By Andrew Green, Acting Business EditorJAMAICA AND Trinidad and Tobago need to mesh trading arrangements more closely, says Trinidad and Tobago Manufacturers' Association (TTMA) president Anthony HoSang.
Trinidad, Jamaica and the other members of the CARICOM need to operate as a cohesive economic grouping, to survive the global changes in trading arrangements now underway, Mr. HoSang said.
He was speaking at the opening ceremony of the Trinidad and Tobago trade and investment mission to Jamaica at the Hilton Kingston Hotel on Monday. The mission ends on Friday.
SUPPORT EACH OTHER
"Now is the time to ensure that within the framework of the liberalisation in the Free Trade Area of the Americas, that we continue to support each other," he said. "One way to do that is to ensure that our regulatory bodies are strong and synchronised to ensure free and fair trade between our countries, and together, with the rest of the world."
News emerged last week that a shipment of sausages from one Jamaican exporter had been detained by officials at the port in Trinidad. But Wednesday Business was subsequently informed that the action by Trinidad was in response to a similar rebuff of Trinidadian sausages by Jamaica.
The 'sausage war' is said now to have been quietly settled, with imports being allowed on both sides.
PROTECT LOCAL CONSUMER
"All our regulatory agencies and legislation have to be well 'resourced' and enforced to protect the local consumer from the potential negative impacts of goods from more efficient countries that destroy our ability to be competitive," Mr. HoSang said. "Within our region, it is necessary for our regulatory institutions to be in sync."
Within the Caribbean Community (CARICOM), Jamaica and Trinidad and Tobago are the largest markets, and offer a range of opportunities for export development between both countries, said Kenneth Valley, Minister of Trade & Industry and Minister in the Ministry of Finance in the Trinidad government. He said there is room for new niche markets for selected products as well as the expansion of current market shares.
Both the Government of Jamaica and the Government of Trinidad and Tobago are fully committed to the CARICOM Single Market and Economy, said Delano Franklyn, Minister of State in the Ministry of Foreign affairs.
"Over the last few years Trinidadian businesses and entrepreneurs have invested heavily in Jamaica - in the manufacturing sector as well as the services sector," senator Franklyn said. "The Jamaican Government welcomes such investments."
EXCELLENT OPPORTUNITIES
Strategic alliances and joint venture projects are an important component of Trinidad's trade expansion drive, said Dr. Brian Harry, president and chief executive officer of the Tourism and Industrial Development Company of Trinidad and Tobago. He said the trade mission was important because, "Jamaica continues to offer excellent opportunities for companies seeking business alliances."
Cross-border alliances help build competitiveness in smaller economies, Mr. HoSang said. But the TTMA is concerned that, "apart from a few business people, our region is still largely ignorant and therefore largely ill prepared to make the most of liberalised trade."
