Trinidad and Tobago’s private sector will see improvements in the trading environment as a result of three new trade initiatives underway at the Ministry of Trade and Industry and its agencies.
This as the Ministry has accessed assistance from the EPA and CSME Standby Facility for Capacity Building, which is managed by the Caribbean Development Bank with European Union funding, to establish an online focal point for trade queries, build the capacity of local entrepreneurs, and also generate new trade opportunities and build networks within select markets in Europe.
These projects aim to increase efficiency and communication among state agencies and improve revenue generation in smaller, export-oriented businesses.
Speaking at the project launch on May 27, the CDB’s Director of Projects Daniel Best outlined the potential impact on the economic and social resilience of T&T’s citizens. He added the Bank remains committed to assisting Trinidad and Tobago with the acceleration of its economic development through planning, programme development and institutional support.
According to Head of the EU Delegation in Trinidad and Tobago, Ambassador Peter Cavendish, the EU has made significant and strategic investments in the region focused on development. He said “EU funds are being used to equip producers to meet international standards in food safety, technical regulations for goods, improving the capacity of manufacturers to access new markets, and improving the regulatory environment for business and improving the customs and trade facilitation process”.
The Trade Ministry indicated that the T&T Government sees the interventions as worthwhile contributors to national development priorities focused on building competitiveness and expanding and strengthening the private sector.