New engine for economic growth

SERVICES has been the fastest-growing sector of world trade from an export earnings perspective since the General Agreement on Trade in Services (GATS) was launched in 1995. At the beginning of the 21st century, services trade accounted for approximately 20 per cent of world trade. By 2020 this figure is expected to rise to 50 per cent, according to the International Trade Centre.

Here in Trinidad and Tobago the services sector accounted for 46.8 per cent of GDP and 67.4 per cent of the labour force in 2010. Many Trinidad and Tobago nationals have excelled in performing services globally and success stories are rampant across the diverse cross-section of the services industries. Trinidadian soca singers, steelpan players and artisans are widely accepted across the Caribbean diaspora, with various derivations of our famous Carnival being celebrated in over a hundred street festivals throughout Europe and the United States. Most recently we saw a film on the life of Calypso Rose being shown at the Cannes Film Festival, the 83-minute feature-length film was made by two French producers, Maturity Productions and Dynamo Productions, and the T&T Film Company.