RESTRICTED  WORLD TRADE  
ORGANIZATION  WT/TPR/G/151 
17 August 2005  
 
(05-3550) 
Trade Policy Review Body Original:  English 
   
 
  
 
TRADE POLICY REVIEW 
 
Report by 
 
TRINIDAD AND TOBAGO 
 
  
 
Pursuant to the Agreement Establishi ng the Trade Policy Review Mechanism 
(Annex 3 of the Marrakesh Agreement Establishing the World Trade 
Organization), the policy statement by  Trinidad and Tobago is attached. 
 
 
Note: This report is subject to restricted circ ulation and press embargo until the end of the first 
 session of the meeting of the Trade Policy Review Body on Trinidad and Tobago. Trinidad and Tobago WT/TPR/G/151 
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CONTENTS 
 
 
    Page 
I. INTRODUCTION 5 
II. MACROECONOMIC DEVELOPMENTS 5 
 (i) Economic Growth, Unemployment and Inflation 5 
 (ii) Fiscal Performance 6  (iii) Balance of Payments 7 
 (iv) Outlook  8 
III. TRINIDAD AND TOBAGO’S TRADE RELA TIONS WITH THE REST OF THE WORLD 8 
 (i) CARICOM Single Market and Economy 9 
 (ii) CARICOM Bilatera l Trade Agreements 9 
 (iii) Preferentia l Agreements 10 
 (iv) Free Trade Area of the Americas 10 
 (v) Association of Caribbean States 11 
 (vi) Multilateral Forum – World Trade Organization 11 
IV. SECTORAL DEVELOPMENTS 13 
 (i) Services Sector 13 
 (ii) Energy Sector 14 
 (iii) Agriculture Sector 14 
V. TRIPARTITE APPROACH TO TRADE POLICY 14 VI. PROMOTING A COMPETITIVE ECONOMY WITH GLOBAL REACH 14 
VII. CONCLUSION  15 
  
 Trinidad and Tobago WT/TPR/G/151 
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I. INTRODUCTION 
1. The Trinidad & Tobago economy experienced robust economic growth during the review 
period (1999-2004), accompanied by low levels of infl ation and falling unemployment.  Record levels 
of foreign direct investment inflows which bega n in the 1990’s were maintained, strengthening the 
nation’s overall balance of payments position.  Th ese favourable developments have greatly reduced 
domestic and external resource constraints. 
2. Trinidad & Tobago’s main focus in the last seven years has been one of consolidating the 
reform, liberalization and integration processes starte d in the 1990s.  Trinidad & Tobago's main trade 
policy objective is the positioning of Trinidad & Tobago as the manufacturing base, trans-shipment 
and financial hub of the Western Hemisphere.  Th is envisages the full exploitation of Trinidad & 
Tobago's location as the gateway to South America and its integration into the Latin American 
economy.  The Government has charted this ambitious  course in the confidence that it has attained the 
macroeconomic fundamentals to get there. 
II. MACROECONOMIC DEVELOPMENTS 
(i) Economic Growth, Unemployment and Inflation 
3. Trinidad & Tobago's economy has undergone a period of exceptionally strong economic 
growth since 1998.  Over the 1999-04 period, the annual average growth rate was approximately 
7.7%, (with real gross domestic product expanding by 43.6 percent during the period) in main part 
due to the strong performance of the energy sector.  This robust performance meant that the economy 
grew at twice the annual average growth rate (3.8%) of the global economy for the same period 
(Fig. 1).  The manufacturing and services sectors ac hieved steady growth, with annual growth rates 
averaging 6.4 per cent and 3.8 per cent, respectivel y.  Per capita income has increased substantially 
during the period under review, to over US$8,800 in 2004 from US$5,400 in 1999. 
 FIG. 1: Economic Growth 
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 
1999 2000 2001 2002 2003 % 
T&T Growth Global Growth WT/TPR/G/151 Trade Policy Review 
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4. As a result of the fast economic growth, the unemployment rate fell to 8.3% in 2004 from 
13.1% in 1999, the lowest level in the past twenty  years.  Labour productivity has risen at a rapid 
pace, above real wage growth, partly reflecting th e strong growth in capital-intensive industries.  
During the review period inflation has generally remained subdued between 3-5% with an annual 
average of 4% (Fig. 2). 
 
