Trinidad and Tobago
Trinidad and Tobago’s Aid for Trade (AfT) Strategy, 2016-2019 presents a coherent framework of trade priorities, based on stakeholders’ views about the challenges they face in expanding trade. The Strategy is expected to assist donors, investors and international development partners in deciding where best to channel their resources to assist Trinidad and Tobago to further develop its trade.
In the past, the donor community has provided Trinidad and Tobago with valuable resources to support its trade. Such resources have complemented the country’s own financial resources, the bulk of which was generated from its lucrative energy sector. In 2013/2014, energy revenues in Trinidad and Tobago accounted for 58 per cent of total government revenue.
In September 2014, global oil prices fell dramatically but not unexpectedly. This led to a fall in export earnings, a deterioration of fiscal balances and a reduction in the government’s ability to fund key economic and trade programmes. In light of these circumstances, AfT has a valuable role to play in providing Trinidad and Tobago with much needed resources to build its supply capacities and strengthen its trade-related infrastructure.
The priorities presented in the AfT framework are organized under three pillars: export diversification, competitiveness and trade facilitation. Each pillar features a series of objectives and sets out priority areas and priority projects where funding is urgently needed. The priority projects represent “project ideas” at this early stage and will have to be fully developed in order to attract funding.