Jamaica and Trinidad agree on trade complaints mechanism
Triniad and Tobago and Jamaica have agreed to a new trade complaints mechanism that promises resolutions within 48 hours. (Photo: Golden_Brown)
The Trinidad and Tobago Manufacturers Association (TTMA) has signed a memorandum of understanding on trade complaints between the island nations with Jamaica.
Trade between the two countries of the Caribbean Community (Caricom) exceeds 1 billion dollars (1 TT dollar = 0.16 USD) per year. Each country also has notable investments in the other, a Caribbean Media Corporation (CMC) Report on the New Deal Declared.
Trinidad’s Department of Commerce said this week that the main purpose of the Trade Complaints Mechanism is to provide predictable and transparent procedures and communication channels to resolve complaints, allowing exporters to have one point of contact. fix for their complaints, which will be resolved within 48 days of receipt.
The Trinidad and Tobago Manufacturers Association (TTMA) described the agreement as “a landmark that will deepen and strengthen the existing commercial relationship between these two states.”
Foreign Secretary Dr Amery Browne and his Jamaican counterpart Kamina Johnson Smith signed the memorandum of understanding on Monday, establishing a trade complaints mechanism that should create a pathway “for the expeditious resolution of trade complaints”.
The TTMA, in a statement, said that in recent times, the two countries have been facing many trade-related challenges, especially those coming from the extra-regional arena, which has restricted the free flow of trade.
“In this regard, the consolidation of Caricom’s domestic relations, as this MoU aims to do, is therefore considered timely. TTMA looks forward to this MoU to establish the Trade Complaints Mechanism which aims to provide transparent communications to address concerns,” the statement read.
“The MOU resonates with the TTMA’s lobbying efforts over the years, whereby, for example, the association had established a trade office that sought to resolve issues between the two Caricom countries and hosted trade missions to Jamaica. Reciprocally, Jamaica has partnered with the TTMA-hosted Trade and Investment Convention, participating in the show, showcasing their products and services to willing buyers and attendees from Trinidad and Tobago and around the world entire.”
The statement also noted that Trinidad and Tobago and Jamaica are identified as each other’s major trading partner within Caricom and that “efforts should be made to ensure that trade opportunities for both countries are not only supported but nurtured and continue to grow”.
“Set for the period from 20 to 25 November, the objectives of the mission include, among others, to build on the commitments of the two governments to improve bilateral relations, seek suppliers of raw materials from Jamaica, improve relations trade and opportunities for the private sector of both countries and other trade-related objectives,” the TTMA said.