(ii) Fiscal Performance 
5. Trinidad & Tobago’s overall fiscal situation h as improved with fiscal balance being broadly 
maintained during the review period.  Current expe nditure has been kept under control, reflecting the 
Government's prudent fiscal management of the ec onomy.  The Central Government has been posting 
current account surpluses since Fiscal Year 1999- 2000.  One of the most significant fiscal 
developments in recent years was the creation in 2000 of a Stabilization Fund.  This Fund seeks to 
provide a cushion against any unexpected drop in pe troleum prices, and strengthen the public sector 
savings effort.  In terms of overall debt management , the public debt has been reduced to 51 percent 
of GDP in 2004 because of the reduction in central govern ment debt.  Within this level, external debt 
in 2004 stood at a very modest 12 percent of GDP;  which is a marked improvement from a level of 
23.3 percent in 1999.  In 2004, external debt ser vice accounted for a mere 5 percent of exports of 
goods and non-factor services (Fig. 3). 
 FIG.2: Inflation and Unemployment Rates  
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 
1999 2000 2001 2002 2003 2004 % 
Inflation Unemployment  Trinidad and Tobago WT/TPR/G/151 
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(iii) Balance of Payments 
6. During the review period, the balance of pa yments achieved phenomenal strength.  The 
current account surplus rose by over 13 percentage points of GDP, to 14.2% of GDP, between 1999 and 2004 reflecting higher petroleum prices and an in creased volume of natural gas exports.  Exports 
increased by approximately 127 percent between 1999 and 2004, reaching a record US$6.4 billion in 
2004 (Fig. 4). 
 
 
7. The economy also continued to be the recipient of  record levels of foreign direct investments 
(approximately US$700 million annua lly and close to US$1.0 billion in 2004) despite a decline of 
investment inflows in the Americas (Fig. 5).  As  a consequence of the strong balance of payments 
FIG. 4: Balance of Payments Performance (% of GDP)  
0 2 4 6 8 10 12 14 
1999  2000  2001 2002 2003 2004  
Overall BOP  Current Account Balance  FIG. 3: Fiscal Performance (% of GDP)  
-5.0 0.0 5.0 10.0  15.0  20.0  25.0  
1999  2000  2001 2002 2003 2004  
Fiscal Balance  Public Sector External Debt  WT/TPR/G/151 Trade Policy Review 
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position, the external reserves position of the coun try has strengthened cons iderably;  tripling from 
around US$945million in 1999 (3.1 months of import c over) to US$2.98 billion in 2004 (6.9 months 
of import cover).  The exchange rate has rema ined steady between 1998 and 2004, with the selling 
rate ranging between 6.23 and 6.29 over the period. 
 
