Tobago, with a parliament of its own since 1980, was granted full self-government in 1987. Trinidad and Tobago participates actively in international organizations and has signed over 100 treaties. It is particularly active within the Caribbean Community and Common Market and the Organization of American States, advocating stronger political and economic co-operation within the region. The country's economy, historically based on sugar plantations, was transformed in the early 1970s when oil was discovered. Production has declined, and in the mid-1990s it was estimated that, at the present extraction rates, the proven reserves would last less than ten years.
Oil now comes chiefly from offshore fields.
A petrochemical industry is based on significant gas reserves which are calculated to last for 70 years. Oil and petrochemical products account for over 70 per cent of exports. Asphalt is also important. In the agricultural sector sugar, coffee, cocoa, citrus fruits and rubber are produced. With the worldwide recession, Trinidad and Tobago has recorded a reversed migration trend as disillusioned nationals return home, and there has recently been a surge in land deals for retirement homes on Tobago.