Basseterre, St. Kitts and Nevis, December 7, 2022 (Press Secretary's Office): The St. Kitts and Nevis Cabinet approved the Protocol to amend Article 83 of the Revised Treaty of Chaguaramas (RTC) which gives the Caribbean Community (CARICOM) Member States more freedom to conduct their domestic affairs while adhering to their commitments under the law.
Additionally, it gives the Council for Trade and Economic Development (COTED) more power to permit Member States to suspend the Common External Tariff (CET) on imports and apply a higher, lower, or even zero tariff rate.
A common external tariff is an import tariff (tax or duty to be paid on a particular class of imports or exports) applied equally by each country participating in a customs union, such a CARICOM.
The revised Common External Tariff of the Caribbean Community outlines the duties imposed on different goods or items based on specific classes determined by COTED.
At the Thirty-Fourth (34th) COTED in 2012 it was agreed that Article 83 should be amended to allow Member States the flexibility to adjust tariffs (upwards or downwards) in the context of their international obligations.
The Protocol to amend Article 83 of the RTC Establishing the Caribbean Community including the CARICOM single Market Economy was opened for signature for all Member States in March 2014. St. Kitts and Nevis signed the Protocol on July 4th 2014.
Disclaimer
This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers
