(TRINIDAD EXPRESS) – CARICOM’s Council for the Trade and Economic Development (COTED) has increased the common external tariff (CET) on pasta and cement for one year. It came into effect on January 1.
The tariffs would, in theory, make imported products more expensive compared to domestic (Caricom-manufactured) products. The new tariff on pasta is 40 per cent, up from 20 per cent, while imported cement will have a tariff of 35 per cent, up from 15 per cent. The decision was made at the 49th annual COTED ministerial meeting last November in Georgetown Guyana.
Trade Minister Paula Gopee-Scoon represented TT and raised these two issues. In a release Friday, the TT Manufacturers’ Association (TTMA) said these new tariffs “were of interest” to the local manufacturing sector.
The TTMA said it would continue its advocacy to improve regulations and ease of doing business in the country and the region to allow for sustainable growth in the non-energy manufacturing sector. The association’s goal is to double exports in the next five years.