Government will move to reduce the rate of duty on Other Hydraulic Cements to 0%.

The Trade Ministry says the decision follows its monitoring of market conditions in the cement industry, and the recent action by Trinidad Cement Limited to raise the price of cement by 7%.

It says this price adjustment was the fifth increase implemented by TCL since 2021.

According to the Ministry, the increases were as follows:

The duty reduction will be effected by the publication of the necessary Legal Orders, which the Ministry says will be completed in the next few days.

It adds that cement is vital for the country’s sustainable development, adding that it of paramount importance to the Government that affordable cement is available to consumers.

In February 2024, Cabinet agreed to the suspension of the Quota and Registration System for Cement (Building Cement-Grey and Other Hydraulic Cements), which allows any quantity of imported cement to enter the local market.

The Ministry says cement remains on the Import Negative List, meaning a licence is required for the importation of the product.

It advises that applications for a licence to import cement must be submitted to the Minister of Trade and Industry and applicants are required to, inter alia:

• Be registered under the Companies Act
• Have adequate and appropriate warehousing facilities for the safe and reliable storage of imported cement
• Have an established distribution network
• Ensure that all imported cement meets the relevant CARICOM Regional Product Standards