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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