The T&T Chamber of Industry and Commerce and the Trinidad and Tobago Manufacturers’ Association were both full of praise following the signing of the Guyana – T&T Memorandum Of Understanding over the weekend
In a release the TTCIC said, “The recent signing of a Memorandum of Understanding by the Governments of Guyana and Trinidad and Tobago is a significant step forward for trade and investment relations between our two countries and CARICOM as a whole.”
The Chamber noted, the MOU, which is targeted at agriculture, food security, energy, education, national securityand tourism, “comes at a critical time when the world is facing threats to global supply chains, extreme weather events, security issues and rising costs of living.”
The chamber said however there were other issues of trade to be addressed to further bolster regional trade.
The release said, “As a private sector organization that supports regional trade and investment, we recognize that one of the major pain points that must be addressed is non-tariff barriers (NTBs). To this end, we welcome an assessment of identified NTBs and look forward to the findings as we move towards the realization of the objectives of the CARICOM Single Market and Economy.”
The release continued, “We are pleased that a high-level Commission to oversee the implementation of the MOU will be established and will include representatives of both the public and the private sector. The global trends that are presenting challenges to the region are clear and we now have an opportunity to work together for the sustainability of the CARICOM economies. The T&T Chamber stands ready to support any initiatives in making this a reality.” The TTMA said it welcomed this official signing, which the association said will assist in further solidifying existing trade relationships between both countries.TTMA President Coosal said, “The TTMA endorses the collaboration between the two Governments and commends the Heads of State on their foresight in the signing of the MOU, which includes inter alia, the areas of Trade and Investment, Agriculture and Food Security, Security, Energy and Infrastructure. The MOU will serve as a catalyst for the promotion of free trade within CARICOM, while at the same time promote the deepening of the CSME process, allowing the tenets of true integration among a group of countries to be solidified as was envisioned by the framers of the CSME process.”
She added, “TTMA believes the continued relationship between both Governments is promising as we seek to resolve trade barriers, which are known to curtail the development and progress of countries. As an organisation, TTMA shares an amicable working relationship with our counterpart, the Guyana Manufacturing and Services Association (GMSA), having hosted its re-elected President at one of our webinars in April, 2022. In fact, the TTMA is in the process of finalizing our own MOU with the GMSA, which will seek the mutual benefit of the manufacturing sectors of both countries as it relates to trade.”