RADHICA DE SILVA
Trade Minister Paula Gopee-Scoon says research on the list of items imported from Russia, is now being compiled as the Russian war on Ukraine escalates to frightening proportions.
Gopee-Scoon is expected to release further information as the situation unfolds.
Meanwhile, Agriculture Minister Clarence Rambharat told Guardian Media that it was too early to assess the impact the war will have on T&T.
“Russia and Ukraine are significant players in the global market for wheat and corn,” he said.
He added, ” It is too early to say how T&T will be affected but it is something that is always on my radar and something the Minister of Trade and Industry and I discuss with our local importers.”
Research done by agricultural economist Omardath Maharaj says T&T has an important direct trade relationship with Russia.
He said T&T imported just about US$4 billion in mineral fuels and oils from the Russian Federation between 2011 and 2018; an annual average of about US $495 million.
He said this crashed in 2019, perhaps with the closure of the Petrotrin Refinery.
“Over the last 5 years (2016-2020), Russia supplied 2.36 per cent of China’s total imports across key sectors including food and energy. This trade accounted for 12.36 per cent of Russia’s total exports,” Maharaj added.