| Brief Introduction of Economic and Trade Ties between China and Trinidad and Tobago |
|
| 2007-08-31 14:46 |
China established diplomatic relations with Trinidad and Tobago on 20 June 1974. Since then, the economic and trade cooperation between the two countries has progressed smoothly. Currently the economic and trade agreements included between two countries are Trade Agreement signed in 1985, Agreement on Encouragement and Reciprocal Protection of Investment signed in 2002, and Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income signed in 2003.
Bilateral trade
The bilateral trade between China and Trinidad and Tobago developed rapidly in recent years. According to the statistics of China Customs, the bilateral trade volume in 2006 stood at USD175 million, up 46.9% year-on-year. China export reached USD165 million, up 64% and import reached USD10.21 million, down 45.3%. The bilateral trade volume during the first half of 2007 achieved USD115 million, up 85.2% over the same period of 2006. Among them, China export reached USD109 million and import reached 5.837 million, up 80.7% and 247.0% respectively. The main commodities exported from China to Trinidad and Tobago included textile clothing, steel & iron works, electromechanical products, etc. China imported commodities such as inorganic chemicals, asphalt, iron ore, etc. from Trinidad and Tobago.
Economic cooperation for mutual benefit
The statistics of MOFCOM indicated that by the end of June 2007 Chinese enterprises had fulfilled a turnover of USD79.73 million from project engineering and labor service cooperation with Trinidad and Tobago. So far there’s no investment to each other. |
