Launch of the Trinidad and Tobago e-commerce strategy

Your Excellency, Ms. Paula Gopee-Scoon, Minister of Trade and Industry,

Ms. Joanna Kazana, UN Resident Coordinator

Ladies and gentlemen,

Dear friends,

It is a pleasure to address you virtually today for the launch of Trinidad and Tobago’s E-commerce Strategy.

Trinidad and Tobago is the first country in the Caribbean to have developed a comprehensive e-commerce strategy.

This is an important milestone, and I want to commend the leadership and vision of the Ministry of Trade and Industry in spearheading this transformative effort, as well as the strong collaboration across government, business associations, university representatives and the UN country team development partners, in shaping this strategy.

I also want to thank my team at UNCTAD for their exceptional commitment. I am honoured that UNCTAD has played a role in making this milestone possible.

As a pioneer, Trinidad and Tobago has now both a privilege and a responsibility.

A privilege, because Trinidad and Tobago is at a remarkable point of transformation. With 148 mobile subscriptions per 100 people – one of the highest rates in the world – and nearly universal internet access across households, you have built the essential infrastructure for digital transformation.

This connectivity, combined with impressive digital literacy rates, strong ICT skills and a large consumer market, forms a solid foundation upon which to build a thriving digital economy, accelerating growth and job creation.

But it is also a responsibility, because many of the development challenges of the future – how to create quality jobs, how to diversify economies beyond manufacturing, how to leverage digital trade to overcome traditional geographical boundaries – will be decided in the digital realm.

And Trinidad and Tobago, as a Caribbean, small island developing State, is thus given the immense task of charting a course that others may follow.

But to do so will require addressing the challenges facing the country’s digital ecosystem, especially the fact that most transactions take place in foreign marketplaces, and that online payments are still expensive for some small businesses, and women, youth and rural entrepreneurs.

Because in the end, inclusivity sits at the heart of this strategy – and this is for a fundamental reason.

I often say that a central paradox of our world today is that we have economies where technology is moving fast, but growth is moving slow.

As Solow once said, “The digital age is evident everywhere but in GDP statistics”. These lags and gaps create tensions and huge opportunity costs.

In this sense, the greatest promise of the digital economy is not at the cutting edge of science, it is at the edges of exclusion – where it reaches the rural entrepreneur, the informal worker and the under-served, turning their struggles into opportunities and their potential into progress.

So, our strategy is centered on four key pillars:

1. Strengthening legal and regulatory frameworks
2. Enhancing e-commerce awareness and digital skills
3. Fostering business growth and competitiveness
4. Streamlining trade and logistics.

Excellencies,

We look forward to seeing the tangible benefits this strategy will bring to the economy and the society as a whole.

I extend to the country and people of Trinidad and Tobago our enduring friendship, trust and support in the implementation of this strategy.

I thank you.