It is an honour to represent Senator the Honourable Dennis Moses, Minister of Foreign and CARICOM Affairs at today’s event and to join with you in commemorating the 113th anniversary of self-determination of the people of Panama. It gives me great pleasure to extend on behalf of the Government and people of the Republic of Trinidad and Tobago, congratulatory greetings to the Government and people of the Republic of Panama on this special occasion.
Please also allow me to extend condolences on the loss of life, injury and damage sustained by Panama following the passage of Hurricane Otto earlier this week. Our thoughts and prayers go out to those affected.
That we are gathered here today at the bust of the Liberator Simon Bolivar, is testimony to the recognition and respect for his pivotal role in leading the independence movement in Latin America. Indeed, his legacy is well recognised throughout the Americas and there are numerous monuments in his likeness throughout South and North America and even here on in our very own Trinidad and Tobago.
Ladies and Gentlemen, since attaining Independence some 113 years ago the Republic of Panama has emerged as one of the most stable economies in Latin America. It is home to the second largest free trade zone after Hong Kong, it is an international banking centre and is also a financial and communications hub. Most importantly it is a strong and supportive ally of Trinidad and Tobago with whom we share excellent bilateral relations
This year commemorates 22 years since the establishment of diplomatic relations between Trinidad and Tobago and Panama. Although separated by barriers of language and geography, over the past 22 years Panama and Trinidad and Tobago have continued to enjoy meaningful collaboration not only bilaterally, but in the international arena based on our shared membership of a number of regional, hemispheric and multilateral organizations including the United Nations (UN), the Organisation of American States (OAS), the Community of Latin American and Caribbean States (CELAC), the Association of Caribbean States (ACS).
This year there have been three, (3) notable developments which stand to impact positively on our bilateral relationship and in particular on trade between our two countries. These include: the entry into force of the Trinidad and Tobago-Panama Partial Scope Trade Agreement, the visit of a trade mission from Trinidad and Tobago to Panama; and the completion of the expanded Panama Canal project.
The Trinidad and Tobago-Panama Partial Scope Trade Agreement (PSTA), came into force on July 1, 2016, after the exchange of ratification instruments on June 4th, 2016, between the Minister of Foreign and CARICOM Affairs of Trinidad and Tobago and the Vice President of Panama. This Agreement will enable the private sectors in Trinidad and Tobago and Panama to secure preferential access to markets in each other’s jurisdictions and will ultimately redound to the benefit of consumers in both countries.
From June 8th to 12th, 2016 in anticipation of the entry into force of the PSTA, the Trinidad and Tobago Chamber of Industry and Commerce led an eleven-member trade mission, representing seven (7) companies from the manufacturing and services sectors, to the Republic of Panama. The delegation, which also included representation from the National Export Facilitation Organisation of Trinidad and Tobago (exporTT), embarked on this mission to explore opportunities for increased trade and investment between Trinidad and Tobago and Panama. The Trinidad and Tobago Chamber of Industry and Commerce hailed the mission as a success and it would be remiss of me if I did not acknowledge the important role played by Ambassador Menéndez in realising this trade mission.
The expansion of the Panama Canal is also of significance with respect to trade between our two (2) countries. On June 26 2016, the world congregated in Panama, to witness the inaugural passage of the first Neo-Panamax class freight vessel through the expanded Canal. The expanded Canal can accommodate the passage of freight vessels with a maximum carrying capacity of 14,000 containers up from 5000 containers as well as reduced queuing time for ships waiting to transit. Of special interest to Trinidad and Tobago is the fact that Liquefied Natural Gas (LNG) tankers may now have access to the Canal for the first time.
Your Excellency, as I conclude, I wish to reiterate the significance which Trinidad and Tobago attaches to its bilateral relations with Panama. I also wish to assure you that Trinidad and Tobago remains committed to deepening and strengthening this important partnership in the years to come in pursuit of our common goals and interests.
It is therefore an honour and a pleasure on behalf of the Government and people of the Republic of Trinidad and Tobago, to once again extend best wishes to the Government and people of the Republic of Panama on your National Day.
