HOURS after Prime Minister Stuart Young announced the US government had revoked the licences previously granted for both the Dragon and Manakin-Cocuina cross-border gas deals, he attempted to re-instil confidence in the business community regarding TT's future.
"The message is, despite what you're hearing, all of our eggs of TT are not in the Dragon basket," he said, speaking at the TTMA's leadership discussion and networking event on April 9 at Hyatt Regency.
"...We will continue to traverse the waters and we will continue to fight for TT."
He encouraged manufacturers and business owners at the event to "filter through the noise" in their endeavours going forward.
Young also lamented that some people were celebrating the announcement of the licences cancellations amongst "unfortunate media headlines."
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"It still shocks me still that there are actually people who call themselves citizens of TT and they believe in TT is what they say, but they are rejoicing in another setback in what we've done with Dragon."
He pointed out the past hurdles that the government faced in the deals.
He said in 2018 the government negotiated a commercial term sheet but the rise of sanctions in 2019 stopped any progress.
"People were rejoicing. Those aren't the people who want the best. But we didn't give up.
"By 2022 we engaged with decision makers in Washington.
"By 2023, shocking many, including many of the major oil and gas players around the world who we were trying to achieve the same thing we did, we got the full set of clearances from the US government with OFACs."
He said the granting of licences to TT for the production and export of gas out of Venezuela was the first of its kind in history.
"Those are not things that happen as a result of platform conversations or loose talk.
"The rest is history."
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Regarding the implementation of the 10 per cent tariff on TT’s imports to the US announced on April 2 and proposed taxation for Chinese-built vessels entering US ports, Young said manufacturers needed to be mindful.
“As of midnight last night, our largest trading partner and arguably the largest trading partner of many countries in the world, imposed unilateral tariffs across a wide spectrum of countries across the world.”
He noted the difficult position the tariff implementation placed manufacturers in as they try to navigate the change.
“Because its going to effect the cost of input. It is going to affect the goods that we import, it is going to affect now what we export into the US. It is extremely volatile, so it’s no longer just the energy sector. It is going the day-to-day lives of every single one of our citizens. And in particular the manufacturing sector.”
As the new TTMA president Dale Parson announced plans to boost non-energy exports by 71 per cent, Young encouraged him to factor in the changing geopolitical landscape.
“This is a growing world of uncertainty. And those growing tariffs on exports. As you now know as well there are potential tariffs on shipping. And I’m sure there is not a single shipping fleet in the world that does not have at least one vessel that is built in China.”
He said as the world changes, TT needs to decide who is best suited to lead and negotiate the best outcomes for the nation.
“Now is certainly not a time for old talk. Now is certainly not a time for shallow and empty promises. Now is the time we have to take a decision as to whose track record would be able to deliver, who can sit on the table opposite the most sophisticated negotiators in the world and come with better and more for TT.”
At the same event, Finance Minister Vishnu Dhanpaul condemned the Opposition UNC's campaign promise to offer public servants a ten per cent salary increase if it was elected to lead the country on April 28.
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He said the increase would cost tax payers billions of dollars and lead to long-term to economic destabilisation.
"They are promising public servants short-term gain for extremely long-term pain," he said.
He said the current government had been engaging in strategic initiatives to keep building economic resilience and enhance productivity.
Dhanpaul's statements echoed those of Young, who had criticised the UNC for its campaign promises and said the country could not afford the proposals the party had put forward.
