Illicit Trade Can Affect Legitimate Economic Activity In TT: Trade and Industry Minister  

 

  • Trade and Industry Minister Paula Gopee-Scoon is calling on the international community to work together to address the growing issue of illicit trade in Trinidad and Tobago, which erodes legitimate economic activity.
  • The Minister explained that several international organisations and agencies have estimated that hundreds of billions of dollars in illicit commerce, including goods, animals and wildlife, weapons and persons, and illicitly traded consumer goods are produced, transported, and sold every year.
  • Notably, Trinidad and Tobago, as a small island developing state, has felt the negative effects of the global investment downturn but remains committed to resetting the economy for growth and transformation. This resolve undoubtedly includes taking a firm stance and deliberate, effective action against illicit trade in all of its forms.
  • According to the local private sector, the minister said approximately 22% of imported alcohol was entering Trinidad and Tobago illicitly. Illicit trade does not benefit an economy, rather it threatens the existence of small and medium enterprises apart from depriving the government of revenues for public services. Consequently, Gopee-Scoon emphasised that 'due to the globalised nature of illicit trade, information sharing and cooperation among international bodies and countries is necessary'.

(Source: Trinidad Express Newspaper)