Question

Using the last Trade Policy review report by the World Trade Organization highlight and discuss the main trade policy issues of Trinidad and Tobago in no more than 300 words.

Answer 1

During the period under trade policy review, the economy of Trinidad and Tobago was contrarily affected by fluctuations in oil and gas prices. The economy stays driven by natural gas and petrochemical exports, regardless of whether the industrial and financial sectors are being created to broaden the economy. To address its declining and unstable income from the energy sector, the Government propelled different change plans including "Vision 2030", the National Aid for Trade Strategy, the National E-Commerce Strategy, just as its division strategies for e-commerce business, SEZs, ICT improvement, the yachting business and the national quality framework. members were satisfied that the downturn appears to be present to have a place with the past and that economic development has continued. It was noticed that GDP development was relied upon to average 1.5% for the following five years. The Trinidad and Tobago for positive improvements in economic indicators, for example, declining inflation, and low joblessness.

On the multilateral front, Members valued the dynamic pretended by Trinidad and Tobago in the WTO, remembering for the negotiating groups. They were satisfied to see that Trinidad and Tobago acknowledged the Protocol Amending the TRIPS Agreement in 2013 and confirmed the Trade Facilitation Agreement in 2015. A few Members urged Trinidad and Tobago to join the ITA, in order to add to the improvement of its ICT framework. Individuals were supported by the means taken by Trinidad and Tobago to improve its government procurement system through the new Public Procurement and Disposal of Public Property Act. Trinidad and Tobago were urged to think about participating as a spectator to the Agreement on Government Procurement. members praised Trinidad and Tobago for the continuous modernization of its traditions foundation. The presentation of a single electronic window in 2012 had just contributed fundamentally to exchange and business help, and Members were satisfied to take note of that Trinidad and Tobago is putting forth attempts to additionally improve this apparatus. Individuals additionally respected the presentation in 2019 of another online payment system for import levies, other taxes, and user fees. Individuals urged Trinidad and Tobago to encourage access to visas and foreign exchange, with the end goal of setting up an increasingly favorable condition for business and investment.