T&T has obtained approval for the reduction in the current rate duty applicable to Other Hydraulic Cements from 20% to 10% until June 30th 2025.

It came during the 58th Meeting of the Council for Trade and Economic Development (COETD) in Guyana this week.

The Trade Ministry says this measure, coupled with the termination of the quota and registration system for the importation of cement, will allow for the product to be imported from extra-regional sources at a lower cost.

It says this will in turn ensure the availability of affordable cement for the construction sector and consumers, while also promoting a level of competition in the local market.

The Ministry adds that imported cement will have to meet the current standard for the product to ensure they comply with relevant safety and packaging requirements.

The COTED meeting also saw discussion on the Free Movement of CARICOM Nationals.

The Ministry says currently, specific categories of skilled workers can move and work in other CARICOM Member States without the need for a Work Permit.

The July 2023 decision of CARICOM Heads of Government extends the current regime to afford all CARICOM nationals the ability to move freely among the Member States.

Member States provided updates on work being undertaken to establish legislative, administrative and procedural arrangements to facilitate and regulate the free movement of nationals.

The Ministry says this measure will provide businesses with greater access to skilled labour and professionals, which can contribute to increased productivity and exports.