|
|
 |
Services are the fastest growing component of international trade. At the beginning of the 21st century services trade accounted for approximately 20 percent of world trade, but by 2020, this figure is expected to rise to 50 percent, according to the International Trade Center (ITC).
Services make up a major portion of world economies, ranging from 89 percent of GDP in China to 45 percent in the Least Developed Countries (LDCs). Here in Trinidad and Tobago the services sector account for more than 55 percent of GDP and the sector employs some 60 percent of the labour force or 366,100 people.
Worldwide, there is a growing recognition of the pivotal role that services play in all economies in driving development. The Uruguay Round negotiations on the General Agreement on Trade in Services (GATS) acted in part as the catalyst for this new understanding of trade in services. This enabled countries and business, for the first time, to begin to assess, understand and quantify the economic value of services being exported. These changes have been accelerated by the digital revolution which opened up new mechanisms to ease trade in services.
The Government of Trinidad and Tobago sees trade in services as an opportunity to diversify trade, create jobs and enhance economic development. To this end, the Trinidad and Tobago Coalition of Services Industries (TTCSI) was established to encourage the growth and development of the services sector. The mandate of the TTCSI is to assist service providers to identify and exploit market opportunities, develop capacity among local services providers, assist in the development of standards and certification to facilitate access into foreign markets and ensure that member interests are represented in trade negotiations.
TTCSI is an agency of the Ministry of Trade and Industry and just recently signed an MOU with MTI to develop a structured approach to increase collaboration between the two entities.
Click here to visit the TTCSI website.
|
|
|
|
|
|
|
|
|
 |
MINISTRY OF TRADE AND INDUSTRY
Levels 11 to 17
Nicholas Tower
63-65 Independence Square
Port of Spain.
Trinidad and Tobago, W.I
|
 |
Phone:
1 (868) 623-2931 - 4 |
 |
Fax:
1 (868) 627-8488 |
|
Web Site:
www.tradeind.gov.tt |
 |
Email:
mti-info@gov.tt |
|
|
|
|
|
|
|