Minister of Trade and Industry, Paula Gopee-Scoon, is leading a T&T trade mission to Canada, which started yesterday and continues until Friday.
The trade mission is being organised by the Trinidad and Tobago Manufacturers’ Association (TTMA) and is supported by the Ministry of Trade and Industry.
In a news release yesterday, the Ministry of Trade and Industry said the trade mission aims to explore new business opportunities for this country in the Canadian market.
This includes sourcing possible raw material and finished products for local producers, making strategic business and logistical contacts (distributors, market agents and companies) and increasing awareness of Canada’s business contacts to T&T’s available manufactured products.
A diverse group of 19 private sector companies from the food and beverage, chemical and household and construction sectors will participate in the mission. Among the participating companies are Bricha Ltd, Christle Ltd, United Bearings, DSB Marketing, RHS Limited, Langston Roach Industries, Sacha Cosmetics, Creamery Novelties Ltd/HADCO, Ramps Logistics, Excellent Stores, New Wave Marketing, Kairi Chocolate, The Herbarium Ltd., Angostura, SM Jaleel and Company, Cargo Consolidators Agency Ltd. Yekof’s General Trading, ASA Enterprises Ltd and Leisurely Travel & Tours.
The trade mission will encompass a Doing Business Seminar, which will feature strategic Canadian stakeholders such as regulatory bodies, government officials and other members of the private sector.
Additionally, participants will engage in networking sessions, business-to-business meetings, and tours of Canadian supermarkets and distributor plants.
The Government recognises the significance of this trade mission, given the potential importance of the Canadian economy to the promotion and expansion of T&T’s exports. While leading the trade mission, Minister Gopee-Scoon will engage in a number of bilateral discussions toward strengthening trade and investment relations and advancing the export prospects for local companies.
Through the Caribbean-Canada Trade Agreement (Caribcan), which has been in effect since June 15, 1986, imports of eligible products from T&T have been granted non-reciprocal, duty-free treatment by Canada.
From 2018 to 2022, T&T maintained a deficit trade balance with Canada, averaging TT$708.2 million in exports and TT$1.5 billion in imports annually. Notably, several of Trinidad and Tobago’s current exports benefit from duty-free treatment into Canada, including methanol, rum, aerated waters, biscuits, mauby syrup, pepper sauce, and pasta.
In recent years, Trinidad and Tobago's private sector has ramped up its commercial activity with Canada with 64 companies currently actively exporting to Canada. The key players include Methanol Holdings (Trinidad) Ltd), Atlas Methanol Company Unlimited, and Eco Scrap Solutions, Sesko (Trinidad), Maraj and Sons, Caribbean Development Company, Sucro Can, KC Confectionary, Matouk International, Hand Arnold, and SM Jaleel and Company.
In its own news release on the trade mission,TTMA cheif executive Dr. Mahindra Ramdeen, said, "Our mission to Canada is a strategic initiative to bolster the contribution of the non-energy manufacturing sector to the GDP of Trinidad and Tobago”, he continued, “by creating opportunities for our manufacturers to establish and strengthen business relationships, we hope to drive economic growth and diversification."
This trade mission underscores TTMA's commitment to fostering a robust and competitive manufacturing sector. Participants will have the chance to showcase their products and services, explore market opportunities, and gain valuable insights into the Canadian market.
The Association is confident that this mission will result in tangible benefits for the participating companies and contribute significantly to the overall economic development of Trinidad and Tobago. The TTMA remains dedicated to supporting our members in their efforts to expand regionally and globally.