The local press has reported that the government of Trinidad and Tobago is intent on initiating negotiations with its Dominican counterpart for the purpose of establishing a free trade zone between the two nations, subject to CARICOM’s approval. To that effect, Dominican and Trinidadian representatives from both the government and the private sector have been holding bilateral talks and, during a recent visit to Port-of-Spain, Dominican Vice President Jacinto Peynado signed a letter of intent.
Although Trinidad and Tobago is a small island nation, it has reached a stage of development similar to that of the most advanced Latin American countries. It is the non-Spanish speaking Caribbean island that trades the most with the Dominican Republic, and it is currently registering a trade surplus. It has also been the greatest supporter of Dominican efforts to enter CARICOM.