T&T PM promises to address trade issues with Jamaica

PRIME Minister of Trinidad & Tobago Kamla Persad-Bissessar yesterday promised to address the contentious trading issues between Jamaica and her twin-island state.

"My Government has undertaken an assessment of the various issues, and will be making every effort to seek amicable outcomes as necessary," she said.

Persad-Bissessar was speaking at a special 'Meet the Prime Minister' luncheon hosted by the Jamaica Chamber of Commerce at the Terra Nova Hotel in Kingston.

Persad-Bissessar said that Jamaica's Prime Minister Bruce Golding raised the issues of the local business community in bilateral talks on Thursday.

"We will reassess and review and where we can, find amicable solutions... for the benefit of our people here in Jamaica and in Trinidad & Tobago," she said.

"This is not the time when our regional business community can afford to be in combat with one another. But rather, desperately, we need to join forces to impact in a sustainable way on the international scenario," she added.

Members of the Jamaican manufacturing community have complained bitterly about an imbalance in trade between both countries and the blocking of Jamaican products entering Trinidad & Tobago.

In one instance last year, local meat patties made by a Jamaican manufacturer were barred from entering the twin-island republic.

Persad-Bissessar, who was elected in May, said yesterday that in the context of bilateral relations, trade missions will be established between both countries to find trade solutions.

"We have undertaken a commitment where business delegations will visit... [to see] where we can partner to make a difference," she told the gathering of businessmen.

At the same time, the T&T prime minister argued that the successes of manufacturers in Trinidad were not based merely on the existence of oil in her country.

"The relative competitive edge over other regional producers cannot be attributed solely to utilisation of the benefits associated with oil and natural gas," she said.

According to Persad-Bissessar, export-led strategies employed over the years, along with currency and interest rate management "have in no small way been important elements of the relative competitive edge" enjoyed by Trinidad & Tobago manufacturers.

She said that another important factor in the development of manufacturing was the investment allowance, which encouraged manufacturers to invest in the upgrade of factories and equipment for production.