 | Services Trade Policy of Trinidad and Tobago 2006-2010 BackgroundThe Services sector is an engine of growth for Trinidad and Tobago. This sector contributes over 60 percent to Gross Domestic Product and is a major employer within the economy. Given the critical importance of this sector, it is necessary that it be further developed and nurtured. This is to ensure that the objectives of full employment and economic diversification are achieved. In this context therefore, in order to address the growth and development of the sector in a holistic and sustainable manner, a Services Trade Policy is being developed by the Ministry of Trade and Industry. It is intended that the Services Trade Policy when completed, will provide direction of a universal rather than piecemeal nature, to government's treatment of the services sector. It is also envisaged that this document will be flexible given the current environment in which the policy is being developed, in particular, with forthcoming services negotiations in bilateral agreements and at the multilateral levels of the FTAA, ACP-EU and WTO. TRINIDAD AND TOBAGO Initial Services Offer in the WTO The Services Trade Policy will be informed by a national survey of the services sector, which was conducted by the Ministry of Trade and Industry during April to June 2005. In addition, consultations with the private sector and civil society will be critical to the formulation of this document. The Policy will therefore be a roadmap for the development of the services sector towards the achievement of the Vision 2020. 1. Objectives of the Policy The Services Trade Policy of Trinidad and Tobago, 2006-2010 is being developed with a view to achieve specific objectives over the period. These objectives are: · To determine services-related goals, targets and priorities of the economy; · To offer some measure of predictability of the national services environment to investors; · To define the role of the public and private sectors in services activities and to identify a mechanism for meaningful participation of private enterprise; · To map out resource allocation and attraction; · To earmark projections for sub-sectoral improvements; · To provide policy direction in the external negotiation of trade in services; and · To provide a basis for legislative and institutional interventions 2. Elements of the Policy - Contents a. Overview of the Services Sector 2000-2004 - statistics, trends, sector performance. b. International and Local Environment - Local services sector, CSME, Bilateral Agreements, FTAA, WTO and ACP-EU. c. Overview of the Services Sector Policy - Scope and Coverage, Institutional Aspects, Legislative and Regulatory Framework. d. Development Strategies - Improvement in Statistical measurement, Sub- sectoral analyses and strategies. e. International Market Access Priorities- Trinidad and Tobago's approach to Services Negotiations in: CARICOM, Bilateral Agreements, FTAA, ACP-EU and WTO. f. Survey findings. g. Action Plan - including strategies, programmes and projects, responsibilities and timelines. 3. Status of Services Trade Policy a. Elements of the Policy as identified at Item 2 above are being developed. b. Services Establishment Survey completed and findings being incorporated into Policy. c. Consultations on Draft Services Trade Policy to be held in September 2005. d. Policy to be completed by September 2005 |
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