T&T And Chile Sign Trade Agreement

A first for both Trinidad and Tobago and Chile. On Friday, this country became the first in the Caribbean to sign a Partial Scope Trade Agreement with Chile, which also became the first South American country to sign with Trinidad and Tobago. Minister of Trade and Industry Paula Gopee-Scoon said this exciting landmark agreement will further cement 60 years of peaceful diplomatic relations, strengthen economic cooperation and expand trade relations. She said the agreement reflects a shared understanding that cooperation and forging meaningful partnerships are necessary. “The agreement provides preferential market access for more of Trinidad and Tobago’s exports. More local goods will be allowed into Chile without incurring customs duties, and this will assist in Trinidad and Tobago’s efforts to increase both energy and non-energy exports as part of the government’s continued trade expansion and economic diversification efforts.” Minister Gopee-Scoon revealed that the average total exports from Trinidad and Tobago to Chile over the past four years are estimated at TT$710.6 million per year: $706 million from energy exports and $4.4 million per year from non-energy exports. “Preferential market access treatment into Chile for Trinidad and Tobago’s energy sector will be provided for items such as methanol, ammonia, LNG, aviation fuels, base oils, lubricants, propane, butane and urea. In addition, the list of items from Trinidad and Tobago’s non-energy sector covers duty-free treatment for food and beverage, cosmetics, chemicals, construction, paper, fashion and energy industries.”