mont h, the fuel charge per kWh will increase or decrease by 
0.0154 cents. WT/TPR/S/151 Trade Policy Review 
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Table IV.9 
Summary of electricit y rates, January 2005 
(TT$) 
Class  Residential  Commercial  Industrial  Heavy industrial  
Tariff  A B D1 D2 D3 E 
Frequency of billing  Every 2 months Every 2 months Monthly Monthly Monthly Monthly 
Fixed charges        
Customer charge  4.00 20.00 n.a.  n.a. n.a. n.a. 
Usage charges        
1. Energy       
Base energy rate per kWh 0.150000 0.165000 0.167500 0.152000 0.069000 0.061400 
Fuel charge per kWh 0.048058 0.048058 0.048058 0.048058 0.048058 0.048058 
Exchange rate adjustment per kWh 0.022030 0.022030 0.022030 0.022030 0.022030 0.022030 
Total energy charge rate 0.220088 0.235088 0.237588 0.222088 0.139088 0.131488 
2. Demand       
Maximum demand charge kVA per month  n.a. n.a. 21.75 21.75 26.08 23.60 
Minimum bill  10.00 58.00 Equivalent to demand charge for 75% of 
customer's reserve capacitya 
 
n.a. Not applicable.  
 
a Industrial customers are required to specify the planned maxi mum demand of their plant in kVA (the reserve capacity) when 
 requesting a supply.  Note: Residential domestic rate "A" is applied to all domestic  and household electricity supplies for use by one family living in one 
 residence;  commercial rate "B" is applied to electricity supplied for purposes other than domestic in a single installation 
 supplied from one meter at lo w voltage;  industrial rate "D1"  is available for three-phase low voltage supply for all purposes, if 
 supplied and metered at one point;  industrial rate "D2"  is available for three-phase voltage supply for all purposes, if supplied 
 and metered at one point;  industrial rate "D3"  is available for three-phase high voltage supply for all purposes, if supplied and 
 metered at one point;  industrial rate "E"  is available for very large loads (over 25, 000 kVA) of three-phase high voltage supply 
 for all purposes, if supplied and metered at one point;  rates "D 3" and "E" are for heavy industrial use, and are destined mai nly 
 for some of Trinidad and Tobago's main petroleum-related industries. 
 
Source : Trinidad and Tobago Electricity Commission. 
(6) SERVICES  
(i) Overview 
75. The services sector accounted for 57% of GDP and some three quarters of total employment 
in 2004, excluding petroleum-related services.  Incl uding services provided to the petroleum industry, 
the service sector's share of GDP slightly exceeds 60%. 
76. In the Uruguay Round, Trinid ad and Tobago made sector-specific commitments with respect 
to 8 of the 12 sectors identified in the classifica tion prepared by the WTO Secretariat (Table AIV.1).25  
Most commitments are specific to certain sub sectors.  Trinidad and Tobago's GATS Schedule 
provides for horizontal market access limitations with respect to presence of natural persons.  One of 
these limitations, for example, is that the employme nt of a foreigner in excess of 30 days, including a 
CARICOM national, is subject to the obtention of a work permit granted on a case-by-case basis.26  
Also, foreign natural persons may be employed only as managers, executives, specialists, and experts.  
With respect to commercial presence, the acquisition of over 30% of the equity of publicly traded 
companies is subject to approval, as is the purcha se by foreigners of over five acres of land for 
commercial and one acre for residential purposes. 
                                                      
25 GATS/SC/86, 15 April 1994, GATS/SC/86/Suppl.1, 11 April 1997. 
26 GATS/SC/86, 15 April 1994. Trinidad and Tobago WT/TPR/S/151 
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77. Trinidad and Tobago listed exemptions to MFN treatment under maritime transport for cargo 
reservations under the UN Code of Conduct on Liner Conferences, and for all sectors for bilateral 
investment promotion and protection treaties, both for an unlimited period of time.27 
78. Trinidad and Tobago participated and unde rtook commitments in the WTO extended 
negotiations on telecommunications, but did not make commitments in the WTO negotiations on 
financial services and, as a result, the only financial services area in which it has made GATS commitments is reinsurance.  In June 2005, Trinid ad and Tobago submitted an initial services offer in 
the negotiations on services under th e Doha Development Agenda.
28 
79. Provisions for the liberalization of services with in the CARICOM are contained in Chapter 3 
of the Revised Treaty of Chaguaramas (Chapter II(4)(ii)(a)).  All members committed themselves to 
implementation by 31 December 2005, when all legi slative and administrative restrictions on the 
provision of services should be eliminated and servi ce providers from one me mber will be entitled to 
full market access and national treatment in the recei ving member state.  Trinidad and Tobago, along 
with Barbados and Jamaica, made commitments to fast track the implementation of the single market 
as of 1 January 2005;  the legislation to this effect Act No. 3 of 2005, was assented on 
17 February 2005, and proc laimed on 23 May 2005.29  Act No. 2 of 2005, removing restrictions, 
among other things, in services, was assented in Janua ry 2005.  Some of the bilateral agreements 
between CARICOM and other countries in the West ern Hemisphere contain provisions for the 
liberalization of services (Chapter II(4)(ii)(b)). 
(ii) Financial services 
80. Financial services, together with real estate and business services, accounted for 12.5% of 
GDP and some 7.7% of total employment in 2003.30  The financial system comprises commercial 
banks, non-banking financial institu tions, and insurance companies,  as well as the Trinidad and 
Tobago Stock Exchange (TTSE), the Unit Trust Co rporation (UTC), the Home Mortgage Bank 
(HMB), and the Deposit Insurance Corporation (DIC) (Table IV.10).  The financial system's total 
assets exceeded TT$100 billion in 2004 (US$16 billion).  Commercial banks account for almost half 
of these assets. 
81. Liberalization in the financial services sector, triggered by the removal of exchange rate 
controls in the early 1990s, was accompanied by e nhanced regulation and supervision, embodied in 
the Financial Institutions Act, 1993 (FIA), and by the move by the Central Bank to risk-based 
supervision.  Liberalization has also been accompan ied by an expansion of the capital markets and the 
establishment of supporting institutions such as the f our generically distinct institutions listed above.  
The widening of capital market activity includes th e development of retirement plans denominated in 
U.S. dollar, individual deferred annuity plans, a nd mutual funds, including offshore equity funds.  
There has also been some blurring of the distin ction between the activities of banks and non-banks. 
82. There are currently three different regulator y authorities for the financial system:  the 
Financial Institutions Supervision Department of the Central Bank,  the Commissioner of Co-operative 
Societies, and the Securities and Exchange Comm ission.  The authorities are aiming to create a 
regulatory framework to provide for a single regulatory authority.  The authorities took an important 
                                                      
27 WTO document GATS/SC/86, 15 April 1994. 
28 WTO document TN/S/O/TTO, 21 June 2005. 
29 Revised Treaty of Chaguaramas establishing the Caribbean Community including the CARICOM 
Single Market and Economy. 
30 Employment figures are for February 2004 and have been estimated from the Ministry of Finance 
(2005), Appendix 8. WT/TPR/S/151 Trade Policy Review 
Page 94 
 
 
step in this direction, in 2004, by extending th e Central Bank's supervisory jurisdiction to the 
insurance industry, to replace the Offi ce of the Supervisor of Insurance. 
Table IV.10 
The financial system in Trinidad and Tobago, 2004 
Institutions Number of institutions 
(branches) Total assetsa 
(TT$ million) 
Central Bank 1 22,605 
Commercial banks 6 (123) 48,058 
Financial companies and me rchant banks 10 (13) 12,218 
Trust and mortgage financial companies 
6 (10) 10,551 
Thrift institutions (building societies) 2 68 
Development banks 2 2,056 
Unit Trust Corporation 1 11,340c 
Credit unions 390b 2,388d 
National Insurance Board 1 12,010 
Insurance companies (life) 47 17,968 
Deposit insurance corporations 1 743 
Home mortgage banks 1 1,749 
Venture capital companies 2 n.a. 
Trinidad and Tobago Stock Exchange  1 35.1 
EXIMBANK 1 52.5 
 
n.a. Not applicable. 
 
