Trinidad and Tobago’s Ambassador to the United States speaks at the Annual Caribbean American Legislative Forum on Capitol Hill
Washington, DC – “What you do in life echoes in eternity” – those were the closing words from him and him and him and him arsan, Ambassador of Trinidad and Tobago, as he addressed the audience at the 14th Annual Caribbean American Legislative Forum on Capitol Hill. The theme of this year’s forum was “Small Business, Trade, Job Creation and Workforce Development.” The purpose of the Forum was to create a dialog between US elected officials and Ambassadors from the Caribbean that are based in Washington, DC.
In his address to attendees, Ambassador Parsan spoke about the current challenges with respect to trade between the United States and the Caribbean. He mentioned that the current trade relationship is covered by two U.S. unilateral preference programs – the Caribbean Basin Economic Recovery Act (CBERA) and the Caribbean Basin Trade Partnership Act (CBTPA) with CBERA preferences applying only to a small portion of CARICOM goods and CBTPA covering more products but with only seven countries from the region qualifying. CARICOM has strongly advocated for the initiation of discussions with the US on a reciprocal Free Trade Agreement (FTA) which includes financial assistance for trade adjustment and export capacity building.
Ambassador Parsan also addressed the fact that incentives in the form of subsidies are being granted by the US Government to rum producers in the US Virgin Islands and Puerto Rico. These subsidies are placing Caribbean rum exporters at a severe disadvantage and the effect would be felt throughout the region. He asserted that it is imperative that Caribbean and the United States leaders address this issue at the highest political level.
Additionally, His Excellency touched on the new US Food Safety Modernization Act (FSMA) which will undoubtedly have significant implications for food producers in the CARICOM region who intend to export to the US. Ambassador Parsan argued that it is important that capacity building initiatives be undertaken to ensure that the effects of the Act are mitigated.
The other burning issue that Ambassador Parsan addressed was the Foreign Account Tax Compliance Act (FATCA) and the related projected increased reporting requirements for the small banks and financial institutions of CARICOM. This Act will impact the cost of doing business in CARICOM and it will negatively affect investment flows to the region.
Ambassador Parsan (Right) greets Congressman Rangel (D-NY)
In highlighting relations between CARICOM and the US, Ambassador Parsan also spoke about the Caribbean Idea Marketplace (CIM), a current US initiative which provides support to Small and Medium sized enterprises. The CIM is a business competition platform which aims to foster collaboration between local and global Caribbean diaspora entrepreneurs to develop and expand innovative projects that will generate employment and economic growth. It is being implemented in the context of the International diaspora Engagement Alliance (IdEA) launched by Secretary of State Hillary Clinton in 2011.
The Legislative Forum was one of the highlights of the celebrations hosted by the Institute of Caribbean Studies (ICS) to mark Caribbean American Heritage Month. The ICS is a non-partisan, non-profit organization that is dedicated to education, advocacy, and action on issues that impact Caribbean-Americans. It was established in 1993 and is headquartered in Washington, DC.
