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Press release: Strong growth but achieving ambitious goals
requires further reforms
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This second Trade Policy Review of Trinidad and Tobago has contributed
to a better understanding of its current trade policy regime. The
preparation of the Country Report and the written responses to the
questions by the Members have provided a valuable opportunity for
domestic assessment of trade policy. The Country and Secretariat
Reports, and the exchange between Members during the review, have
contributed to transparency within the WTO, provided valuable resource
documents for all Members, and offered very useful food for thought
for Trinidad and Tobago in the pursuit of their continued development.
The participation of Minister Kenneth Valley, Permanent Secretary
Leacock and their delegation has greatly contributed to our work, for
which we express our sincere thanks. Our thanks are also due to our
discussant, Ambassador Glenne, for his excellent contribution to our
discussions, and to the many Members who have intervened to contribute
to the success of this review.
Members commended Trinidad and Tobago for its very good economic
performance since its last review in 1998. This success reflects a
favourable external environment and, more importantly, Trinidad and
Tobago's commitment to outward-oriented policies and to the principle
that free trade is the most viable option to achieve social and
economic progress. Members also welcomed the creation of a
hydrocarbons stabilization fund and Trinidad and Tobago's emphasis on
investing in human capital. This approach bodes well for its efforts
to further reform and diversify its economy, and thus achieve the
ambitious objectives of Vision 2020, its national development
strategy.
Members highlighted Trinidad and Tobago's positive and active role in
the WTO, both within its day-to-day operation and in the DDA
negotiations. Its submission of an initial offer on services was
commended. Trinidad and Tobago's strong position in the CARICOM was
noted, and Members welcomed its commitment to pursuing regional
initiatives in a manner complementary to the multilateral trading
system.
Members recognized that Trinidad and Tobago had a generally open trade
regime, but noted that it would benefit from further reform. It was
observed that Trinidad and Tobago had bound its entire tariff in the
WTO and that, since its last review, had trimmed the surcharges
applied on agricultural imports. Trinidad and Tobago was urged to
narrow the gap between applied and bound tariff rates so as to enhance
the predictability of its trade regime. Some applied tariffs
apparently exceed bound rates, and Trinidad and Tobago engaged to
examine measures to address this. While recognizing Trinidad and
Tobago's limited use of non-tariff charges on imports, some Members
expressed concern about the increasing use of antidumping measures and
about certain aspects of the SPS and TBT regimes.
Trinidad and Tobago provided information on its investment regime and
clarified a number of issues about its various incentive schemes.
Members welcomed Trinidad and Tobago's reform of the government
procurement system and suggested it carry out further improvements.
Some Members also urged Trinidad and Tobago to introduce competition
policy legislation. Comments were also made with respect to
privatization and other subjects such as import licensing, state-owned
enterprises, and IPRs.
Trinidad and Tobago was commended for its liberalization of the
financial services and telecommunications sectors, but Members noted
that further steps are required, for example, to reform the maritime
transport sector and promote competition in the telecommunications
sector. It was also suggested that Trinidad and Tobago close the gap
between its GATS commitments and the actual greater openness of its
services sector.
This brings us to the conclusion of the second Review of Trinidad and
Tobago. We all appreciate Trinidad and Tobago's strong economic
performance, underpinned as it has been by sound macroeconomic
policies and structural reforms. I welcome Trinidad and Tobago's
active engagement in the multilateral trading system and its
commitment to a trade regime that is open, sustainable and aligned
with the principles and objectives of the WTO. I invite Trinidad and
Tobago to give its trade regime greater predictability by enhancing
its multilateral commitments in the context of the DDA. This would
both help Trinidad and Tobago achieve its ambitious development goals
and strengthen the multilateral trading system within which Trinidad
and Tobago has emerged as one of the most dynamic members. |
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