Americas > Caribbean > Trinidad and Tobago > PORT OF SPAIN, Trinidad,

Trinidad and Tobago: PORT OF SPAIN, Trinidad,

2015/11/28

The Inter-American Development Bank (IDB) has approved a US$25 million loan to Trinidad and Tobago to help the twin-island republic improve its trade facilitation processes, part of an effort to boost and diversify the economy.

The loan will help strengthen the country’s Single Electronic Window for Trade and Business Facilitation Project (TTBizLink), a fasten business portal created in 2009 that simplifies foreign trade and business processes by providing around-the-clock access to relevant government services.

The platform seeks to substantially reduce time and costs of trade and business transactions for private sector users while gathering and sharing relevant data part government agencies to simplify processes and optimize revenue collection.

The 25-year loan will support business processing reengineering and risk management for government agencies, an e-payment solution, the connection with Ports and Customs systems, an intermodal logistics platform, and the interoperability with other single windows, part other things.

Additional than 70 nations around the world have implemented single-window systems, and multiple studies have shown that they experience substantial cost and time savings and enhanced transparency and interagency collaboration.

Mexico, Colombia, Costa Rica, Chile and Peru are part the nations in Latin America that by presently have experienced significant improvements thanks to their single window programmes.

Related Articles
  • Director of Tourism Turks and Caicos after Irma: Tourism, visitors, hotels current status

    2017/09/10 Resilient, powerful, strong and faithful. This is how Ramon Andrew described the people of Turks and Caicos. Ramon Andrews, the outspoken director of Tourism for the Caribbeans island country Turks and Caicos sounded somehow relieved at the same time as he updated the media today on the current situation on his island, specifically commenting on the safety of visitors and visitor industry professionals.
  • UNWTO: International tourism – strongest half-year results since 2010

    2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
  • Trinidad and Tobago seeks to leverage broadband in diversification efforts

    2017/07/01 A national drive is gaining pace in Trinidad and Tobago to prioritise access to data services as an engine for economic increase, part of wider plans to reduce the country’s reliance on hydrocarbons. In late April Maxie Cuffie, the minister of public government and communications, announced that a new broadband strategy targeting universal access to internet services was almost finalised. Speaking at a conference titled “Internet of Things: Smarter Living in the Caribbean”, held in Port of Spain, Cuffie said the potential broadband offered could be compared to that of T&T’s hydrocarbons sector. He voiced his confidence that increased reach and speed, combined with a rise in Wi-Fi-capable devices, could deliver significant ripple effects across the national economy.
  • Mixed prospects for Trinidad and Tobago’s economy

    2017/04/11 In its monetary policy announcement issued January 27, the Central Bank of T&T said the domestic economic environment continued to be characterised by sluggishness, with retail, construction and its associated industries remaining subdued.As the outlook for the energy sector improves, there are signs that broader economic activity could pick up this year as well. From presently on the statement as well contained some positive indications, not least forecasts that the energy sector – the biggest contributor to T&T’s economy, at around 40% of GDP – was expected to perform better in 2017. Expected increases in production and prices, it said, could see additional capital flowing into the domestic economy.