a At 31 December 2004, unless otherwise indicated. b The last year available is 1999. 
c 2002 figures. 
d 2001 figures.  
Source:  Central Bank of Trinidad and Tobago;   and Ministry of Finance (2004), Reform of the Financial System of 
 Trinidad and Tobago.  
83. In 2002, the Government of Trinidad and Toba go identified the need to reform the domestic 
financial system as part of its objective of achievi ng developed country status by the year 2020.  A 
White Paper was prepared and subsequently laid in  Parliament in June 2004.  The White Paper sets 
out the policy framework and reform initiatives that  will be pursued in est ablishing Trinidad and 
Tobago as a Pan-Caribbean financial center (PCFC).31  The White Paper identifies some needed 
measures, such as:  updating the legislative framework to align regulatory standards for non-banking 
institutions to internationally accepted standard s;  implementing international standards for 
information disclosure and reporting throughout th e financial system;  and improving corporate 
governance and reporting standards. 
84. The White Paper also identifies the need to introduce competition policy legislation and to 
reform the taxation system as applicable to the fina ncial sector, which is currently causing distortions.  
For example, there is a 5% tax on bank savings products, while the surrender values of insurance 
policies are not taxed.  According to the Ministry of  Finance, this has led to a significant market in 
recent years in insurance products that are effectiv ely fixed deposits with little or no real insurance 
                                                      
31 Ministry of Finance (2004b). Trinidad and Tobago WT/TPR/S/151 
 Page 95 
 
 
element.32  The authorities note that measures have been taken since the release of the White Paper 
and that the 5% tax on bank savings has been eliminated starting with the tax year 2005. 
85. The White Paper recommends promoting further banking intermediation by reducing its cost, 
for example by lowering, in phases, the statutory cash reserve requirement for commercial banks, to 
bring it on par with that of the non-bank in stitutions.  Other policy recommendations include 
accelerating the movement towards a market-bas ed supervisory framework by strengthening 
corporate governance and risk management capabiliti es by benchmarking against international best 
practice, strengthening the consolidated superv ision of financial congl omerates, and enhancing 
surveillance of the financial system to provide early warning signals of potential distress. 
(a) Banking and related financial institutions 
86. At the end of 2004 there were six commercial banks with 120 branches operating in Trinidad 
and Tobago;  four of the banks are either wholly  or majority locally owned and two are wholly 
foreign owned.33  Commercial banks remain the single larg est group of financial institution in terms 
of assets, but they have lost ground to the rest of the financial system during the period under review.  
Collectively, the six commercial banks held assets of TT$48.1 billion (US$7.6 billion) in 2004, 
accounting for about 45% of the financial sector's total assets, down from about 50% in 1998.  The 
three largest institutions held almost two thirds of  the banking system's assets.  Total deposits grew 
from TT$16.4 billion in 1999 to TT$25.5 billion in 2004, of which three quarters are in domestic 
currency and one quarter in foreign currency. 
87. Trinidad and Tobago has not made any GATS commitments with resp ect to any banking 
institutions.  In this respect, the authorities note that, given the small size of its economy and its 
financial sector, Trinidad and Tobago decided to a dopt a gradual approach to making commitments in 
the financial sector under the GATS.  In light of th is approach, the authorities decided that the needs 
of the country could be best served by first maki ng a commitment in the reinsurance subsector.  
Moreover, the authorities consider that there are no substantial barriers to the entry of foreign 
financial institutions into the local fi nancial sector, including banking services. 
88. Although in practice there seem to be no major re strictions to market access, the solidly 
established presence of domestic banks creates hurdl es for new operators.  The authorities consider 
that foreign bank penetration has proven difficult  particularly because of the period of learning 
required, and the disadvantage of attracting cust omers from banks with already established brand 
names.34  While none of the commercial banks is lik ely to be large enough to exercise monopoly 
power, their relatively small number and lack of new entrants over many years may suggest a certain 
capacity for monopolistic pricing, as indicated by th e high spreads between lending and deposit rates 
(see below).35  With regard to this issue, the author ities consider that the commercial banking sector 
has become more competitive over the last few y ears, with the potential for monopolistic pricing 
continuously receding.  They also note that two new foreign commercial banks have entered the 
market:  the Inter-Commercial Bank in 1998, and the First Caribbean International Bank in 2004 
(licensed as a non-bank). 
89. No major change to the legislation governi ng banking has been introduced.  The main 
legislative framework governing the banking sector is the Financial Institutions Act, 1993 (FIA), 
                                                      
32 Ministry of Finance (2004b). 
33 The six commercial banks are:  Citibank (Trinida d and Tobago) Ltd;  First Citizens Bank Ltd;  
Intercommercial Bank Ltd;  Republic Bank Ltd;  RBTT Bank Ltd;  and Scotiabank Trinidad and Tobago Ltd. 
34 Ministry of Finance (2004b). 
35 International Monetary Fund (1997). WT/TPR/S/151 Trade Policy Review 
Page 96 
 
 
which also governs non-bank financia l institutions.  These institutions, as defined in the Act, comprise 
finance companies and merchant banks, and trust and mortgage financial companies.  Several non-
bank financial institutions have emerged, conducting business of a financial nature as licensed non-
financial institutions.  While commercial banks may engage in all types of financial activities, non-
bank financial institutions can ca rry out only the businesses specified in their licence.  Non-banking 
financial business activities are defined in the First Sc hedule to the FIA;  they comprise nine different 
categories of activities each linked to a type of licence.  These are:  confirming house or acceptance house;  finance house or company,  leasing corporation;   merchant bank;  mort gage institution;  trust 
company;  union trust;  credit card business;  and fi nancial services.  The Central Bank is the regulator 
and supervisor of banks and other FIA licensees. 
90. The Central Bank examines licence applications  for both commercial banks and non-bank 
financial institutions.  Under the Financial Institutions Act 1993, fo reign banks are required to be 
locally incorporated.  Foreign bank branches are not allowed, but branches established by subsidiaries 
are permitted to conduct the same range of services offered by the subsidiary.  The establishment by a 
licensee of a branch, a representative office or a s ubsidiary also requires prior approval of the 
Central Bank, as do changes in a non-bank financia l institution's activities.  Under the FIA, all 
financial institutions are required to have a mi nimum paid-up capital of TT$15 million to carry out 
financial business specified in the Act.  A licence to carry on business of a financial nature may contain conditions.  Licences are valid until they ar e revoked.  There is an annual fee of TT$50,000 
for banking licensees and of TT$20,000 for other institutions licensed to carry on business of a 
financial nature.  Licensees must pay to the Cent ral Bank an annual fee of TT$10,000 for each branch. 
91. The banking sector's prudential standards ar e specified in the Financial Institutions 
(Prudential Criteria) Regulations of 1994.  The re gulations set an 8% minimum capital adequacy ratio, 
with a recommendation of maintaining a ratio of 12% or more.  Effective 30 September 2000, the 
Central Bank implemented an additional minimum capital charge (reserve) of 10% on the net foreign currency exposure of all licensed financial institutions.
36  The purpose was to make capital provisions 
for the market risk embedded in this kind of operation. 
92. An FIA licensee may not grant unsecured credit facilities exceeding 5% of the sum of its 
capital base to a single customer;  the granting of sec ured credit facilities to any single client is limited 
to 25% of the capital base;  the limit is 32% in case of a borrower group.  The FIA also establishes 
minimum accounting standards as well as criteria for analysing loan performance, asset classification, 
interest on non-performing loans, treatment of foreign exchange losses, dividend payments, loan 
provisioning, and disclosure requirements.  The enforcement of these prudential standards is 
monitored by the Central Bank, which may issue ce ase and desist orders to licensees for conduct in 
breach of FIA provisions.  Licensees may appeal a Central Bank decision to the Tax Appeal Board. 
93. During the period under review, the Central Ba nk has pursued a policy of lowering reserve 
requirements for commercial banks (Chapter I(2)(iii)),  and of lowering interest rates (Chapter I and 
Table I.3).  Despite the decline in interest rates, hi gh interest rate spreads persist, although with steady 
reduction in the spreads within the commercial bank industry, from 9.43% at end 2002, to 7.23% in the fourth quarter of 2004.  The authorities note that  this decline resulted from the official policy of 
reducing the reserve requirements applicable to  commercial banks in an effort to reduce 
intermediation costs.  On the ot her hand, although still lower than  for commercial banks, spreads for 
non-banking institutions have been increasing, mostly due  to a faster decline in deposits than in loan 
rates. 
                                                     
