Introduction
It is my pleasure to deliver remarks to this distinguished gathering at the 21st Annual Trans-Atlantic Trade and Investment Symposium, as we celebrate this year’s Pan-African Festival in commemoration of Emancipation. It is an esteemed honour to have in our presence, His Royal Majesty, Otumfuo Osei Tutu II, King of the Ashanti Kingdom. We are truly delighted and appreciative of the significance of your presence. We welcome you and your delegation to our beloved country, the Republic of Trinidad and Tobago.
We wish to commend the Emancipation Support Committee of Trinidad and Tobago for organizing this annual event, which is aimed at strengthening the commercial ties between Trinidad and Tobago and Africa.
This year’s theme, “Accelerating Opportunities to Achieve our Full Potential,” encourages us to recognize our past experiences while laying the foundation for our mutual growth.
National Transformation
Emancipation allows us to reflect on our nationhood and the journey we have made to reach to this point where we can stand proudly with other sovereign states such as Ghana. In doing so, we recognize the legacy of our nation’s founding fathers. For us in Trinidad and Tobago, the vision of our first Prime Minister, Dr. the Honourable Eric Eustace Williams, and the policies of the People’s National Movement, have resulted in fundamental, systemic changes across our society and economy that remain relevant to this day. These include, access to available preschool, primary, secondary and tertiary education; universal health care; robust physical infrastructure, together with institutions such as the University of the West Indies; University of Trinidad and Tobago; and a strong financial sector including our very own the Unit Trust Corporation. Trinidad and Tobago has one of the most developed hydrocarbon sectors in the hemisphere; boasts of being the manufacturing hub of the Caribbean and has a strong commercial base that is built upon small and medium-sized enterprises (SMESs).
CARICOM – Africa
Recognizing our common history, geography and the importance of integration to succeed in the global economy, CARICOM, which is made up of fifteen (15) Member States, is the oldest surviving integration movement in the developing world; and that we are proud of. In addition to forming stronger bonds within our group, we also seek to build stronger ties with countries and regions far beyond including Africa.
Looking at CARICOM-Africa trade, whilst our exports in goods have increased over time, the reality is, in 2022 it only accounted for 3% of the Region’s exports with these being heavily dominated by energy products from Trinidad and Tobago.
Trinidad and Tobago’s exports to Africa were valued at US$769.9 million, with the top receiving destinations being Ghana, Morocco, Senegal, South Africa and Angola. Africa, on the hand, exported US$290.6 million in 2022, with the top exporters being Nigeria, South Africa and Angola.
In closely examining the potential trade opportunities, the International Trade Center (ITC), in its 2022 publication Expanding African-Caribbean Trade, has identified US$1 billion in export potential in sectors ranging from agri-foods and healthcare to tourism, fertilizers and automobiles. Further the ITC’s publication indicates that by addressing trade barriers and channelling investments into sectors with growth potential, Africa could increase its merchandise exports to the Caribbean by US$171 million by 2026 – a more than 50% increase. The Caribbean, in turn, could boost its goods exports to Africa by US$80 million, a 29% increase.
The data therefore shows there is significant room and immense potential to be unlocked in expanding and diversifying trade and investments.
Deepening Relations with Africa
At the annual Global Africa People-to-People Forum 2023, CARICOM Secretary General, Dr. Carla Barnett, lauded the progress in trade and investment between Africa and our regional grouping, both at bilateral and multilateral levels.
Following the inaugural CARICOM-Africa Summit in 2021, Barbados, co-hosted the first ever Africa-Caribbean Trade and Investment Forum (ACTIF) last year. This Forum provided an opportunity for political, business and finance leaders, from 41 African States and 16 Caribbean countries, to actively promote trade and investment opportunities among the people of Africa and the Caribbean, as well as the wider diaspora.
In a similar vein, Trinidad and Tobago, in collaboration with the Caribbean Export Development Agency, hosted the Caribbean Investment Forum in 2022. At this event, I had the distinct pleasure of meeting with His Excellency Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA). On that occasion, His Excellency highlighted the African Union’s commitment to fund development opportunities in the Caribbean which can see an increase in value added projects that are mutually beneficial.
Trinidad and Tobago – Africa/Ghana Relations
Trinidad and Tobago’s National Development Strategy- Vision 2030 identifies global partnerships as a critical component of our integration into the world’s economy. Given our historical, cultural, political and economic ties, we see Africa as a natural partner building and strengthening our economies and our people.
We are cognizant of the possibilities that exist on the African continent and have been collaborating very closely and building on our strong ties with Ghana. We have had a commercial presence in Ghana’s financial services sector since 2013, with the bold move of Republic Bank Limited. Republic Bank does not only offer services to Ghanaians, but also provides an invaluable source of information to firms in the Caribbean wishing to do business in Ghana.
In pursuit of energy-related collaborations, our state-owned National Gas Company (NGC) in December 2020 embarked on a first-of-a-kind project to design, procure, construct and install critical equipment required to support Ghana’s national gas pipeline distribution infrastructure.
The energy collaborations between Trinidad and Tobago and Ghana are advancing. Earlier this year, Ghana announced its intention to construct a second Gas Processing Plant, through a joint venture partnership. The Consortium in the joint venture includes, Trinidad and Tobago’s Phoenix Park Gas Processers Limited, a subsidiary of NGC, which is expected to provide technical and consultancy services to the Consortium.
Amid the focus on expanding trade and investment between our two countries, direct air lift remains critical. During Prime Minister, Dr. the Honourable Keith Rowley’s visit to Ghana in 2020, a Memorandum of Understanding (MOU) was signed which lays the foundation for a mutual Air Services Agreement in the future. This would support transport and logistics needs, bolster tourism and boost trade and investment between both countries. This issue of connectivity will be explored in today’s panel.
To further strengthen our commercial relationship, Trinidad and Tobago and Ghana have commenced negotiations for a Reciprocal Promotion and Protection of Investments Agreement (RPPIA). The first round of the negotiations was held virtually in May 2023, with the second round expected in December of this year. It is envisaged that the execution of this Agreement will provide the necessary framework, to support, protect and facilitate increased investments between our both countries.
Conclusion Your Majesty, very distinguished guests, while there has been some progress and a strong relationship on which to build, the time for accelerating opportunities and realizing our true potential is here. The impetus of this visit will certainly move us forward, however we must accelerate at a greater speed. Given our strong history and the resilience of our people we have the power and resolve within us to make it happen. Let’s continue to build this momentum together for the benefit our regions, our nations and our people.