A main goal of the T&T Chamber is to enhance the Trinidad and Tobago business community’s competitive advantage, assist in providing opportunities for business expansion, increased foreign exchange earnings and wealth generation through export-led growth. This is pursued through a variety of initiatives including the current mission. We encourage local business operators to take advantage of this opportunity and register while there are still available spaces.
The Chamber’s survey results revealed that Barbados was ranked in the top 3 markets of export interest for companies engaged in both the goods and services sectors – leading to its selection for the current Mission.
- Barbados is a top potential market for many of Trinidad and Tobago’s exports such as Cereals, beverages, beauty products, perfumes, Fintech, and Construction
- 3-5 flights per week between Trinidad and Tobago and Barbados
- Weekly Cargo options
- Inter-island distributorship and supermarket chains
- Another party to the CARICOM Single Market – which applies the CARICOM common external tariff (CET) duty free access of goods and services (with some exceptions)
- Common Language and Similar political and investment environment
- Barbados is highly dependent on imports of goods and on exports of services, particularly tourism.
- The Barbados Economic Recovery and Transformation (BERT) Plan, apart from restoring fiscal and debt sustainability, also aims to rebuild reserves and increase growth.
- Barbados’ trade policy objectives are to promote and facilitate the development of international trade, improve competitiveness, and pursue the Small Vulnerable Economies agenda in the WTO.
- Barbados also has the objective of achieving a fossil-fuel-free economy by 2030.
- Barbados’ recovery from the Covid-19 pandemic gained momentum in 2022 with the Central Bank of Barbados (CBB) estimating a 10% rebound following a contraction of 0.3% in 2021 and 13.5% in 2020. This recovery has been driven by the tourism sector but has been buoyed by expansion in other sectors such as construction, manufacturing, distribution and financial services.
- Out of the Pandemic, Barbados introduced a new 12-month Barbados Welcome Stamp-a visa that allows non-residents to relocate and work remotely providing a path for service providers to build credible networks in its economy.
- Foreign investors are generally granted national treatment with very few exceptions mentioned in sector-specific legislation, such as telecommunications services, tour operators, and travel guides.
- Since its last Review in 2015, Barbados has successfully streamlined customs procedures, including the transition to ASYCUDA World in September 2019, the initiation of a trusted trader programme, and a considerable reduction of processing times for import licenses.