 
36 Central Bank (2001). Trinidad and Tobago WT/TPR/S/151 
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94. Assets and deposits in the banking sector have gr own at an average annual rate of about 10% 
during the 1998-04 period.  The proportion of net loan s in the asset portfolio of banks has declined 
steadily, from 41.5% in 1999 to 36.6% in 2003.  Meanwhile, investments grew from 17.9% of total assets in 1999 to 20% in 2003.  The authorities note that, although banks have  been gradually moving 
away from interest-earning activities towards fee income  and investments, interest income remains the 
most significant source of operating income, accounting for 45% of the total, in 2003. 
95. Since the restructuring of three troubled banks in the mid 1990s, the banking system has been 
increasingly sound.  Financial indicators for the banki ng sector suggest that banks are relatively well 
capitalized, with a deposit liabilities/share capital a nd statutory reserves ratio above 11% in 2003.  
The total qualifying capital/total risk-adjusted assets ratio was 20.7%, well in excess of the statutory 
minimum requirement of 8%, and also meeting the additional 10% capital charge for foreign 
exchange rate risk introduced in 2000 (Table IV. 11).  Moreover, the risk component has fallen, as the 
share of non-performing loans has declined to 1.6% in 2003, from 4.5% in 2000.  Loan provisioning has been increasing and profitability and effici ency ratios have also reportedly increased.
37 
96. The authorities are in the process of revising a draft to update legisla tion on banking and other 
financial institutions (mid 2005).  The objective is to finalize these amendments in 2005.  The 
proposed legislation is expected to focus on e nhancing the Central Bank's supervisory powers. 
97. Non-bank financial institutions ha ve played an increasingly important role in the financial 
sector.  In 2004, there were ten finance houses a nd merchant banks, and six trust and mortgage 
finance companies.  Their total assets amounted to TT$16.8 billion (US$2.7 bi llion) in 2003, up from 
TT$7.9 billion in 1997.  The participation of non-ba nk financial institutions in credit allocation and 
deposit-taking has increased during the period under review:  in 2003, they granted 30.5% of gross 
loans, up from 26% in 1997, and managed 21% of the deposits in the banking system.  Non-bank 
financial institutions have trad itionally offered lower lending rat es and higher deposit rates than 
commercial banks, and thus smaller interest rate sp reads.  However, although spreads continued to be 
lower for non-bank financial institutions in 2003, lending rates were on average, higher than for 
commercial banks. 
Table IV.11 
Commercial bank performance indicators, 1999-03 
(Per cent at end of period) 
1999 2000 2001 2002 2003 
Assets quality ratios (%)    
Gross loans/gross assets 41.2 42.4 39.4 37.3 37.7 
Gross investments/gross assets 17.6 17.8 16.0 20.6 19.1 
Non-performing loans (past due over 3 months)/gross loans 4.6 4.5 3.1 3.5 1.6 
Loan loss provision/total gross loans 3.1 2.8 3.0 3.8 3.7 
Liquidity ratios (%)    
Liquid funds/deposit liabilitie s 29.7 25.2 31. 6 25.8 28.6 
Liquid funds/total gross assets 16.6 14.0 17.6 14.6 16.7 
Capital adequacy ratio    
Deposit liabilities/share capital and statutory reserves 
11.5 9.1 10.5 10.5 11.4 
Core capital/total risk-adjusted assets 15.6 17. 2 17.9 17.7 17.1 
Total qualifying capital/total risk-adjus ted assets 17.3 19.4 19.9 20.4 20.7 
 
Source:  Central Bank of Trinidad and Tobago . 
                                                      
37 Ministry of Finance (2004b), Table 2.4. WT/TPR/S/151 Trade Policy Review 
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(b) Insurance 
98. At the end of 2003, there were 46 companies re gistered to carry out insurance business in 
Trinidad and Tobago (43 in 1998):  15 were in the life insurance business, and 23 in the general 
insurance business;  8 companies were registered to write both life and non-life business and were 
thus considered composite companies.  The top ten insurers control about 93% of the industry's assets. 
99. Insurance companies carry out two broad categor ies of insurance:  long-term (life) and 
general insurance.  In 2003, long-term gross premiu ms accounted for 75% of total gross premiums.  
Currently, no company is writing reinsurance business.   The main insurance companies are organized 
in the Association of Trinidad and Tobago Insurance Companies (ATTIC).  A tax of 6% is levied on 
general insurance premiums;  however, no tax is a pplied on surrender values of insurance policies. 
100. At the end of 2003, the last year for which full data are available, gross premiums were 
valued at TT$5.39 billion (some US$855 million).  Of  this figure, TT$4.06 billion (US$645 million) 
corresponded to long-term insurance;  TT$422.3 milli on (US$67 million) to motor vehicle insurance;  
TT$554.7 million (US$88 million) to property in surance;  and TT$352 million (US$56 million) to 
other types of insurance.  The penetration rate (p remiums as a percentage of GDP), rose to 8.1% in 
2003, up from 6.6% in 2002 and 4.8% in 2000. 
101. The main statute governing the in surance sector is the Insuran ce Act, 1980.  It was amended 
most recently by Act No. 15, 2004 (The Insuranc e (Amendment) Act, 2004) to charge the Central 
Bank with the administration of the Act and the s upervision of the insurance industry.  Until then, 
insurance companies had been supervi sed by the Supervisor of Insuran ce at the Ministry of Finance.  
In December each year, the CBTT must furnish the Mi nister of Finance a report on the working of the 
Act during the year;  the report is submitted to Parliament. 
102. Under Act No. 15, 2004, the registration of in surance companies and intermediaries is the 
responsibility of the Central Bank, previously, the Supe rvisor of Insurance at the Ministry of Finance 
was responsible.  The principal criteria for approv al include minimum capital requirements, which 
remain at TT$3 million for life insurance and TT$1 million for non-life insurance, as well as 
assessment of insurance policies and financial hea lth in terms of solven cy (general insurance 
companies only).  There is no minimum paid-up cap ital requirement for foreign companies, but they 
are required to deposit TT$250,000 to carry out  long-term insurance business.  All insurance 
companies (including foreign-owned), must hold at least 80% of their investment assets locally and must maintain a statutory fund.  All insurers are requi red to arrange adequate re insurance.  In addition, 
life and motor insurers must maintain statutory funds to support policy-holders liability, and all 
general insurance business must maintain stat utory deposits.  The Central Bank assesses compliance 
with these statutory requirements. 
103. Neither the Insurance Act nor the Financial Institutions Act prohibit cross-ownership of 
financial institutions, but approval from the Centra l Bank is required.  A bank may not acquire any 
part of the share of an insurance company in ex cess of 100% of its own capital base, and shareholding 
must not exceed 25% of the bank's paid-up share capita l and statutory reserve.  In recent years, cross-
ownership in banking and insurance has been rising and, partly as a result of this, commercial banks 
and insurers are now offering products combining el ements of long-term sa vings and insurance.  
Common ownership of banks and insurance compani es has introduced the notion of "bancassurance" 
whereby commercial banks distribute life and pe nsion products.  Two institutions provide 
bancassurance services.  Also, insura nce companies tend to be part of larger holdings that encompass Trinidad and Tobago WT/TPR/S/151 
 Page 99 
 
