T&T to sign trade agreement with the United Kingdom
“Local businesses will continue to benefit from the duty-free export of goods and the preferential treatment of services exports to the United Kingdom, one of Trinidad and Tobago’s long standing trading partners.” said the Minister of Trade and Industry Senator the Honourable Paula Gopee-Scoon as she announced the country’s intention to sign the Economic Partnership Agreement between CARIFORUM and the United Kingdom (CARIFORUM-UK EPA). According to Minister Gopee-Scoon, Cabinet approved the agreement and authorized its signature by His Excellency Orville London, High Commissioner of the Republic of Trinidad and Tobago to the United Kingdom of Great Britain and Northern Ireland.
The CARIFORUM-UK EPA provides continued access to the UK market when the UK exits the European Union. As it relates to imports, the UK EPA maintains the existing protection applied to sensitive sectors in Trinidad and Tobago and the CARIFORUM region. In this regard, customs duties in sectors such as agriculture and agri-processed goods, indigenous light manufacturing and services sectors for a number of CARIFORUM imports will be maintained. Duty free access to exports from CARIFORUM entering the UK will also be upheld.
Signature to this agreement will ensure continuity of trade with the United Kingdom and safeguard Trinidad and Tobago’s interests. During 2018, for the period January to October, Trinidad and Tobago recorded TT$ 560 million in exports to the United Kingdom. The country’s exports to the UK include methanol, liquefied natural gas, aromatic bitters, articles of iron and steel, aromatic bitters, rum, beer, cereals, curry and shandy.