(iv) Outlook 
8. Given the favourable prospects for the energy sector both in terms of increasing gas 
production and the further developmen t of the downstream energy sector, as well as the prospects for 
increasing crude oil production, the outlook for th e economy in 2005 and beyond is positive.  These 
factors should sustain the nation’s favourable econom ic outlook, with GDP growth of approximately 
6-7 percent, subdued inflation of 4-5 percent and a robust balance of payments (US$500-700 mn) in 
2005.  This performance is expected to continue even  after energy prices return to more normal levels 
in subsequent years. 
9. Government’s broader objective of diversifica tion and growth of the economy requires focus 
on the transformation, development and expansion of the non-oil sector with continuing emphasis on 
the manufacturing, services and agricultural sectors. 
III. TRINIDAD AND TOBAGO’S TRADE RELATIONS WITH THE REST OF THE 
 WORLD 
10. Trinidad & Tobago trade initiatives continue to be pursued in a context that recognizes both 
regional and bilateral trade agreements as compleme ntary to agreements at the multilateral forum.  
(See illustration at Figure 6) It is in this regard that Trinidad & Tobago has been an active member of 
the Caribbean Community (CARICOM) and has in creasingly sought expanded market access with 
third countries through the regional gr ouping.  It is felt that this pr ocess fosters the gradual integration 
of small economies into the multilateral system a nd provides breathing space for the development of 
small firms within such economies. 0 500 1000 1500 2000 2500 3000 
US$
Mn 
1999 2000 2001 2002 2003 2004FIG. 5: FDI and External Reserves  
FDI Inflows
Reserves  
(US$M ) Trinidad and Tobago WT/TPR/G/151 
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(i) CARICOM Single Market and Economy (CSME) 
11. Trinidad & Tobago continues to play an active role in the growth and development of the 
trading bloc of the CARICOM Region as it fully embraces the broad spectrum of disciplines related to the trade in goods and services.  In general, Trinidad  & Tobago’s participation in trading relations at 
the various trade fora has been influenced by  its membership in the CARICOM grouping in the 
context of the harmonization of positions.  Specifica lly, Trinidad & Tobago’s direct interests have 
been cantered on securing expande d market access for domestic exporters of goods and services, 
simplifying the rules which govern  such access to make it meaningful, increasing inflows of foreign 
direct investment, and overcoming supply side constraints. 
12. As a member of the Caribbean Community , Trinidad & Tobago has committed to the 
realization of the CARICOM Single Market and Economy (CSME).  The goal of this arrangement 
involves the removal of constraints and restrictions to permit the free movement of goods, services 
and capital throughout the Community.  The Single Mark et arrangement is scheduled to be fully in 
place by December 2005 which is the deadline for the removal of all restrictions and the establishment of the institutional and legal a rrangements and the Single Economy component by 
2008.  Trinidad & Tobago has in place the basic in frastructure for the Single Market Component of 
the CSME. 
(ii) CARICOM Bilateral Trade Agreements 
13. In the context of the external trade arrangeme nts, there have been bilateral agreements 
between CARICOM and such countries as the Do minican Republic, Cost a Rica, Venezuela, 
Colombia and Cuba.  The agreements with the Do minican Republic and Costa Rica are Free Trade 
Agreements with built in agendas towards the completion of outsta nding disciplines.  The agreement 
with Venezuela is currently a one-way preferen tial agreement, whilst the remaining reciprocal  
 WTO  
FTAA ACP/ 
EU ACS CSME 
2005  T&TBilaterals
CSME
 FIG. 6: Trade Initiatives with the Rest of the World WT/TPR/G/151 Trade Policy Review 
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agreements (with Colombia and Cuba) are currently  more limited in scope.  Trinidad & Tobago 
considers participation in these agreements to be a useful developmental step towards the effective 
and beneficial participation of domes tic firms in the multilateral system. 
(iii) Preferential Agreements 
14. During the review period, Trinidad & Tobago h as been involved in such preferential trading 
arrangements as the Cotonou Agreement, CARIBC AN and the Caribbean Basin Initiative (CBI). 
Cotonou 
15. Under the Cotonou Agreement signed between African, Caribbean and Pacific (ACP) 
countries and the European Union in 2000, the future trading relations have been altered.  At present, 
Trinidad & Tobago’s exports are afforded preferentia l access to the EU market.  This arrangement is 
expected to continue until the beginning of 2008  when new terms for Trinidad & Tobago’s exports 
will enter into force.  In keeping with the pr ovisions of the Cotonou Agreement, such terms are 
currently being negotiated under the CARIFORUM1-European Union EPA negotiations.  It is 
envisaged that an EPA with the EU will cr eate new trade opportunities, strengthen regional 
integration and improve trade capacity and competitiveness. 
CBI 
16. The Caribbean Basin Initiative (CBI) commenc ed in 1984 under the Caribbean Basin and 
Economic Recovery Act (CBERA) with amendments  through the Caribbean Basin Trade Partnership 
Act (CBTPA).  This agreement provides Trinidad & Tobago with preferential access to the market of 
the United States of America.  Benefits  under the CBTPA are available until 2008. 
CARIBCAN 
17. The CARIBCAN programme, which was introduced in 1986 covers trade, investment and 
industrial cooperation between Canada and the Co mmonwealth Caribbean countries.  This program 
affords Trinidad & Tobago’s exports pref erential access to the Canadian market. 
Generalized System of Preferences (GSP) and Global System of Trade Preferences (GSTP) 
18. Trinidad & Tobago has not been an ac tive participant in these arrangements. 
(iv) Free Trade Area of the Americas (FTAA) 
19. Trinidad & Tobago participates as a member of CARICOM in the negotiation of the Free 
Trade Area of the Americas (FTAA).  Trinidad & Tobago considers this propo sed agreement to be of 
importance in the context of maintaining market access within close proximity to domestic producers 
and as a mechanism towards addressing the increm ental erosion of preferences currently being 
experienced by domestic exporters. 
20. As a member of the CARICOM bloc, Trinidad  & Tobago has lobbied for due cognizance to 
be paid to the special circumstances of small eco nomies to facilitate the derivation of equity of 
benefits from the agreement in pursuit of their ow n national development.  Negotiations have been 
recessed at the level of the Trade Negotiating Committee since March 2004. 
                                                      
