Trinidad and Tobago Trade Policy 2019 – 2023: Towards Sustainable Economic Growth and Diversification.

The Trinidad and Tobago Trade Policy outlines the Government's trade-related policies aiming at improving competitiveness, economic and export diversification, as well as, the country’s foreign exchange earning potential. The timeframe of this policy is 5 years covering the period between 2019 and 2023. The goals of this policy are: (I) an improved facilitative and enabling environment for international trade; (II) growth in the production and export of non-energy goods and services; (III) growth in the production and export of high value-added goods and services; (IV) growth in share of CARICOM trade, inclusive of trade in services; and (V) growth in market share within traditional and non-traditional markets.
Trinidad and Tobago’s participation in international trade will be increased to access export markets in order to improve the standard of living and quality of life of its citizens. Market access and penetration will be increased by entering into multilateral, regional, and bilateral agreements, as well as new and revised trade agreements. Export market penetration will be increased by growing existing market share, and exploring new markets and profit opportunities. The supply capacity and characteristics of the trade, business and Investment environment will be improved through augmentation of the country’s physical and human capital, with special reference to infrastructure development and improved access to utilities, education and training; technical and organisational upgrade of the standards architecture to improve product and process quality; upgraded local standards in compliance with international standards; and labour productivity growth. The policy environment will be upgraded, with specific regard to: credit and monetary policy; tariff and tax regimes; industrial, investment and ICT policies and infrastructure; investment and export promotion; protection of intellectual property; and effective and efficient disputes resolution.
This policy underlines the importance of agriculture and agro-processing, as well as, fish and fish processing in terms of export. The capacity in food and beverages manufacturing export sectors and in fish processing and agro-processing will be upgraded. Market access information will be provided to micro and small enterprises, and their export capacity will be strengthened. The transition to a more technology intensive primary production will be ensured to safeguard the country’s non-trade concerns of food security, rural development and ensuring the viability of rural communities. The cooperation with the private sector and development partners will be strengthened to facilitate and incentivize increased innovation and the use of productivity enhancing technology in agricultural production. Multi-disciplinary R&D and innovation will be fostered to create new (disease resistant and high-yielding) varieties/breeds, products and technologies in order to increase productivity and output in the sector. A comparative advantage-based incentives plan will be formulated for the country’s diversification efforts along the input and processing segments of the global value chain. The collaboration with international quality assurance bodies, such as International Food Standards, by the Trinidad and Tobago Bureau of Standards and other agencies will be increased. The private sector will be supported in its efforts to grow the agricultural sector and related exports. Social policies will be reformed to reduce labour market distortions. The productivity in the public sector will be increased. A clear link will be established between wages and productivity, and labour market will be developed to facilitate competitive trade.
Environmental sustainability within the framework of commitments under the Sustainable Development Goals will be achieved. The legal framework and institutional capacity will be strengthened to monitor the impact of trade on the environment and to motivate and enforce compliance with the requirements of environmental treaties and conventions. Green industries will be promoted for a low carbon and green growth to increase efficiency, productivity and competitive advantage and to ensure environmental protection and poverty alleviation. Green industries will mainly focus on green renewable energy, which provides a foundation and infrastructure to other sectors; the greening of traditional sectors such as agriculture and tourism; and the development of other ‘new’ green activities and services, including creative industries and niche agriculture such as higher value added cocoa production. The country’s energy portfolio will be diversified to increasingly include renewable energy. The private sector will be encouraged to expand and diversify production, generate employment and raise domestic incomes.
Gender, youth and persons with disabilities issues will be mainstreamed in trade development. Inclusive trade policies will developed to advance gender equality and women’s economic empowerment, which can have a positive effect on economic growth, resilience and poverty reduction. Measures will be taken against significant differences in the opportunities available to, and the challenges faced by, women and men seeking entrepreneurial opportunities in the formal economy.