Sun | Aug 20, 2017

Samuda hopeful oil discussions with T&T will prove beneficial to Jamaica

Published:Wednesday | May 4, 2016 | 5:20 AM
Industry and Commerce Minister Karl Samuda says he will not make any rash decisions or risk unanticipated consequences.

Industry and Commerce Minister Karl Samuda says he is hopeful discussions with Trinidad and Tobago over that country’s oil pricing regime will prove beneficial to Jamaica.

The country has been charging a premium for oil sold to its Caribbean Community (CARICOM) partners, resulting in lower costs of production for Trinidadian companies. 

The minister raised the matter at last month’s meeting of the Council for Trade and Economic Development (COTED) in Guyana.

Speaking yesterday in a meeting of the standing finance committee of Parliament, Samuda said he would continue to engage the Twin Island Republic on the matter.

He says he will not make any rash decisions or risk unanticipated consequences. 

However, the Industry Minister says Trinidadian authorities cannot continue to subsidise its local economy given the Treaty of Chaguaramas.

Samuda says if the country fails to recognise Jamaica's position on the matter, it must be made to understand that its actions will have consequences.

 

Industry and Commerce Minister, Karl Samuda