 
a broad range of activities, including non-financial activities.38  In this respect, the authorities note that 
the interrelationships within these corporate structures present a signi ficant challenge for consolidated 
supervision and regulation.39  The authorities also consider that legislation in the insurance industry 
has not kept pace with changes in supervisory st andards, and that, in pa rticular, regulatory and 
supervisory systems are inadequate to address the cu rrent blurring of lines in the insurance industry 
with respect to the provision of services.40  Proposals to amend the legislation have been tabled in the 
White Paper for the reform of the financial sy stem prepared by the Ministry of Finance.41 
104. Foreign companies wishing to carry out insu rance business in Trinidad and Tobago, must 
incorporate locally or appoint a resident of Trinid ad and Tobago as the principal representative in the 
country.  This requirement does not apply to companies from other CARICOM countries.  In 
accordance with the Insuran ce Act, there are no restrictions on the purchase of insu rance abroad by 
local residents, and there is no obligation for trader s to buy freight insurance locally.  Under current 
law, there is no restriction on advertising and sale of insurance products by foreign-based insurance 
and reinsurance companies.  However, the author ities note that the Central Bank is proposing to 
amend the Insurance Act to include soliciting and sale of insurance products in Trinidad and Tobago 
as insurance business requiring persons to be licen sed.  Local brokers must be registered under 
Section 88 of the Insurance Act in order to  transact business in Trinidad and Tobago. 
105. Like most financial institutions, general insu rance companies are taxed on a corporation tax 
basis.  Life insurance companies, however, are ta xed at (a lower) 15% of their investment income, 
less investment-related expenses.  This treatment extends to income from pension plans and approved 
deferred annuities. 
106. In the Uruguay Round negotiations, Trinidad  and Tobago only bound commitments in the 
reinsurance sector.  As noted a bove, no domestic firm provides rein surance services in  Trinidad and 
Tobago. 
(c) Securities trading 
107. The Stock Exchange of Trinidad and Toba go was established under the Securities Industry 
Act of 1981.  At the end of 2003, there were 40 comp anies listed on the Exchange, with a total market 
capitalization of TT$67.98 billion (US$10.8 billion) (T able IV.12).  Market capitalization at the end 
of 2003 represented about 100% of GDP, compared w ith 65% in 1998.  Five of the listed companies 
are commercial banks, six are non-banking finance companies, five are conglomerates, ten are 
manufacturing companies, two are property companies, five are trading companies, two are mutual 
fund market companies, two are second-tier market  companies, and three are other types of 
company.42  Trading volume increased to 409.6 million shares, valued at TT$2.3 billion in 2003.  
Equities in the banking industry tend to be the most active in terms of volume and value, followed by conglomerates and the manufacturing sector. 
                                                     
 
38 See, for example COLFIRE online information.  Available at:  http://www.colfire.com/aboutus/ 
companydirectory/. 
39 Ministry of Finance (2004b). 
40 Ministry of Finance (2004b). 
41 Some of the proposed changes include: intro ducing risk-based capital adequacy requirements and 
increasing corporate governance;  en hancing prudential requirements;  im proving reporting standards and access 
to information;  and enhancing supervision within a more comprehensive legislative framework.  Ministry of 
Finance (2004b). 
42 Trinidad and Tobago Stock Exchange, Security Listing by Sector .  Available at:  http://www.stockex. 
co.tt/stockex/listings/securities.aspx. WT/TPR/S/151 Trade Policy Review 
Page 100 
 
 
108. The Securities Industry Act, 1995 governs secur ities trading in Trinidad and Tobago.  The 
Act stipulates the conditions for the issue and lis ting of securities on the stock exchange.  The Act 
established the Securities and Exchange Commission (SEC), an independent regulatory body, and 
vested it with the authority to ma intain surveillance over the securities market and ensure orderly, fair, 
and equitable dealings in securities.43  Issuers, underwriters, invest ment advisers, stockbrokers, and 
dealers, must register with the SEC, which regul ates their activities.  The SEC has quasi-judicial 
authority:  it has been granted investigative and dispute settlement powers to enforce rules and 
regulations and to monitor the solvency of market pl ayers.  It can recommend by-laws to the Minister.  
The SEC monitors activities in the primary and sec ondary markets, and has regulatory responsibility 
for the bond market;  the Central Bank and the SEC pr ovide joint supervision of mutual funds.  To 
perform its supervisory functions, the SEC has the authority to formulate principles for the guidance of the securities industry and to review, approve, and regulate take-overs, amalgamations, and all 
forms of business combination.
44 
Table IV.12 
Selected indicators of stock market activity, 1998-03 
End of period 1998 1999 2000 2001 2002 2003
No. of listed companies 26 28 28 30 30 32
No. of transactions 7,369 3,182 6,572 6,609  8,092 16,690
No. of shares traded (million) 102.7 92.1 82.1 122.2  96.4 409.6
Market value of shares traded (TT$ million) 1,113.9 735.2 891.3 1,044.9  1,057.2 2,303.2
Average daily No. of shares traded 680,693 493,396 285,439 836,853  647,409 2,786,561
Market capitalization (TT$  million) 24, 984.0 27,513.5 29,332.6 31,767.6  48,099.2 67,979.6
Composite index 436.3 417.5 441.5 434.2  545.6 694.1
Market capitalization/GDP (%) 65 64 57 57  81 100
 
Source : Central Bank of Trinidad and Tobago. 
109. The Stock Exchange regulates trading on the sec ondary market, as well as the activities of the 
Members of the Exchange, subject to the oversight of the SEC.45  The Stock Exchange is managed by 
an 11-member Board, which is responsible for setting policies, as well as for ensuring that the 
Exchange's member companies are financially and ope rationally able to fulfil their obligations.  The 
Trinidad and Tobago Central Depository (TTCD) is a company established by the Stock Exchange to 
enable investors buying and selling securities on the Exchange to settle such transactions through a 
computerized book entry system.  The TTCD receives securities for safekeeping. 
(d) Other financial services 
110. The pension industry comprises private and public pension funds of varying structures.  There 
are over 210 registered private occupational pensi on plans, with total assets estimated at some 
TT$20 billion at the end of 2003, of which over 80% ar e held by self-administered plans.  Some 85% 
of the investment portfolios of self-administered pe nsion plans are invested locally.  Private pension 
schemes consist mainly of private occupational pe nsion plans sold by insurance companies, and 
individual annuity-type products sold by insura nce companies, banks, and trust companies.  
Occupational pension plans and defe rred annuity products issued by life insurance companies have 
been regulated by the Central Bank since 2004;  prior to this, they were supervised by the Supervisor 
of Insurance at the Ministry of Finance. 
                                                      
43 Trinidad and Tobago Stock Exchange online information.  Available at:  http://stockex.co.tt. 
44 Trinidad and Tobago Securities and Exchange Commission online information.  Available at:  
http://www.ttsec.go v.tt/role.htm. 
45 Trinidad and Tobago Stock Exch ange online information.   Available at:   http://www.stockex.co.tt/ 
stockex/about/profile.aspx. Trinidad and Tobago WT/TPR/S/151 
 Page 101 
 
