The T&T Chamber is committed to working on trade barriers | Local company

The business community yesterday hailed the signing of a Memorandum of Understanding by the governments of Guyana and Trinidad and Tobago yesterday as a significant step forward for trade and investment relations between the two countries.

In a press release yesterday, the Trinidad and Tobago Chamber of Commerce and Industry said the memorandum of understanding, which covers agriculture, food security, energy, education, national security and tourism, comes at a critical time when the world is facing threats to global security. supply chains, extreme weather events and the rising cost of living.

“As a private sector organization that supports regional trade and investment, we recognize that one of the key issues that needs to be tackled is non-tariff barriers (NTBs). To that end, we welcome an assessment of identified non-tariff barriers and look forward to the results as we move towards achieving Caricom’s Single Market and Economy goals,” the statement read.

The chamber noted that it was also pleased that a high-level commission to oversee the implementation of the MoU will be established and will include representatives from the public and private sectors.

“The global trends that present challenges for the region are clear and we now have the opportunity to work together for the sustainability of Caricom economies. The T&T Chamber stands ready to support any initiative to make this a reality,” the chamber added.

Trinidad and Tobago Manufacturers Association (TTMA) President Tricia Coosal said the agreement cemented the existing trade relationship between the two countries.

Coosal said, “The TTMA endorses the collaboration between the two governments and commends the Heads of State for their foresight in signing the Memorandum of Understanding, which includes, among others, the areas of trade and investment, agriculture and food security, security, energy. and infrastructure.

“The Memorandum of Understanding will serve as a catalyst for the promotion of free trade within Caricom, while fostering the deepening of the CSME process, helping to solidify the principles of true integration within a group of countries, as envisioned by the authors of the CSME process, she underscored that the continued relationship between the two governments is promising as they seek to resolve trade barriers, which are known to hold back the development and progress of countries. .

“As an organization, TTMA shares a friendly working relationship with our counterpart, the Guyana Manufacturing and Services Association (GMSA), having welcomed its re-elected president during one of our webinars in April 2022. In fact, TTMA is in the process of finalizing our own memorandum of understanding with the GMSA, which will seek the mutual benefit of the manufacturing sectors of both countries with respect to trade,” Coosal explained.

She noted that bilateral and inter-ministerial collaboration was essential for policy coordination and execution.

“TTMA notes the collaboration between the Department of Trade and Industry and the Department of Foreign Affairs and Caricom. Their efforts cannot be underestimated in moving the bilateral relationship forward and would have played an important role in bringing about the signing of the MoU,” Coosal added.

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