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🇹🇹 Trinidad and Tobago /Economy & Trade

TTMA Sees Venezuela as Key Market for Trinidad and Tobago Goods

From Trinidad Express · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • The Trinidad and Tobago Manufacturers’ Association sees renewed ties with Venezuela as an opportunity to expand exports and access nearby raw materials.
  • The association plans a trade mission to Venezuela in 2027 after bilateral talks produced a roadmap covering trade, energy, agriculture, environmental issues, culture and security.
  • Manufacturers are calling for a dedicated non-energy trade arrangement that addresses licensing, payments, standards, customs and trade finance barriers.

Trinidad and Tobago manufacturers see Venezuela as a nearby market that could significantly expand sales of locally made goods and services. TTMA chief executive Ramesh Ramdeen described Venezuela as a market of more than 34 million people and said it could also provide manufacturers with raw materials and other production inputs.

Ramdeen said informal trade had already introduced Venezuelan consumers to products and services from Trinidad and Tobago, despite limited formal commerce caused by instability in the Venezuelan market. The TTMA has signalled interest in expanding goods trade and plans to lead a trade mission to Venezuela in 2027.

Venezuela is a very large market with over 34 million people and thus presents an ideal opportunity for locally produced goods and services.

· Ramesh RamdeenThe TTMA chief executive described the scale and potential of the Venezuelan market.

The renewed push follows bilateral discussions in Caracas between Foreign and Caricom Affairs Minister Sean Sobers, a Trinidad and Tobago delegation and Venezuelan officials. Those talks produced a roadmap for cooperation in trade, energy, agriculture, environmental matters, culture and collective security.

Thus, these talks are welcomed news, and the TTMA has already signalled its interest in furthering trade in goods with Venezuela.

· Ramesh RamdeenRamdeen welcomed the bilateral discussions and indicated the association’s interest in expanding trade.

Manufacturers want the commercial agenda to go beyond energy. TTMA president Emil Ramkissoon is urging the two countries to pursue a dedicated non-energy trade arrangement alongside any energy agreements. He said the existing Caricom-Venezuela Agreement provides a foundation, but does not cover the full opportunity for local manufacturers.

The association wants a strengthened framework to address import licensing, product registration, standards approvals, foreign exchange and payment restrictions, customs procedures and documentation. It also proposed trade finance, export credit, secure payment arrangements and direct business links. Potential priority sectors include food and beverages, processed foods, personal care products, pharmaceuticals, packaging, construction materials, paint, plastics, paper, furniture and chemicals.

The current Caricom, Venezuela Agreement is important but covers only part of the commercial opportunity available to T&T’s manufacturers.

· Emil RamkissoonThe TTMA president argued for a broader non-energy trade arrangement.
About this summary

Originally published by Trinidad Express in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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