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Contact:
Ryan O’Brian
Wednesday, November 24, 2004 - An initiative to redress the regional
trade imbalance between Trinidad and Tobago and sister CARICOM states was
launched at a breakfast ceremony here last week.
Called the “CARICOM Trade Support (CTS) Programme” after the Trinidad and Tobago
government decided to establish it in February 2003, the CTS’ primary component
is a revolving loan fund of 100 million Trinidad and Tobago dollars.
The fund is focused on the private sector and will be disbursed in three annual
amounts between 2005 and 2007, to qualified firms in CARICOM member states
outside of Trinidad and Tobago. The loan is interest-free to procure regional
consultancy services to diagnose their operations and business development
projects, and make appropriate recommendations.
Head of the CARICOM Trade Support Programme, Ambassador Jerry Narace of Trinidad
and Tobago said, “Trinidad and Tobago is by no means comfortable with a balance
of trade with our CARICOM partners that is too heavily balanced in our favour.
We feel that we have a responsibility to correct that situation for the long
term benefit of regional development. This is the motive propelling this
initiative.”
St. Lucia’s Minister for Commerce, Tourism, Investment and Consumer Affairs Hon.
Phillip J. Pierre was pleased with the CARICOM Trade Support Programme:“ The
government of St. Lucia is encouraged by the decision of Trinidad and Tobago,
our fortunate oil producing neighbour to initiate this crucial programme, and to
provide the initial funding of TT$100 million for its establishment. We are
pleased to note that the CTS is as a result of the collaborative effort of the
Trinidad and Tobago public and private sectors. We are of the firm conviction in
St. Lucia, that the public/private sector partnership is an essential element in
fostering social and economic developments.”
Another component of the CTS programme will be the provision of technical inputs
from private sector organisations of member states, through the Caribbean
Association of Industry and Commerce (CAIC).
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