 
111. There are no particular restrictions on foreig n participation in private funds, except the 
registration requirement.  There are restrictions, ho wever, with respect to the range of investment 
opportunities for pension funds registered in Trinidad  and Tobago, in that a minimum of 80% of the 
pension fund assets must be invested domestically.  I nvestments are further restricted in large measure 
to equities, real estate, certificates of deposit, and mortgages, and are subject to stipulated limits 
imposed by the Insurance Act.  The limit on equity investment is set at a maximum of 50% of a fund's 
assets and 20% for real estate, with no single mort gage exceeding 10% of the fund value.  Also, 
investment in ordinary and pref erred shares is permitted only in Commonwealth and OECD countries;  
in other cases, Central Bank approval is required.   The authorities consider that these quantitative 
restrictions may have led to a significant concentr ation of pension fund investment in Trinidad and 
Tobago, and have limited the ability of pension funds to reduce local market risks through 
international diversification.46  The authorities note that, in early 2005, the Central Bank was 
reviewing the Insurance Act and considering the ph ase-out of the statutory fund and its replacement 
with risk-based capital requirements.  In additi on, Central Bank guidelines, advocating a prudential 
approach to investment and lending, were issued in May 2005.  Recognizing the need to modernize 
the pension industry, the Government has estab lished a Pension Reform Committee mandated to 
develop a detailed plan for reform of the pension system. 
112. Although there is no specific regulatory structure for mutual funds;  the regulatory framework 
currently in place is voluntary:  the Central Bank has issued guidelines on mutual funds established by institutions licensed under the FIA, but these are not en forceable by law.  Legislation to regulate the 
mutual funds industry is being prepared.  The Unit  Trust Corporation of Trinidad and Tobago Act, 
1981 (UTC Act) sets out a number of rules to govern the operations of the UTC, but contains no guidelines on prudential standards or supervisory procedures, nor does it appoint an appropriate 
regulator.  The UTC is exempt from corporation ta x, in accordance with the UTC Act, providing it 
with an advantage over its competitors.
47  The Government is considering the introduction of mutual 
funds legislation.  There were 50 mutual funds regi stered with the SEC at the end of 2004, managing 
over TT$25 billion in funds.  The UTC accounts for sli ghtly less than half of the market, and is the 
largest player. 
113. There are 143 credit unions registered, of which 100 were actively conducting business at the 
end of 2003:  assets were estimated to be in ex cess of TT$3.5 billion, with the eight largest credit 
unions accounting for 60%.  The Cooperative Development Division of the Ministry of Labour and 
Small and Micro Enterprise Development is the primary regulatory body, but some regulatory 
activities are also undertaken by the Credit Unio n Supervisory Unit (CUSU), in the Ministry of 
Finance.  A Credit Union Stabilizatio n Fund is in place to ensure th e security of shares and deposits.  
Credit union activity is governed by the Co-operativ es Society Act, Chapter 81:03.  Credit unions are 
exempt from corporate taxes. 
114. The majority of credit unions provide only two kinds of fina ncial service:  acceptance of 
savings, either in the form of shares or deposits;  a nd provision of loans.  Credit unions have played an 
important role in the mobilization of savings;  they  accounted for some 30% of total domestic savings 
in 2001, up from just 2% in the 1970s.  However, there have been asset quality problems in some 
institutions, due to delinquency rates estimated to be  as high as 20% in some instances;  this has been 
linked partly to the absence of a strong supervisory authority and to the fact that credit unions are not 
obliged to provide audited financial statements.  Moreover, most credit unions appear to have high 
                                                      
46 Ministry of Finance (2004b). 
47 Ministry of Finance (2004b). WT/TPR/S/151 Trade Policy Review 
Page 102 
 
 
operating costs:  the authorities estimate that expe nditure/income ratios are between 50% and 60% for 
most credit unions.48 
(iii) Telecommunications 
115. The telecommunications sector accounted for some 3% of GDP in 2003.  It has continued to 
develop during the period under review  and is in the process of liberalization;  the number of lines and 
services has increased and new legislation has been  passed.  The number of fixed lines in early 2005 
was estimated at some 330,000, up from 208,000 in  1997;  there were also some 630,000 cellular 
telephone customers, up from just  13,000 reported in Trinidad and Tobago's last Review, and some 
150,000 Internet users. 
116. The legislation governing the industry is the Telecommunications Act, 2001, as amended by 
the Telecommunications (Amendment) Act, 2004, and promulgated completely only on 30 June 2004.  
The Telecommunications Act repealed previous le gislation and started the liberalization of the 
industry.  The Ministry of Public Administra tion and Information is responsible for policy 
formulation and development of the sector.  The Telecommunications Authority of Trinidad and 
Tobago (TATT), established in 2002, but operational from July 2004, is by law the regulator;  prior to 
its establishment, the subsector was regulated by  the Regulated Industries Commission (RIC) and the 
Telecommunications Division. 
117. Policy on upgrading infrastructure and reduci ng rates and costs will be facilitated by the 
regulatory framework managed by TATT, and support ed by the development of a national broadband 
strategy.  This strategy is aimed at providing high-speed interconnectivity and access, and assisting 
the development of a dynamic information and comm unication technology (ICT) sector.  Trinidad and 
Tobago has benefited from a US$990,000 grant fro m the IADB for the modernization of its 
telecommunications subsector, including the implementation of a National Information and Communications Technology (NICT) Plan, prepar ation of telecommunica tions regulations, and 
institutional strengthening.
49  The NICT Plan was approved in  2003 and is being implemented.50 
118. Provision of switched local and international telecommunications services remains in the 
hands of an exclusive service provider.  The telecommunications system is operated by the 
Telecommunication Services of Trinidad a nd Tobago Limited (TSTT), 51% owned by the 
Government, and 49% by Cable and Wireless Ltd.  In 1989, TSTT was granted an exclusive license 
for 20 years to provide both local and interna tional telecommunication services.  However, the 
Telecommunications Act, 2001 is expected to facilitate the introduction of competition starting 
1 July 2005.  TSTT is still the sole provider of fixed-line and mobile telecommunication services in 
Trinidad and Tobago.  However, for mobile phone services, a bidding process for new licences has 
commenced, and five applications for the licences have been filed.51  The authorities note that, out of 
the five applications, two additional mobile se rvice providers were expected to be awarded 
concessions at the end of the bidding process, target ed for the end of the second quarter 2005, with 
service starting before the end of 2005.  In April 2005, TSTT was already facing competition in 
paging, trunked radio, and value- added services.  There are also seven Internet service providers. 
                                                      
