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| CARICOM To Suspend Common External Tariff |
by Amanda Banks, Tax-News.com, London
Friday, May 27, 2011
Members of the Caribbean Community (CARICOM) look set to suspend their Common External
Tariff (CET) in the battle against the rising cost of fuel and commodities in the
region.
CARICOM's 32nd Meeting of the Council for Trade and Economic Development discussed
in detail the consequences such soaring costs are likely to have, and agreed
that CARICOM's responses must be bold, innovative and multisectoral, in order
to ease the impact.
In response, the meeting agreed to the immediate establishment of a technical
team to determine a list of goods to be considered under suspension of the CET.
The suspension would remain in force for a two-year period, and be applied
to goods deemed to have significant weight in the consumer price index, and which are neither produced nor have a close substitute in the region.
The team will also settle on the reduction or elimination of the CET on
some inputs and equipment used in food production and preparation, with the
aim of reducing the cost of production and delivery of food.
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