One of this country's main business chambers is calling for high level trade missions and other public/private sector initiatives to capitalize on the recent MoU's signed between the Governments of Trinidad and Tobago and India.
The Chamber is commending both governments on this landmark diplomatic achievement and reaffirms its readiness to act as a catalyst in translating the memoranda into meaningful outcomes.
00:00The Trinidad and Tobago Chamber of Industry and Commerce says the timely execution and implementation of multiple Memorandum of Understanding or MOUs between the Government of the Republic of Trinidad and Tobago and the Government of India present Trinidad and Tobago with a rare opportunity to address long-standing structural challenges.
00:19The Government had announced that following the historic address by India's Prime Minister, Narendra Modi, to a joint assembly of both Houses of Parliament in Port of Spain last Friday, six Memorandum of Understanding were formally exchanged between Trinidad and Tobago's Foreign and Caracom Affairs Minister, Sean Sobers, and India's Minister of External Affairs, Dr. Subran Manyam Jaishankar.
00:46This occurred on the second day of the two-day visit to Trinidad and Tobago by Prime Minister Modi.
00:53The TT Chamber said that, in particular, the MOU on Pharmacopl Corporation opens the door to more affordable, high-quality generic drugs, potentially reducing national health care costs and improving access for underserved communities.
01:08In a statement on Monday, the TT Chamber said the provisions for rural development and agriculture can facilitate the transfer of India's innovations in irrigation, agritech, and value chain integration, areas that have revolutionized its rural economy.
01:26The TT Chamber further said these lessons can be adapted to Trinidad and Tobago's context to enhance food security and reduce the country's high food import bill.
01:35During the Joint Assembly of Parliament at the Red House, Prime Minister Kamala Passat-Basasa said,
01:41Some of us may know that bilateral trade between Trinidad and Tobago and India reached a record, TT $1.2 billion, U.S. $368.96 million in the last fiscal year.
01:57Trinidad and Tobago exports to India energy products, including ammonia, LNG, methanol.
02:03The TT Chamber is recommending that both governments explore bold and structured pathway to significantly increase bilateral trade over the next five years.
02:22The TT Chamber is advocating for the establishment of high-level trade missions, structured public-private policy dialogue, and the design of targeted incentives to foster market access and joint ventures.
02:36The Chamber says these measures, if pursued collaboratively, can translate diplomatic milestones into long-term socioeconomic gains.
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