Foreign used car dealers who do not comply with specific importation standards, could find themselves de-registered by the government.
Trade and Industry Minister Paul Gopee-Scoon made the statement during her Budget contribution in Parliament Tuesday.
She said “we are looking closely at those dealers who have not observed all of the terms of their dealerships and will be moving to de-register them. I will also listen to the New Car Dealers’ Association as we seek to implement quotas on the importation of new motor vehicles. At the end of it all, our decisions will be fair and transparent.”
She reiterated that $2.5 billion in valuable foreign exchange is used annually to import foreign-used cars, however, the importation of medicine is now a greater priority.
Gopee-Scoon said “During the period January-September 2020 alone, the value of purchases of US currency from the Central Bank by all authorised FX dealers in the financial sector was US$940 million.”
She said she also intends to meet with T&T Automotive Dealers Association president Visham Babwah to listen to concerns about goods already on the water.