1 CARIFORUM covers the alliance between CARI COM countries and the Dominican Republic. Trinidad and Tobago WT/TPR/G/151 
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(v) Association of Caribbean States (ACS) 
21. Trinidad & Tobago has participated in the Asso ciation of Caribbean States (ACS), which is 
intended to enhance regional cooperation and integrati on in such areas as trade, transport and tourism.  
The ACS has facilitated the harmonization of comm on positions for wider trade agreements with 
particular reference to smaller economies.  Trinidad  & Tobago continues to participate in the various 
ACS forums with a view to enhancing re gional cooperation in the areas identified. 
(vi) Multilateral Forum (World Trade Organization) 
22. Trinidad & Tobago is an active member of the WTO as it considers multilateralism to be 
pivotal to the formulation of trade policy for Trinidad & Tobago and for the CARICOM region as a 
whole.  In this regard, we view the developments in the multilateral trading system with a great deal 
of optimism, providing support for the advancement of  the work contained in the July Package and 
committed to contribute towards the successful conc lusion of the Round, which it is hoped will truly 
benefit the aspirations of small developing countries. 
Doha Development Agenda (DDA) Positions 
23. Trinidad & Tobago continues to participate in the discussions in Agriculture, Non Agriculture 
Market Access (NAMA), Trade in Services, Trad e Facilitation and Implementation Issues.  In 
addition, Trinidad & Tobago continues to demons trate its willingness to contribute to the Doha 
Development Round in a meaningful way, and contends  that, there must of necessity, be a balanced 
approach that keeps “development” of the WTO Memb ership as the centrepiece of the negotiations.  
Concomitant with this goal, Trinidad & Tobago supports a delicate balance of the interests and 
concerns of different Members along the different  tracks and elements inherent in the Modalities 
Framework.  Trinidad & Tobago’s position has been  to ensure that any reform in the areas of 
agriculture, non-agricultural market access, services and trade facilitation contributes to the growth 
and development of all Members in  general, and the forging of a development path for a broad 
spectrum of small developing Members in particular. 
24. Given Trinidad & Tobago’s developmental con cerns, the principal strategies for the WTO 
negotiations is the removal of tari ffs and other barriers (regulatory, administrative and otherwise) to 
the trade in both goods and services.  In particular , the strategic approach includes the adoption of 
positions that are supportive of the following: 
Market Access (Agriculture and Non Agricultural Products)  — With respect to Market Access, 
the principal strategy for WTO negotiations involves: 
(a) Securing a favourable outcome thus ensuring some flexibility or policy space to 
  advance our economic developmen t and industrialization policies; 
(b) Acquisition of rights and privileges to compensate for the small size of the  
  domestic market which does not a llow for economies of scale and scope; 
(c) Facilitation of the expansion of existi ng and potential exports into new markets  
  including the growth, development, inv estment and expansion of indigenous firms; 
(d) Securing substantial reduction of tariffs and non-tariff barriers to trade in goods in 
  developed country markets; 
(e) Application of the negoti ating principles in a manner that takes into account the 
differences in size, vulnerability and leve ls of development that exists amongst WT/TPR/G/151 Trade Policy Review 
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countries.  In this regard, a continuum is d esirable rather than a “one size fits all” 
approach when dealing with the application of the provision of Special and Differential Treatment to developing countries; 
(f) Allowance of a longer period for the reducti on of tariffs for small and vulnerable  
  economies, in keeping with our position that special and differential treatment  
  must be granted to such economies; 
(g) Minimization of erosion of preferentia l margins held by small and vulnerable  
  economies;  and 
(h) Continued and enhanced levels of tran sparency in order to allow the clear  
  determination of outcome of tariff oblig ations, as well as, benefits accruing to our 
  major trading partners. 
Services — With respect to Trade in Services, the stra tegy of the Government of Trinidad & Tobago 
includes: 
 (a) Participation in the process of progressive liberalization of services sectors in the  
  multilateral trading system; 
 (b) Participation in activities that will resu lt in the enhanced clarity and transparency 
  of rules; 
 (c) Ensuring that small and vulnerable deve loping countries are able to participate  
  effectively in the services trade and that th ere is equity in the benefits that arise  
  from the negotiating process; 
 (d) In keeping with our obligations under the WTO/GATS agreement, Trinidad & 
Tobago submitted its initial offer in services (TN/S/O/TTO dated 21st June 2005) to 
the WTO.  This offer represents a commitment by the Government to the WTO and to the Services negotiations.  The in itial offer in services has undergone a 
