T&T has secured the continued suspensions of the Common External Tariff on certain products.

Approval came during the 57th Meeting of the Council for Trade and Economic Development (COTED) held in Guyana from November 27th to 28th 2023.

The Council is the body within CARICOM responsible for promoting trade in goods and services and sustainable regional economic development.

According to the Trade Ministry, T&T’s proposal was meant to support local and regional industries and promote economic development for a period of one year, from January 1st to December 31st 2024.

Specifically, the CET was removed on basic food items such as dried salted pollock, cheddar cheese, black tea, corned beef, pasta, canned fish, active yeast and baby food.

The Ministry says the average annual revenue foregone due to the CET suspension (based on import data from 2020– 2022) is estimated at approximately TT$27.3 Million.

Approval was also granted for the suspension of the CET on certain public health supplies, and industrial safety products such as gas masks and waterproof boots.

The COTED also approved the suspension of the CET to increase the rate of duty on Cement to 20% to protect the domestic cement and construction industries.

According to the Ministry, this was informed by consultations with the T&T Chamber of Industry & Commerce, the T&T Manufacturers Association, and the T&T Contractors Association.

Regional Trade Ministers also discussed a number of matters pertaining to the promotion of the CARICOM Single Market and Economy, Trade in Goods, and External Economic and Trade Relations.