48 Ministry of Finance (2004b). 
49 Prestige Business Publications (2004-05), Who's Who in Trinidad and Tobago Business.  
Telecommunications, Information Technology and Computers .  Available at:  http://www.whoswhotnt.com 
/industry.asp?iid=14. 
50 Ministry of Public Administrati on and Information NICT Plan.  Ava ilable at:  http://www.nict.gov.tt/ 
default.asp. 
51 Operating licences are called concessi ons under the Telecommunications Act. Trinidad and Tobago WT/TPR/S/151 
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119. Trinidad and Tobago participated and made an  offer in the WTO extended negotiations on 
telecommunication services, making commitments on all four modes of supply for voice telephony, 
packet- and circuit-switched data transmission, tele x and telegraph, private-leased circuit services for 
public use, and a number of other services (Table AIV.1).52  The authorities note that Trinidad and 
Tobago's commitments were incorporated into th e Telecommunications Act 2001.  Under Trinidad 
and Tobago's GATS commitments, commercial presence is reserved to an exclusive supplier until 
2010, after which there should be no limitations.  Also, for cross-border supply, bypass of the 
exclusive public operator's network is not perm itted until 2010.  Market access for Internet and 
Internet access services was left unconfirmed, subject  to negotiation with the exclusive provider.  For 
mobile services, commercial presence was bound without restrictions in the case of public use, but for 
non-public use, commercial presence was bound w ith a reservation for services provided through 
satellite network;  the reservation ended in 2000.  Trinidad and Tobago also adopted the Reference 
Paper on Telecommunication Services. 
120. The Telecommunications Act, 2001 (Act No. 4 of 2001), as amended by the 
Telecommunications (Amendment) Act, 2004 (Act No . 17 of 2004), is aimed at transforming the 
industry from a virtual monopoly in which TSTT is  the principal provider of telecommunications 
services, to a competitive environment.  The Act w as completely promulgated in 30 June 2004, when 
the TATT was operationalized, after being establis hed in 2002, and the Trinidad and Tobago 
Telephone Act was repealed.  However, the market  may only be completely liberalized as from 
1 July 2005, since the Telecommunications Act al lows for all rights and obligations under the 
Telephone Act, which include the exclusive licence to TSTT, to remain in force for one year after the 
entry into effect of the Telecommunications Act.  This period may be extended for an additional year 
if so determined by the Minister responsible for telecommunications, upon advice of the TATT, or 
until TSTT, is granted a concession, whichever is earlier. 
121. No regulations have been issued with resp ect to the implementation of the Act;  the 
authorities note that a comprehensive new regulat ory framework is being drafted (May 2005).  
Meanwhile, as per section 85 of the Telecommunica tions Act, the Wireless Telegraphy Ordinance, 
1936 regulations, remain in force. 
122. The TATT is mandated to create an environment for sustainable competition, investment 
opportunities, and orderly development in the telecomm unications and broadcasting sectors.  It is also 
responsible for planning, regul ating and managing the use of the radio frequency spectrum;  
promoting and protecting the interests of the c onsumer;  testing and certifying telecommunications 
equipment;  and promoting universal access to telecommunications services.53 
123. Operation of a public telecommunications network, or provision of a public 
telecommunications or broadcasting service, requires a concession by the TATT.  Use of the spectrum requires a licence.  Neither the Telecommunications Act nor the regulations in force set restrictions or 
conditions for the granting of a licence/concession, or limit their number   However, the new 
regulations may include some conditions.  No dis tinction is made between foreign and domestically 
owned service providers. 
124. Frequency bands may be licensed by auction, tender , at a fixed price, or on stated criteria.  
Applications for concessions or licenses are published in the Gazette  and open to public comments or 
objections.  Concessions and licences contain expiry da tes and are subject to annual fees.  The transfer 
of control of the concession requires prior written approval from the TATT.  The TATT may 
                                                     
 
52 WTO document GATS/SC/86/Suppl.1, 11 April 1997. 
53 Telecommunications Authority of Trinidad and Tobago online information.  Available at:  
http://www.tatt.or g.tt/role.htm. WT/TPR/S/151 Trade Policy Review 
Page 104 
 
 
determine that an operator or provider is dominant wher e, individually or jointly with others, it enjoys 
a position of economic strength affording it the po wer to behave independe ntly of competitors. 
125. Concessionaries must permit the resale of their telecommunications services and must provide 
and contribute to universal service.  The pub lic telecommunications services for which the 
requirement of universal service will apply are to be determined by the TATT,  through regulations to 
be developed;  and must include, at a minimum,  a quality public telephone service.  The funding of 
this universal service is also to be determined by the TATT, as well as the obligations, if any, of the 
providers and users of the service.  A policy with resp ect to universal service is yet to be defined:  in 
February 2005, the TATT invited proposals fo r the development of a Telecommunications 
Universality Policy, Strategy and Plan for Trinid ad and Tobago, from organizations with prior 
experience in conducting research and statistical su rveys relating to the telecommunications sector.  
The regulatory framework for interconnection a nd valued-added services is not yet in place. 
126. Under the Telecommunications Act, licences issu ed under the Wireless Telegraphy Ordinance 
and in force at the commencement of the Act (1 July  2004) remain in force in principle for one year 
but no more than two years thereafter, as the Mini ster with responsibility for telecommunications may 
determine, upon the advice and recommendation of the TATT. 
127. While TSTT remains the dominant supplier, its ta riffs will be subject to oversight by the 
TATT, once the necessary price regulations have be en approved.  Previously, prices were set under 
the Telephone (Amendment) Act No. 22, 1990, at a maximum rate of return of 15%, the RIC regulated prices between 2001 and 2004.  In April 2004, the RIC determined that between 1999 and 
2003, TSTT had obtained a rate of return cons istently above 15%, a nd advised TSTT to adopt 
measures to correct this.  The RIC also sugg ested that TSTT reduce its international tariffs.
54  As a 
result of the suggestions, TSTT seems to have in troduced some lower rate plans, including for 
international calls.55 
128. In accordance with the Telecommunications Act, 2001, prices for telecommunications 
services, except those regulated by the TATT, are to  be determined by providers in accordance with 
the principles of supply and demand in the market .  The TATT is authorized to establish price 
regulation regimes, which may include setting, reviewi ng, and approving prices, in cases where:  there 
is only one concessionary for a service, or where one concessionary has a dominant position in the 
relevant market;  a sole or dominant concessionary  operating a public telecommunications network or 
providing a public telecommunications service cross- subsidizes another telecommunications service;  
or the TATT detects anti-competitive pricing or acts of unfair competition.  The regulation of prices is 
to be done by publishing pricing rules and principles. 
129. For telecommunications services provided on an exclusive basis by a concessionary, the 
TATT will establish the maximum rate of return allo wed on the investment or prescribe the use of any 
other measures for determining the concessionaire's pr ofitability, as it deems appropriate;  this is in 
line with previous practice.  For any public teleco mmunications service in which there is competition, 
but a dominant provider, the TATT may regulate th e prices of the dominant provider by establishing 
price caps and floors, or by other methods. 
130. Prices of telecommunication services are high by international standards, especially for 
businesses.  As reflected in a study by the Ministry of Public Administration and Information, 
                                                      
54 Regulated Industries Commission, RIC Reviews Telephone Sector .  Available at:  http://www.ric. 
org.tt/home/news/telephone%20sector%20review.jpg. 
55 Telecommunications Services of Trinidad and Tobago Rates Plan .  Available at:  http://www.tstt. 
net.tt/index.cfm?p=http://www.t stt.net.tt/mobile/rates.cfm. Trinidad and Tobago WT/TPR/S/151 
 Page 105 
 
