Governments Partial Scope Trade Agreement Bill between Trinidad and Tobago and Chile received support in the Senate on Tuesday.
The legislation is intended to give local manufacturers and exporters preferential and duty-free access to Chile’s markets, one of the most lucrative in Latin America.
Minister of Foreign Affairs Sean Sobers said exports to Chile were already in the region of TT$710 million, and this would increase.
“More local goods will be allowed into Chile without incurring Customs duties, that is, zero duties, and 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,” he said.
The Bill was supported by Independent Senator Dr Marlene Attz and Opposition Senator Dr Amery Browne, who pointed out the opportunities for Trinidad and Tobago business.
“There’s great strategic potential, and even with respect to our manufacturing sector,” he said, “It’s not just necessarily a target market but potentially a good source of inputs and raw materials as well.”
“So I just want to give some perspective that this is important for our future. There’s also, you see, as the trade specialists would know, when you open doors of trade, other avenues are also open.”
Debate on the Bill has been adjourned to next Tuesday, April 21.
