Mar 2012 Financial News

Carib may become 'summer beer' in two countries

Mar 23, 2012

DESPITE concerns about economic recession in Europe, a local trade mission to the continent last month produced 41 business leads, including the possibility of Carib beer becoming the "summer beer" of two countries.

The highlights of the mission were presented on Tuesday at the "Trinidad and Tobago in Europe" TradeCom Supported Project Post-Mission Press Conference at the offices of the Chamber of Industry and Commerce in Westmoorings.

The Chamber received funding from TradeCom Facility based in Brussels under the European Development Fund to embark upon this mission for which 137 business to business meetings were held. From February 26 to March 7, 2012 the Chamber led a delegation of nine companies and representatives from the Trade Ministry to five cities in three countries: Hamburg and Munich in Germany; Rotterdam in the Netherlands; and Birmingham and Manchester in the UK.

The companies that participated were: Angostura, ANSA McAL (Carib Brewery), Electrical Industries Ltd, Illuminat, Infotech Caribbean, Intelligent Business Advantage, PC Consultants, Trinidad Cement Ltd, and Trinidad Systems Ltd.

Group trade strategist ANSA McAL, Dr Patrick Antoine, reported that through the mission Carib Brewery was in talks to become the "summer beer" in two countries. He stressed no single Caribbean company has the "might" to make a huge impact in any European market and there must be a coming together.

Trade mission team leader Clive Vokes said while people questioned the wisdom of a European trade mission when the zone was supposed to be in a "state of depression" economically, the delegation found that the "fundamentals of these countries" were very strong, their chambers of commerce filled with enthusiasm and confidence, and there were "great opportunities" for "ambitious flexible companies".

Chamber CEO Catherine Kumar said that a study had revealed a deficiency in awareness of the CARIFORUM (Caricom plus the Dominican Republic)-European Union (EU) Economic Partnership Agreement (EPA) and its provisions, as well as little knowledge of the EU markets.

"In this regard, it was recommended that the Chamber undertake more sector specific trade missions to Europe with the aim of seeking strategic partnerships for the business community and obtaining market intelligence," she added.

She noted the CARIFORUM-EU EPA, though signed in 2008, has not yet been ratified in this country and the Chamber urged the Ministry of Trade and Industry to push the laying of the bill on the Parliamentary agenda. She said that the Chamber was pleased that the Trade Implementation Unit (TIU) has been established at the Ministry.

Kumar later told the media that while there were provisional arrangements before the legislation was passed if that arrangement came to an end before the legislation was ratified "then all that we are trying to do now would not go forward". She noted that the Caricom-Canada trade negotiations, for example, had expired and was provisionally renewed to the end of 2013, and the Chamber wanted to ensure an official agreement is signed before that date.

"So we are concerned about making sure these arrangements are all signed up, sealed and effective," she added.


Source:
By Julien Neaves
Trinidad Express
Friday March 23, 2012

http://www.trinidadexpress.com/news/Carib_may_become__summer_beer__in_two_countries-143917076.html