comprehensive review to ensure that it provi des scope and flexibility in keeping with 
the developmental objectives of the sector.  The Government views the initial offer, 
within the context of Article XIX of the GATS, as a reasonable and generous commitment to the furtherance of the goal of achieving progressively higher levels of liberalization.  Moreover as a small and vulnerable economy in pursuit of 
development, this initial offer reflects a commitment to engage in meaningful 
discussion on the reduction and elimination of adverse effects on trade in services in the multilateral system;  and 
(e) Trinidad & Tobago’s initial offer focuse s on the sectoral areas of Business Services, 
Communication Services, Tourism and Travel Related Services, and Transport 
Services.  In the area of Professional Servi ces, in particular, Trinidad & Tobago has 
made initial offers that further build on  its current GATS commitments.  The initial 
offer among other initiatives will allow Trinidad & Tobago to pursue the path to sustainable development and the achieve ment of its developmental goals and 
objectives. 
Trade Facilitation  — With respect to the Negotiations on Trade Facilitation: 
(a) Trinidad & Tobago supports the modalities contained in Annex D of the Decision 
adopted by the General Council on August 1,  2004.  The Scope of the mandate, to Trinidad and Tobago WT/TPR/G/151 
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clarify and improve relevant aspects of the GATT Articles V, VIII, and X with a view 
to expedite the movement, release and clearance of goods, will lead to increased 
transparency and the efficient and timely clearance of goods.  Government recognizes that modernization of customs operations will certainly reduce transaction costs and 
yield benefits to the economy and that the costs associated with infrastructure 
development can be substantial;  and 
(b) Accordingly, in support of the principl e of Special and Diffe rential Treatment, we 
advocate the provision of Technical Assi stance and capacity building to enable 
developing countries to participate effectively in these negotiations. 
IV. SECTORAL DEVELOPMENTS 
25. Sectoral developments have been influen ced over the review period by energy related 
activities.  Such products as petrochemicals, iron and steel, cement, wood products, paper and printing 
has had a significant impact.  The developments in  these sectors represent a span of activities, which 
builds on the strengths of the energy sector to m ove Trinidad & Tobago’s economy from a resource-
based economy to one that is knowledge-based. 
(i) Services Sector 
26. In a broad sense, the services sector has th e largest share of GDP and employment.  
Government recognizes the importance of the servi ces infrastructure to growth and is accordingly 
paying particular attention to such core sectors as energy, finance and transport.  A holistic Services 
Policy together with other national policy document s will chart the future course of the services 
sector. 
27. The Policy will be the result of an in-depth c onsultative exercise, inclusive of a statistical 
survey of the sector, which will pr ovide a roadmap for the developmen t of the Services Sector, within 
the overall context of achieving Vision 2020.  A key element of the Policy will be the expansion of 
market access for services and it w ill also address critical national development needs of the sector. 
28. The specific objectives of the Policy include:  the determination of services-related goals, 
targets and priorities of the economy;  offering some measure of predictability to investors of the 
national services environment;  defining the role of the public and private sectors in services activities, and identifying a mechanism for the mean ingful participation of private enterprise;  
providing policy direction in the external negotiatio n of trade in services;  and providing a basis for 
legislative and institutional interventions. 
Telecommunications 
29. Government has put in place a Telecommunications Authority to regulate the 
telecommunications sector.  The programme for the lib eralization of the sector includes:  competition 
to ensure a healthy, fair and competitive enviro nment is sustained;  development of frameworks, 
plans, programmes and projects to ensure the achie vement of the social and economic objectives of 
liberalization such as universal service, affordab le and competitive prices and the availability of 
multiple service providers in the various markets. 
Financial Sector 
30. Government is engaged in a process towards Fina ncial Sector Reform.  A key aspect being to 
make Trinidad & Tobago the Pan-Caribbean Financia l Centre (PCFC) of the Region.  The PCFC will 
comprise of a well-diversified range of multifaceted and flexible financial institutions, which provide WT/TPR/G/151 Trade Policy Review 
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rapid real-time delivery of the entire spectrum of financial instruments and services, which are well 
integrated with the rest of the world.  The PC FC will be globally competitive, highly responsive, 
market driven and well supervised. 
(ii) Energy Sector 
31. Key aspects of the operations of the energy sector include;  proven oil and gas reserves, large 
