Mar 31, 2020
SATT President Calls for Full Compliance with Shutdown
Follwing the declaration and confirmation that our members fall within the class for essential services we wish to highlight the following
Mar 27, 2020
SATT Bulletin #160: SATT President Calls for Full Compliance with Shutdown.
Arising out of the Prime Minister addressing the nation at today's Post Cabinet meeting media conference, the following are the key highlights from the Address.
Oct 21, 2019
PRESS RELEASE: Currency Adjustment Factor Introduced in T&T
This is a general notice to importers/exporters/manufacturers and persons engaged in the importation of goods, where foreign exchange is required for payment and/or repatriation of funds for freight and associated service charges.
Aug 23, 2017
Economic Diversification via Maritime Industry – Make it Real
Successive administrations have paid nothing but lip-service to economic diversification via the Maritime sector. Even as the country’s GDP continues to decline, along with our long-term sovereign rating, the lip-service continues and it appears neither policy nor institutional mechanisms are being put in place to achieve this diversification. Even if efforts are being made, they are painfully out of step with the opportunities which abound now.
There currently exists a multitude of investment opportunities in the maritime sector including; bunkering (establishment of a regime rather than the current ad-hoc strategy); transshipment of commodities – also known as ship-to-ship transfers; dry-docking& ship repair; and logistics.
Aug 23, 2017
Is T&T Open for Maritime Business - The Customs Effect
A December 2016 Inter-American Development Bank (IDB) report stated that of a sample of 38 mostly Western Hemisphere countries, T & T's Customs is among the three worst. The other two countries were Haiti – the poorest country in the hemisphere, and Bolivia. This indictment was unsurprising to intermediaries in the Maritime Sector, who for years have been feeling the impact of a Customs Administration rife with ad-hoc and contradictory procedures, absent standard operating procedures (SOPs), questionable regulations, transaction fees which appear to have no basis in law, and obsolete practices which have their basis in colonial times, when the policy prescription was different, and in the total absence of automation, and the continuance of which serve only to generate windfall revenues for Customs.
Aug 23, 2017
Droghers Act - How Outmoded Legislation Stifling Effective Trade & Investment
As a twin island state, movement of cargo by sea between ports within each island and between both islands should be a no-brainer. Instead, the process can be so inefficient and burdensome that international carriers opt to call at only one port, and cargo that can effectively be moved by sea instead has to be moved by road and by heavily subsidized ferry; in the case of Tobago. The single piece of legislation responsible for this is the Droghers Act.
The Droghers Act was first passed into law in 1914 and has since been amended twice; in 1921 and in 1964. On a basic level, the Act was designed to regulate the movement of vessels coastwise, as a means of regulating trade within ports in Trinidad & Tobago.