Joint commission for trade with Trinidad to be re-established – TT Trade Minister Cadiz

Trinidad and Tobago’s Trade and Industry Minister Stephen Cadiz has said that the twin-island republic which has long shared an amicable business relationship with Guyana will be re- establishing the Trinidad and Tobago/ Guyana Joint Commission for Trade, since both nations seek to strengthen their current trading relationship.

The Trinidadian trade minister has pledged commitment to improving the trading relationship with Guyana.

He said, “The relationship with Guyana is extremely important for regional sustainable development and resilience in the Caribbean.” The re- establishment of the joint commission for trade will see investments by Trinidadian businesses in the processing of agricultural products; the Trinidadians will import more rice and sugar; there will be increased investments in manufacturing and service companies; and businesses and professionals willing to find joint ventures in Guyana will be assisted in so doing. A total of US$188 million was earned by Trinidad through trading with Guyana for the year 2010.

Among other things, Guyana has purchased oil, gasoline, lubricants, and kerosene from Trinidad; while that republic has imported rice, sugar, fish, and other commodities from Guyana.

Cadiz, who made a guest appearance at the opening of the second annual International Building Exposition and Trade Fair on Friday evening, July 29, said this is an “opportune moment, given the transformation Guyana has embarked on towards economic growth and prosperity for all Guyanese.” Cadiz and a fellow Cabinet member were in Guyana until the conclusion of building expo, and were scheduled to meet officials in Guyana to discuss several avenues of cooperation for trade between the two nations.

While acknowledging that ambition had a lot to do with success, the Trinidad trade minister said a country can attain wholesome success only in forging strategic alliances with other trading partners in the Caribbean; and one of the effective ways of catalysing growth and development is ensuring investments in the public and private sectors and in the construction industry.

He added that the current economic environment in which Caribbean nations operate requires developing an enabling environment for business to start up and flourish.

Cadiz said the efforts made by Caribbean governments with their respective private sector commissions to develop infrastructure, especially in the housing industry, show their responsiveness to the needs of people.

He pointed out that the Kamla Persad-Bisessar government was moving towards an economy that is not only interested in oil and gas, but has been looking at Guyana’s diversified industries, and has “interest in all of those sectors.” Among the other plans his government has are businesses conducting transactions online, which will not only make it easy to operate, but would also shorten the processing time of transactions. Cadiz admitted that Trinidad is lacking in business ventures, since it has been placed low on the Global Business Index, but he said this situation has to improve.

In this regard, Trinidad will be launching its information technology platform in January 2012, with the hope of achieving regional and international integration, Cadiz said. He said his government is hoping to improve its relationship with all the trade ministries in the Caribbean, but a major bugbear in the form of bureaucracy has to be removed in order for investments to flow.

He challenged the private sector to remain the engine of growth to the economy.

“Businessmen have to take the challenge, because I have always said government has no right to be in business; that is for the PSC to do, and we create the opportunity.”

Guyana’s Private Sector Commission Chairman Ramesh Dookhoo said he is impressed with the investments made by Caricom and United States businesses in this year’s building expo.