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Monday, March 10, 2008
CARICOM heads have agreed to temporarily suspend the Common External Tariff. This agreement is to give regional governments, the go ahead, to drop the duty on some goods, in order to help reduce the cost of living in their respective countries. At the 19th Inter-Sessional meeting held in the Bahamas, CARICOM heads received the list of items that the Council for Trade and Economic Development, had approved for suspension of the Common External Tariff with immediate effect for a period of two years, ending March 4th, 2010. The CET provides a harmonized coding system and a consistent tariff rate structure, for the importation of goods from outside CARICOM. It sets minimum and maximum duty rates for all member countries.
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