natural deposits of asphalt and me thanol production.  The presence of large international companies 
and their affiliates in activities directly related to the energy sector in addition to the wide range of 
private sector companies in this sector and downstr eam operations bear testimony to the continued 
openness of the Trinidad & Tobago Economy. 
(iii) Agriculture Sector 
32. Over the review period, government has sought to address the level of institutional efficiency 
in the agricultural sector.  A majo r initiative has been the restructuring of the state owned sugar 
company CARONI 1975 Limited.  The resultant bene fits from this action include the reduction of 
losses associated with public finances and rationaliza tion of the use of available agricultural lands. 
V. TRIPARTITE APPROACH TO TRADE POLICY 
33. The Ministry of Trade and Industry has the principal responsibility for formulating Trade 
Policy and negotiating and implementing trade agre ements.  However, it does not execute these 
functions in isolation, but with the active par ticipation from all sections of civil society. 
34. This institutional structure allows for the partic ipation of elements of civil society in the 
policy making as well as the negotiations of trade agre ements.  This is done via the Cabinet appointed 
Technical Coordinating Committee which is s upported by Sub-Committees on agriculture, non-
agriculture market access, servi ces, investment and government procurement.  The Sub-Committees 
provide advice to the TCC on the specific subject areas.  A Standing Advisory Committee on Trade and Trade-Related Matters also provi de advice to the Minister of Trad e and Industry.  Members of the 
Committee are drawn from major private sector entiti es and other areas of civil society such as 
academia and the labour movement. 
35. In addition, Government is working with the pr ivate sector to facilitate the establishment of a 
Trinidad & Tobago Coalition of Service Industries.  The coming on stream of this entity will ensure 
that the private sector’s interest in the services s ector is coordinated on services trade related issues.  
The Coalition seeks to prepare stakeholders for th e challenges and opportunities arising from services 
trade liberalization.  It will also be a partner with the public sector in the development of the Region’s 
Services Sector. 
VI. PROMOTING A COMPETITIVE ECONOMY WITH GLOBAL REACH 
Diversification for sustainable growth 
36. The energy sector continues to be the engine of economic growth.  Improving the 
competitiveness of non-oil exports is envisaged as a necessary condition for reducing the dependence 
of Trinidad & Tobago on energy in driving econom ic development.  The Government has therefore 
been focusing on facilitating enterprise development through among other things, the development of 
institutional, financial and regulat ory frameworks.  The establishmen t of an Industrial and Technology 
Park at Wallerfield and the commissioning of the University of Trinidad & Tobago are integral 
elements for the sustainable development of the country. Trinidad and Tobago WT/TPR/G/151 
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Technical Assistance and Support 
37. Trinidad & Tobago considers structured technical  assistance to be a critical element in the 
development of the capacity needed to effectivel y participate in the increasingly burdensome demands 
of the multilateral trading system.  The main areas of focus include:  enhancement of the domestic 
(human and other) resource capacity and capability to  be responsive to an accelerating and flexible 
negotiating process.  The concept of technical assist ance and support is interpreted to extend to easing 
of supply-side capacity constraints in order to capitalize on improved market access conditions. 
VII. CONCLUSION 
38. The Government of Trinidad & Tobago is co mmitted to a trade regime that is open, 
sustainable and aligned to the principles and objectives of the WTO.  Trinidad & Tobago will 
continue to promote the establishment of a rules-ba sed multilateral trading system that is transparent, 
fair and takes into account the special ne eds of small and vulnerable economies. 
39. In this regard, our future course of acti on will focus, therefore, on the following: 
(i) Participation towards the culmination of the CARICOM Single Market and  
  Economy; 
(ii) Active involvement in the WTO nego tiations, namely the Doha Round and July 
Package, with the goal of ensuring that sm all and vulnerable countries can participate 
effectively in international trade; 
(iii) Restructuring of the Services and Manufacturing Sectors to mitigate the impact of 
shocks resulting from the alteration of trad itional preferential trading arrangements;  
and 
(iv) Pursuing bilateral arrangements to faci litate the insertion of the domestic economy 
into the global economy. 
40. The Government will continue its diversification thrust to ensure the sustainable development 
of Trinidad & Tobago.  Therefore, Governme nt will pursue initiatives aimed at enhancing the 
business climate, and improving the economic perfo rmance of the Non-Energy Sector, so as to 
capitalise on expanded market access opportunities. 
__________