CANADA is a key market for expanding Trinidad and Tobago’s exports of goods and services, Trade Minister Paula Gopee-Scoon said during a meeting with Canada’s Minister of Export Promotion, International Trade and Economic Development, Mary Ng, in Toronto last Friday.
Gopee-Scoon made the statement while leading a trade mission from Trinidad and Tobago to Canada last week, which included 19 businesses.
According to data from the Trade Ministry between 2019 and 2023, Trinidad and Tobago consistently recorded a net import position with Canada.
During the period 2019 to 2022, trade deficits with Canada fluctuated, reflecting varying levels of trade activity.
Last year, iron ores ranked as the top imported product valued at approximately $667 million followed by Wheat at $102 million. Other items ranked in the top ten imports included hams, potatoes, medicaments and dried split peas.
Trinidad and Tobago’s top exports to Canada last year were a mixture of energy and non-energy products. Methanol ranked as the top exported product valued at approximately $351 million, followed by urea at $251 million.
Non-energy products within the top ten exports include scrap metal, aerated water, beer, and pepper sauce.
“During her meeting with Minister Ng, Minister Gopee-Scoon indicated that the Government of Trinidad and Tobago recognises Canada as an important trading partner and market for the further promotion and expansion of Trinidad and Tobago’s exports of goods and services. Minister Gopee-Scoon also noted the importance of the Caribbean-Canada Trade Agreement (CARIBCAN), which has been in effect since June 15, 1986, and was recently extended to 2033, and which permits eligible products from Trinidad and Tobago non-reciprocal, duty-free treatment by Canada,” a release from the trade Ministry stated.
“As avid advocates for increased inclusivity, particularly for women in the economy, both Ministers detailed the extensive work they are currently undertaking in their respective jurisdictions. Minister Gopee-Scoon highlighted the various successes of the women on Trinidad and Tobago’s SheTradesHub. Ideas were also exchanged to explore additional avenues to increase women’s participation in trade,” it stated.
The Trade ministry stated that discussions also surrounded Trinidad and Tobago’s diversification thrust with Minister Gopee-Scoon elaborating on the many opportunities for investment with the recent implementation of Special Economic Zones Regime.
“She also revealed the growth of the Business Process Outsourcing sector in Trinidad and Tobago and the potential for further expansion, on account of our highly skilled and English-speaking workforce,” it stated.