FROM Mayaro to Carenage, Chinese restaurants, supermarkets and casinos have lined rural and urban roads, long before Trinidad and Tobago and China established official bilateral trade ties 50 years ago.
While they shared modest relations early on, the trade volume between the two countries has increased significantly in the past decade.
TT became the first English-speaking Caribbean state to cross US$1 billion in trade with China for the first time in 2019, peaking at US$1.34 billion last year.
TT exports mainly comprised energy products, such as liquefied natural gas (LNG) and petrochemicals; imports comprised machinery, electronics, clothing, and other consumer goods.
The trade arrangement has evolved in recent years through legislation, encouraged by China’s ambassador to TT Fang Qiu, who sees the diplomatic ties as a blueprint for equitable partnerships and mutual benefit between countries of all sizes.
“Over the past half-century, our bilateral relations have evolved extensively, with successful pragmatic co-operation across diverse fields,” Fang told guests at a workshop organised by the embassy at the Trade and Investment Convention at the Centre of Excellence, Macoya, this month.Qiu said the rapid economic and trade growth has been “one of the most remarkable accomplishments in China-TT bilateral relations."
The $1 billion milestone “clearly demonstrates the strength and promise of China-TT economic and trade co-operation," he said, stressing that China’s continued development represents valuable global opportunities.
The recent workshop provided a platform for Chinese diplomats to reissue their invitation for TT to invest in renewable-energy sources and other modern industries.
[caption id="attachment_1098264" align="alignnone" width="1024"] Trade Minister Paula Gopee-Scoon, left, greets China Building Material Market Association VP Ye Liu, at the ministry's headquarters in Port of Spain on May 23. - Photo courtesy MTI[/caption]
China is the world’s second-largest economy and the second-largest importer of goods and services. It is also the largest manufacturer and overall goods trader.
“With a middle-income group of 400 million people, China offers the largest and most promising market globally,” Fang said, pointing to a 5.2 per cent growth in China’ GDP to RMB126 trillion or US$17.89 trillion in 2023. (Renminbi (RMB) is Chinese for "people's currency," and is often used interchangeably with the yuan (CYN). The yuan is worth about US$0.14 or TT$0.93.)
China’s GDP increased by 5.3 per cent in the first quarter of 2024, with total goods trade crossing RMB10 trillion (US$1.37 trillion) for the first time, marking a new milestone.
“Furthermore,” Fang said, “numerous international institutions have recently upgraded their forecasts for China’s economic prospects…again underscoring the promising future for the Chinese economy.”
The ambassador spoke of China’s successful efforts to modernise and prioritise high-quality development.
“Central to this effort is the promotion of innovat