 
business telephone monthly subscription was US$28 in  2003, compared with US$16 in Jamaica and 
US$6 in Costa Rica.56 
(iv) Maritime transport and ports 
131. Maritime transport is of considerable importa nce for Trinidad and Tobago.  Its energy export 
sector is large, and its geographical location, just 15 km. off the coast of Venezuela, makes its ports 
convenient as container trans-shipment centres betw een North America/Europe and South America.  
The rapid growth in the trans-shipment business has reportedly benefited importers and exporters, 
since it has attracted larger vessels and more shippi ng lines, leading to lower unit costs of containers 
and freight rates, and helping to meet orders in a timely manner.57  Trinidad and Tobago's merchant 
marine is composed of 13 ships of 1,000 gross tonnes (gt) or over, with a total of 21,829 gt. 
132. There are three major sea ports in Trinidad a nd Tobago:  Port of Spain and Point Lisas in 
Trinidad, and Scarborough in Tobago.  The ports of Port of Spain and Scarborough are owned and 
administered by the Port Authority of Trinidad and Tobago (PATT), which is responsible for managing ports, and providing cargo-hand ling, towage, and inter-island ferry services.  Port of Spain, 
the country's largest port, handles all major dry car goes, containers and general cargo, break bulk 
cargo, liquid bulk cargo and passenger traffic, and in recent years it has increasingly become a major 
regional hub for trans-shipment.  The second largest port, Point Lisas, is managed by the Point Lisas 
Port Development Company (PLIPDECO), a Gove rnment-controlled company which also manages 
the Point Lisas Industrial Estate.
58  Point Lisas is a multi-purpose port.  It has specialized installations 
for loading industrial cargo.  These are owned by the National Energy Corporation of Trinidad and 
Tobago (NEC).  There is also infrastructure for th e handling of containers and general cargo, which 
are owned and operated by PLIPDECO.  Scarborough, is used mainly for inter-island passenger and 
cargo transport, and international cruise ships. 
133. Transportation policy formulation and implementation is the res ponsibility of the Ministry of 
Works and Transportation.  The Merchant Marine Industry Team, set up in 2004 under the Ministry 
of Trade and Industry, and comprising public and private sector representatives, is in charge of 
developing and implementing a strategic plan for th e long-term development of the merchant marine 
industry.  Port administration is the responsibilit y of the Port Authority of Trinidad and Tobago 
(PATT), a wholly-owned state enterprise est ablished by the Port Authority Act, 1961. 
134. Inter-island routes between Trinidad and Tobago  are operated by the PATT on behalf of the 
Government of Trinidad and Tobago.  Any other op erator would be required to obtain an operating 
permit in accordance with Part 3 of the Shippi ng (Passenger Ferry) Regulations 1994.  Vessels 
engaging in coastal trade between the islands of  Trinidad and Tobago are required to have a 
Certificate of Droghers on fulfilment of safety, envi ronmental, and financial responsibility guidelines. 
135. The Shipping Act, 1987 governs the registrati on and licensing of ships.  The Maritime 
Services Division in the Ministry of Works and Transportation administers and enforces all the 
provisions of the Act and other mar itime national legislation.  The Shipping Act imposes limitations 
on the registration of ships:  they must be owne d by nationals of Trinidad and Tobago or other 
CARICOM member States, or by foreigners engaged in bareboat charters or in joint venture shipping 
arrangements with Trinidad and Toba go nationals.  Domestic ship owners are not required to fly the 
                                                      
56 Ministry of Public Administration and Information (2003). 
57 Statement by the General Manager of the Shipping Association.  Available at:  http://www. 
whoswhotnt.com/industry.asp?iid=13. 
58 PLIPDECO is 51% owned by the Government and 49% by individuals. WT/TPR/S/151 Trade Policy Review 
Page 106 
 
 
national flag.  As at 31 December 2004, there were  145 ships on the Trinidad and Tobago register 
with a gross tonnage of 60,767 gt. 
136. The PATT exercises regulatory functions with respect to port activities.59  The Government is 
seeking to restructure the PATT and to commercialize operations.60  This is being done through the 
setting up of separate business units for each of th e services currently being provided by the PATT, 
with the aim of creating greater efficiency and accountability in the provision of these services. 
137. Authorization from the PATT is required to di scharge and load general cargo and to supply 
other port services at any port in the country, ot her than Point Lisas, where authorization from 
PLIPDECO is required.  The rates charged by the PATT for port services are set out in the regulations 
of the Port Authority Act Chapter 51:01 (Legal Notice No. 203- The Port Authority (Tariff) 
Regulations, 1994).  The authorities indicate that Tr inidad and Tobago has no restrictions on foreign 
suppliers of auxiliary port services. 
138. Trinidad and Tobago has been a member of the International Maritime Organization (IMO) 
since 1965 and has ratified a number of its conventi ons, dealing mainly with safety, security, and 
pollution issues.61  Trinidad and Tobago is a signatory to  the United Nations Code of Conduct on 
Liner Conferences Convention, which it ratified in 1 983.  The authorities note that there are currently 
no arrangements to set uniform rates because of th e legal framework under which the PATT operates;  
however, the new entities that will replace the PATT will operate in an environment that will allow 
for the establishment of uniform rates and other agreements.  Similarly there are no cargo-sharing 
agreements and no national shipping line. 
139. In 2004, Trinidad and Tobago implemented the new International Ship and Port Facility 
Security (ISPS) Code.  The Trinidad and Tobago Co ast Guard is the Designated Authority under the 
ISPS Code to ensure that port facilities comply with  its provisions.  The 29 port facilities identified by 
the Designated Authority as having complied with the Code were certified ISPS-compliant on 1 July 2004.  The Maritime Services Division of th e Ministry of Works and Transport is responsible 
for ensuring that ships comply with the Code. 
140. Trinidad and Tobago made a number of commitments on maritime transport services under 
the GATS, including:  no limitations on any of the four modes of supply regarding dry docking/ship 
repairs, boat building and ship management/freight  and transportation;  no limitations on navigation 
aid and communications/meteorological services (for maritime purposes);  and no limitations on commercial presence and presence of natural persons fo r ship surveys, subject to registration and 
certification requirements.
62 
(v) Civil aviation and airports 
141. There are two international airports in Trinidad  and Tobago, the Piarco International Airport 
in Trinidad and the Crown Point International Ai rport in Tobago;  both are owned and managed by 
the Government-controlled Airports Authority of Tr inidad and Tobago.  Passenger numbers per year 
through Trinidad and Tobago airports increased fro m 2 million in 1999 to over 3 million in 2004.  The 
Piarco International Airport has been upgraded an d modernized since Trinidad and Tobago's last 
Review, including the construction of a new terminal and facilities at an estimated cost of 
                                                      
59 Port Authority of Trinidad and Tobago online in formation.  Available at:  http://www.patnt.com/. 
60 Ministry of Finance (2005b). 
61 International Maritime Organization (undated). 
62 WTO document GATS/SC/86, 15 April 1994. Trinidad and Tobago WT/TPR/S/151 
 Page 107 
 
 
US$80 million.  Landing fees in Piarco are US$3.50 pe r 1,000 kgs. or part thereof;  in Crown Point 
there is a minimum fee of US$12 per landing. 
142. There are two domestic airlines, BWIA and Tobago Express.  BWIA was 51% privately 
owned but in July 2004 the Government regained cont rol of the company.  Like other airlines, BWIA 
was affected by the aftermath of the 11 Septembe r 2001 attacks, posting a loss of US$28.9 million in 
2002.  To aid the airline, the Government committed a loan of US$13 million, and BWIA 
implemented a restructuring plan to reduce costs, which led to the separation of over 20% of the work force, and the outsourcing of BWIA ramp and dut y-free operations, and part of its maintenance 
operations. 
143. The Ministry of Works and Transportation is ultimately responsible for policy formulation 
and implementation for air transport.  The Civ il Aviation Act, 2001 (Act No. 11 of 2001), which 
repealed the Colonial Civil Aviation (Application of  Act) Order, 1952, regulates all civil aviation 
activities and provides for the establishment of the Tr inidad and Tobago Civil Aviation Authority.  
The functions of the Authority include:  (a) regulat ing civil aviation operations in the Trinidad and 
Tobago territory, as well as the operation of maintenan ce organizations in respect of aircraft on the 
Trinidad and Tobago register;  (b) issuing, renewing, and amending civil aviation licences and 
collecting the respective fees;  and (c) providing a syst em of air traffic services.  The Authority is also 
responsible for aviation safety and security, and for ma intaining a national aircraft registry;  it is 
managed by a Board of eight members nominated by the President.
63  The authorities indicate that 
fees have been determined on a historical basis;  but that Trinidad and Tobago is in the process of 
developing fees based on cost recovery consider ations following international guidelines.  In 
accordance with Act No. 17, 2003, the Au thority is exempt from all taxes. 
144. Cabotage restrictions apply for non-CARI COM airlines, both for cargo and passenger 
transportation.  The activities of air operators are re gulated by the Civil Aviation (No. 3) Air Operator 
Certification and Administration Re gulations, 2004.  Regulations fo r the participation of foreign 
operators are contained in the Civil Aviation (No. 10) Foreign Operators Regulations, 2004.64  Air 
operators who do not hold an Air Operator Certificate issued by the Authority must obtain a Foreign 
Air Operator Operations Specification for which th e operator must provide a copy of a valid air 
operator certificate issued by a foreign authority, and must have presented an Air Operator Security 
Programme for approval, as mandated by the Civil Aviation (No. 8) Security Regulations, 2004.  
Operations specifications contain details of the pur pose of the issuance, the duration, and may have 
limitations attached to them. 
145. The award of tenders and contracts for the pur chase of goods and services by the Authority is 
regulated by the Authority's Tender Committee, in  accordance with the Civil Aviation (Tenders 
Committee) Rules, 2004.  The rules (Article 29) specify that contracts may not be awarded to non-residents, foreign companies or partnerships wit hout prior written approval from the Minister.  The 
authorities indicate that this is for monitoring purposes. 
146. Since 2001, the registration of aircraft, previously handled by the Civil Aviation Division 
within the Ministry of Works and Transport, has b een the responsibility of the Authority, which issues 
aircraft operating certificates.  Aircraft registered abroad and holding operating certificates need clearance from the Authority. 
                                                     
