Ministry of Trade: Jamaica, Trinidad and Tobago relationship growing
Written by Ryan Hamilton-Davis on September 19, 2024
PERMANENT SECRETARY of the Ministry of Trade Randall Karim commended the Jamaican Promotions Corporation (JamPro) and the Jamaican High Commission to Trinidad and Tobago on its latest trade mission to Trinidad and Tobago, calling it another step in Trinidad and Tobago and Jamaica’s growing relationship.
“We view this mission as another milestone in our bilateral relations and the commitment towards deepening economic ties,” he said.
Karim made these remarks on behalf of Trade Minister Paula Gopee-Scoon at a business networking cocktail jointly hosted by JamPro and the High Commission of Jamaica to Trinidad and Tobago, on September 17 at the Hyatt Regency Hotel, Port of Spain.
In a news release on September 18, the ministry said the business mission that runs till September 21, “serves as another milestone in bilateral relations and a commitment towards deepening economic ties between Trinidad and Tobago and Jamaica.”
Karim said Trinidad and Tobago and Jamaica have maintained a positive trade balance over the years with data from the Central Statistical Office showing that trade has ranged from $2.7 billion in 2018-$1.2 billion in 2023.
“On a regular basis 171companies from Trinidad and Tobago export to Jamaica,” he said. “These are exports over $100,000 a month.”
He added that Trinidad and Tobago’s imports from Jamaica are valued about $333 million dollars a year. Trade data also shows that Trinidad and Tobago imports bunker oil from Jamaica. Karim said from 2018 to present exports from Jamaica to Trinidad and Tobago was dominated by the food and beverage sector which included cereals, biscuits, flavoured waters and non-alcoholic beverages.
Karim also noted that Trinidad and Tobago the first member state to institute a CET (Common External Tariff) rate of protection for Jamaican condensed milk and evaporated milk.
“Trinidad and Tobago is the largest importer of condensed milk in the region and Jamaica’s manufacturing capability represented an opportunity to further develop trade in the products,” Karim said.
Also delivering remarks at the event was High Commissioner of Jamaica to Trinidad and Tobago Natalie Campbell-Rodriques.
She thanked the ministry for being receptive to the mission and expressed optimism for the various trade and investment opportunities that the mission would offer between the two countries.
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