T&T moves to shield economy from Hormuz disruptions

Prime Minister Kamla Persad-Bissessar told the Lower House of Parliament today that T&T is closely monitoring escalating tensions in the Middle East and their potential impact on global supply chains and the domestic economy.

The Member for Diego Martin West, Hans Des Vignes, asked what measures Government is taking to protect businesses in T&T from closures in light of disruptions linked to the Strait of Hormuz, including higher freight costs and shortages of critical inputs.

In response, the Prime Minister said T&T continues to monitor developments in the region. She said, “Trinidad and Tobago continues to monitor developments in the Middle East and the current issues associated with the Strait of Hormuz.”

She added that the Government is working with international partners to support stability in maritime trade routes. She said, “Our Government of T&T is continuing to work with international partners by providing diplomatic support for the unfettered freedom of navigation through the Strait.”

Persad-Bissessar told the House that T&T has also taken part in recent international discussions on the matter. She said, “in the last week, Trinidad and Tobago participated twice in international forums organised by the United Kingdom and France to discuss issues associated with the closure of the Strait and to assist in providing solutions.”

She said these engagements form part of wider diplomatic coordination, including ongoing contact with the United States of America.

On the domestic front, the Prime Minister said Government is engaging the private sector to assess and reduce possible economic fallout from the tensions. She said, “Domestically, the Government of T&T has been in discussions with the private sector to monitor and mitigate any economic impacts from these tensions in the Middle East.”

She added that the aim is to safeguard economic stability as global conditions remain uncertain.