The good news is that Trinidad and Tobago is no longer on the list for the Generalized System of Preferences (GSP). Really. Even the oddly spoken Trinidad and Tobago Finance Minister, Karen Nunez-Tesheria, got that right. She's probably right to say that the macroeconomic indicators all support it. But she's wrong to use the GSP as an indicator of economic strength - that's a circular argument1 and one that I am pleased that I didn't have to listen to in Parliament. Dog chases tail, tail chases dog, Finance Minister speaks. Half empty, half full, Finance Minister speaks. Film at Eleven.
Being on the GSP is an exemption from Most favoured nation status requirements of the WTO - but that doesn't really say much in English. What it really means is that a nation is considered to be one of the least developing nations and is being given a chance to compete with more developed economies. It's one of the checks and balances that arguably works for less developed nations. That Trinidad and Tobago was removed from GSP status by someone with the economic experience of George W. Bush is, indeed, a dubious (dubyas?) honor.