 
63 Civil Aviation Authority online information.   Available at:  http://www.caa.gov.tt/. 
64 Foreign operator is defined by the Regulations to mean an operator, not being a Trinidad and Tobago 
air operator, who engaged in commercial air transport operations within the airspace of Trinidad and Tobago.  
When the CSME is fully implemented, the definition of foreign will exclude other CARICOM nationals. WT/TPR/S/151 Trade Policy Review 
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147. Airports are regulated by the Airports Authority Act, Chapter 49:02, and the Civil Aviation 
(No. 12) Aerodrome Licensing Regulations, 2004.  All aerodromes, including airports, must obtain a 
licence to operate, and must be registered in th e Aerodrome Register;  licences are for one year.  
Licences may have conditions attached.  Applicants  must meet the safety and financial conditions 
spelled out in the Regulations;  there are no restric tions for foreigners.  Airports may only be built and 
owned by the Government and opera ted by the Airports Authority. 
148. Companies engaging in maintenance activities re quire an approved maintenance organization 
certificate, in accordance with the Civil Aviation (No. 6) Approved Maintenance Organization 
Regulations, 2004.  Air cargo handling services are in the hands of private sector companies, both 
foreign and domestic.  The main cargo handlers at Piarco International Airport are BWIA Cargo, 
Amerijet, and Piarco Air Services.  Airline facilities and repair services are open to foreigners;  following the restructuring of BWIA they are provided by outside operators, including foreign ones. 
149. The CARICOM Multilateral Air Services Agreement allows CARICOM-designated air 
carriers to offer all types of air services within the community.  The agreement also establishes 
guidelines on competition, fares, and security.  Trinidad and Tobago has bilateral air services 
agreements with 17 countries.
65  None of these is an open skies ag reement.  Additionally, Trinidad 
and Tobago has memoranda of understa nding with a number of countries. 
(vi) Tourism 
150. Although in percentage terms its direct contri bution to GDP remains small compared with 
other CARICOM countries, tourism is one of th e activities identified in the Vision 2020 as having 
considerable growth potential.  Tourism accounted  directly for 2.2% of GDP and 2.4% of total 
employment in 2003, while its indirect impact has been estimated at 10.4% of GDP, and 10% of employment for the same year.
66  The authorities note that travel and tourism accounted for 2.6% of 
total direct employment in 2004, whilst the indirect  impact was estimated at 10.8% of employment for 
the same year. 
151. Tourist arrivals increased from 334,037 in 1998, to 441,242 in 2004.  In 2003, about a third of 
total arrivals were from the United States, fo llowed by other Caribbean countries (25%), the 
United Kingdom (13.5%), and Canada (11.5%).  The number of arrivals declined moderately in 2001 
and remained stationary in 2002, following the 11 September 2001 events, before resuming growth in 
2003;  however, the number of cruise arrivals dec lined from 60,047 in 2002 to 55,532 in 2003, and to 
49,719 in 2004.  Total expenditure by touris ts reached TT$1.31 billion in 2003, down from 
TT$1.35 billion in 2002.  The number of rooms ava ilable increased from 3,971 in 1998, to 5,943 in 
2003;  3,415 of these are in Tobago.  Occupancy ra tes also increased, from 54.1% in 1998 to 70% in 
2003. 
152. Tourism policy formulation and implementation is  the ultimate responsibility of the Ministry 
of Tourism, as established in March 1994.  The Tourism and Industrial Development Company of 
Trinidad and Tobago (TIDCO) was responsible, until mid 2005, for the overall coordination and 
marketing of Trinidad and Tobago as an internationa l tourist destination, as well as the promotion of 
investment opportunities and private sector particip ation.  TIDCO was given these responsibilities by 
Act No. 4 of 1995, by which it absorbed the assets,  liabilities and responsibilities of the Industrial 
Development Corporation, the Export Developmen t Corporation, and the Tourism Development 
                                                      
65 Trinidad and Tobago has bilateral aviation ag reements with:  Aruba, Antigua and Barbuda, 
Barbados, Belgium, Canada, Cuba, Denmark, France, Jamai ca, the Netherlands, Poland, St. Lucia, St. Kitts and 
Nevis, Sweden, Switzerland, the Un ited Kingdom, the United States. 
66 TIDCO 2003,  Key Tourism Statistics 2003 . Trinidad and Tobago WT/TPR/S/151 
 Page 109 
 
 
Authority.  In 2005, tourism-based operations were removed from TIDCO and a separate Tourism 
Development Corporation (TDC) was established to handle tourism investment and marketing. 
153. The Tourism Development Act, 2000 (Act No. 9 of 2000) provides incentives for investment 
in the tourism sector.  The Act repealed the Ho tel Development Act, which provided incentives only 
for hotel activities, and extended investment incentiv es to a wide range of activities in the tourism 
industry (approved tourism projects).  The Act provides incentives for approved tourism projects, including:  (a) a tax exemption not exceeding seven years in respect of the gains or profits from the 
approved tourism project;  (b) a tax exemption in respect of the gains or profits derived from the 
initial sale of a villa or condominium or a site that is part of an integrated resort development which is 
an approved tourism project.  An approved touris m project may also be granted a carry-over of any 
loss arising out of the operation or renting of an approved tourism project and a tax exemption in respect of interest received on an approved loan used for an approved tourism project during the tax 
holiday period.  Beneficiaries may also apply for a licence to import vehicles required for the 
implementation of their approved projects at a pref erential customs duty rate of 10%.  The authorities 
note that the Act is being amended to extend its benefits as at April 2005. 
154. Customs and excise duty exemptions are also  granted, under Part 3 of the Tourism 
Development Act, on building materi als and articles of hotel equipment used in connection with a 
tourism project;  for domestic purchases, compani es may benefit from a drawback of customs duties 
or excise duties for building materials and articles of equipment that were not already duty free 
(the VAT is still payable).  To be eligible for th e incentives, any hotel project must have a minimum 
of ten guestrooms;  approval depends on the amount of capital invested, the financial risk assumed, 
the contribution made or likely to be made to the sustainable development of the tourism industry, and 
the achievement of national tourism objectives.  Tourism projects seeking to access benefits under the Act must be registered with TIDCO/TDC if the proj ect is in Trinidad, or with the Tobago House of 
Assembly if the project is in Tobago;  they are subject to annual inspection. 
155. Tourism incentives are open to Trinidad a nd Tobago other CARICOM nationals, and to 
foreigners except in the case of accommodation facilities under 21 rooms, transport services, and 
ground tour operations or destin ation management companies, for which incentives are reserved 
solely for nationals. 
156. Trinidad and Tobago made full commitmen ts under the GATS with respect to the 
construction of hotels and resorts, hotel manageme nt, and partial commitments for tour operators 
(Table AIV.1). 
 Trinidad and Tobago WT/TPR/S/151 
 Page 111 
 
 
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