Trinidad & Tobago Seeks Trade Balance with India via New Industry Pact

"This one is going to be about trade and investment, joint ventures. It's about the collaboration between PHDCCI and the Trinidad and Tobago Manufacturers' Association to work together to find right business opportunities," Singh told ANI on the sidelines of a meeting of Business Delegation from Trinidad and Tobago organised by PHDCCI.

He said the MoU will be in the manufacturing and trading sectors to "deepen our trading ties between the two countries" and will also focus on "importing wholesale finished products from India, and trying to do the reversal to export more products to India."

Singh said the TTMA delegation is visiting India to look for business opportunities and noted that the timing of the visit is significant.

"I couldn't find a better time for the delegation to come to India because of the incredible opportunities that has opened up and is opening up in India for joint ventures and for collaboration," he said.

He also referred to the recent visit of Narendra Modi to Trinidad and Tobago, saying it was "a very important, a very impacting visit," during which assistance was pledged to Trinidad and Tobago and CARICOM countries in areas including "pharmaceutical industries, the biotechnology industries, agriculture, and a wide range of other areas."

On trade, Singh said current bilateral volumes are limited. "I can't give you the figures off hand, but it's not significant. We have to increase that," he said.

He expressed hope of growth in bilateral trade, adding, "If we can meet the 10 per cent to 15 per cent increase in trade both ways, that would be quite incredible, especially from Trinidad and Tobago to India."

Highlighting export potential, he said, "We have some products in niche areas that I think can be successful in India. So we can try to reverse this long-standing trade imbalance between our two countries. It's time for us to export to India."

Referring to consumer trends, Singh said, "Gen Z, which is the largest young population in the world, are displaying a preference for new, innovative products, for new taste in fashion, in music, in food, in lifestyle generally. This is the time for us to make an impact with our exports into India."

He added that India currently exports a wide range of products to Trinidad and Tobago, including "foodstuff, especially the condiments... fashion, jewellery, puja material, religious material... and pulses and grains also... and of course, medicine."

Emil Kishan Ramkisson, President, TTMA also told ANI on the sidelines of the same event that given the current cooperation between the two nations, a boom in trade and commerce is expected in next 5 years.

Talking on the ripple effects of the tensions in the West Asia, Mahendra Ramdeen CEO of TTMA told ANI that this is the time when all should focus on diversification of our business. It's definitely affecting the trade across the world with the blockade of the Strait of Hormuz.

- ANI