ease of trading at the border. trinidad and tobago has a higher ranking of 75th in terms of ease of trading at the border. trade facilitation is, therefore, essential to reduce the cost and to compress the time required for trade across both countries ’ borders. bis central bankers ’ speeches another policy lesson is that trinidad and tobago can further enhance trade possibilities with india by leveraging its access to an enlarged market. trinidad and tobago has already established formal trade ties with the dominican republic, cuba, colombia, venezuela, and panama. trinidad and tobago is exploring a partial scope agreement with guatemala. in addition, the caricom region has a trade agreement granting it access to the markets of the european union, and is currently negotiating a caricom / canada trade and development agreement. through the use of joint ventures with trinidad and tobago firms, indian companies can use these trade agreements to establish a foothold in the markets of latin america and the caribbean. additionally given that india signed preferential trade agreements with mercosur ( brazil, argentina, uruguay and paraguay ) in 2004 and with chile in 2006, having a partnership with a trinidad and tobago company, which is physically closer to these markets, may allow for greater exploitation of the preferential tariffs afforded to goods of indian origin under these agreements. trade in services ladies and gentlemen, apart from international trade in merchandise goods, there also exists international trade in services, which i believe has greater potential opportunities for building economic bridges between trinidad and tobago and india. one potential market opportunity lies in cooperation with the indian film industry. as many of you know, india is the largest film producer in the world, with bollywood a major centre for hindi film production. bollywood produces roughly 1, 000 movies a year. hollywood only produces 500 and japan produces 400 movies a year. bollywood has been generating revenues at around 10 per cent a year. some 3 billion cinema tickets are sold in bollywood compared with 1. 5 billion in the united states. in an attempt to capture a more global audience, bollywood is beginning to collaborate with leading hollywood studios in areas from production to distribution to content protection. in 2007, warner bros made its bollywood debut with ramesh sippy entertainment. yash raj films ( yrf ), india premier studio, entered into an agreement in 2008 with walt disney, leaders in family entertainment, to exclusively create a series of original computer - animated films. in 2009, reliance big entertainment signed a deal worth us $ 1. 2 billion with steven spielberg ’

authority. while the bank readies itself to take on more regulatory responsibilities on the insurance side, south africa, through its current supervisor, the financial services board, is already a respected partner in the international association of insurance supervisors, having been one of the seven co - founders in 1994. financial regulatory standard - setting bodies such as the financial stability board and the basel committee on banking supervision have expanded their governance structures to be more representative and to reflect the globalised nature of the financial system. this includes considering the particular role of central banks as direct financial supervisory authorities, or where they act in an advisory role to their governments. as mentioned earlier, the bank is actively engaged in the activities of international financial standard - setting bodies as well as the activities of the g - 20 forum and the imf. to name but two examples, in 2009 the bank formally joined the membership of the basel committee on banking supervision and of the committee on payments and market infrastructures ( formerly known as the cpss : the committee on payment and settlement systems ). through national treasury, south africa has been a plenary member of the financial stability board since 2010, and in early 2015 was allocated a second seat along with five other emerging - market countries at the plenary table. the bank has assumed the position of an additional plenary member and, together with national treasury, can use this opportunity to influence the agenda to focus on issues that especially affect emerging markets. it should, however, be clear that even before the bank formally became a member of the above - mentioned bodies, it continuously followed and, where appropriate, aligned its own policies and procedures with the guidance and principles issued by these international standard - setting bodies. south africa ’ s membership of these international standard - setting bodies is accompanied with the requirement that we comply with the standards developed by these bodies. this compliance process includes annual imf article iv consultations, imf / world bank financial system stability assessments ( fssas ) and reports on observance of standards and codes ( roscs ), peer reviews by other g - 20 member countries on our framework for economic growth, financial stability board country peer reviews, and the basel committee on banking supervision process to determine the adoption of basel iii capital and liquidity bis central bankers ’ speeches standards for banks through the regulatory consistency assessment programme ( rcap ). the financial stability board released its review on south africa in 2013, the imf completed an fssa and three roscs in 2014, and the basel