A former British colony in the West Indies Federation (1958-61), Trinidad and Tobago has been an independent state since 1962 and was proclaimed a republic on 1 August 1976. Since 1995 the government has alternated between the UNC (the party representing the descendants of Indian immigrants) and the PNM (the party representing the descendants of African slaves), already leading the country since independence. The President of the Republic is elected by Parliament for a five-year term. Legislative power is exercised in the two chambers of Parliament: the House of Representatives (41 elected members) and the Senate (31 members, including 9 members appointed by the President, 16 by the majority and 6 by the opposition), in office for 5 years. Tobago has its own parliamentary assembly and has some administrative autonomy.

Largely reliant on hydrocarbons, which account for most of its exports and feed a sovereign wealth fund, the country has attempted to diversify its economy by focusing on tourism, telecommunications and financial activities.
Fruit (pineapple, coconut) is the main trading crop. Bananas, taro and cassava are the main subsistence crops.
The most important sector is hydrocarbons: two oil pipelines take crude oil from the wells at Tabaquite and in the south-west of Trinidad to Claxton Bay and Point Fortin, where there is also natural gas liquefaction plant. The Pitch Lake at La Brea is a large natural deposit of asphalt.
Electricity production is based on gas-powered thermo-electric plants. Industry includes petrochemical works (Pointe-à-Pierre, Point Fortin and La Brea), chemical facilities, sugar refineries, a cement plant (Claxton Bay), beer, rum and non-alcoholic drink factories and cigarette manufacturing plants. Angostura bitters, made from the bark of the Galipea officinalis, is also produced.
There is a stock exchange in Port of Spain. Tourism activities are mostly centred on the Island of Tobago (tourists come largely from the USA).