The CARICOM Secretariat has accredited the suspension of the Frequent Exterior Tariff (CET) on the importation of lithium-ion batteries into the island nation.
Efficient dates and battery amount
The suspension, licensed on February 2, 2024, will stay in impact till February 1, 2025, overlaying a considerable amount of 240,000 lithium-ion batteries.
Ministerial intervention and bilateral consultations
The Ministry of Trade, Funding, and Commerce says the choice follows intervention by Minister Aubyn Hill on the 57th Assembly of the CARICOM Council for Commerce and Financial Improvement on November 27, 2023, and subsequent bilateral consultations between Jamaica and Barbados.
Continued business monitoring and regional capability evaluation
Jamaica’s Ministry of Trade, Funding, and Commerce stated it can monitor tutilise the mechanisms out there beneath the Revised Treaty of Chaguaramas to confirm and decide regional capability to produce the product, within the coming months.
It additional stated this might be an vital consider inspecting the scope for renewal of the CET suspension.
