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Trade Policy Review: Trinidad and Tobago 2012
“Trade Policy Reviews” analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat a report by the government and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening section - “key trade facts” - provides a visual overview of the WTO member’s major exports/imports main export destinations origins for its imports and other key data. This edition looks into the trade practices of Trinidad and Tobago.
Trade Policy Review: Trinidad and Tobago 2019
“Trade Policy Reviews” analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat a report by the government and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening section - “key trade facts” - provides a visual overview of the WTO member’s major exports/imports main export destinations origins for its imports and other key data. This edition looks into the trade practices of Trinidad and Tobago.
Concluding Remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr. Manuel A.J. Teehankee of the Philippines at the Trade Policy Review of Trinidad and Tobago, 22 and 24 May 2019
The fourth Trade Policy Review of Trinidad and Tobago has indeed offered us a better understanding of trade and economic developments in the country over the past seven years. I would like to thank the Trinidad and Tobago delegation led by H.E. Senator Paula Gopee-Scoon Minister of Trade and Industry for her constructive engagement throughout this Review. I would also like to thank the discussant H.E. Ambassador Michael Gaffey of Ireland for his insightful remarks and all the delegations that took the floor for their valuable contributions. The more than 200 questions submitted by 15 Members and the interventions by 23 delegations underline the importance attached by WTO Members to Trinidad and Tobago’s trade and investment policies and practices.
Report by the WTO Secretariat
Trinidad and Tobago is a high income developing country with a GDP per capita of over US$15500. It has the largest economy in the CARICOM group and with a population of about 1.3 million is the third most populous country. Trade is very important to the economy with the value of imports and exports of goods equivalent to about 78% of GDP.
Report by the WTO Secretariat
Since its previous Trade Policy Review in 2012 the economy of Trinidad and Tobago has undergone three years of recession due mainly to contractions in real economic activity in the energy sector (including oil and gas). During the period under review real GDP growth averaged around –1% annually. Against this background GDP per capita declined to around USD 16000 in 2017 compared with around USD 19000 in 2012. Government revenue which is highly reliant on the petroleum sector shrunk considerably mirrored by an increase in the fiscal deficit and the net public sector debt. Nevertheless during this period unemployment remained relatively static and inflation declined. The real effective exchange rate appreciated during the same period due mainly to higher domestic prices compared with those in the country’s main trading partners.
Report by Trinidad and Tobago
During the period under review (2005-11) Trinidad and Tobago’s economy experienced mixed fortunes as it was not immune to the contagion effects of the global economic crisis. However real GDP growth averaged 3.28 percent annually. Trinidad and Tobago also continues to be a preferred destination for FDI having attracted $US6.7 billion in investment during the period 2005-10. Additionally the country’s international credit rating is at investment grade.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Preface
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Concluding remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr. Eduardo Muñoz Gómez at the Trade Policy Review of Trinidad and Tobago 7 and 9 March 2012
The third Trade Policy Review of Trinidad and Tobago has given us a better understanding of trade and economic developments in the country over the past six years and helped us to measure the challenges it faces in further developing its economy. Our candid discussion has been greatly helped by the full and open participation of the Trinidad and Tobago delegation led by the Minister of Trade and Industry the Honourable Stephen Cadiz and by the insightful remarks made by the discussant H.E. Ambassador Fook Seng Kwok of Singapore as well as the questions and statements from numerous delegations and the replies from Trinidad and Tobago.
Report by Trinidad and Tobago
During the period under review (2012-2018) Trinidad and Tobago was led by two different administrations and hence two (2) different strategic approaches shaped and influenced macroeconomic policies and activities in the country. These differing approaches are embedded in the Medium Term Policy Framework 2011-2014 (MTPF) developed by the Peoples Partnership (PP) Government in 2011 and the National Development Strategy 2016-2030 (NDS) (hereafter referred to as Vision 2030) developed in 2016 by the currently ruling People’s National Movement (PNM) Government.