Trinidad and Tobago exported US$70 million worth of liquefied natural gas (LNG) to India in 2007.Trade and Industry Minister Mariano Browne. Browne made the disclosure at a T&T/India Trade seminar. He said the gas export contributed to a trade surplus between both countries for the first time in 11 years.
"Between 1998 and 2006, trade between our countries saw T&T running a deficit. On 2007, this changed due to the exportation of $70m worth of LNG to India. Our trade balance with India for the first time in 11 years reflected a surplus," the minister told the Economic Times.
The Times quoted Browne as saying that while the dominant sector is oil and gas, the non-energy sector must become more robust.
"That is why we negotiated an array of trade agreements. We represent the gateway to Latin America (for India), and this presents an unique investment opportunity for companies to locate here."
Browne said there's new dynamism in trade emerging from countries in the South such as India, China and Brazil and Trinidad needed to tap into those markets as trade with North was "probably dying".
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