Cheaper Cement for T&T Market

• Trinidad and Tobago has obtained approval for the reduction in the current rate of duty applicable to hydraulic cements from 20% to 10% until June 30, 2025. This came out of the 58th Meeting of the Council for Trade and Economic Development (COTED) between May 14 and 15 in Georgetown, Guyana. Trade Minister Paula Gopee-Scoon chaired the meeting, the ministry said in a media release yesterday.
• The approval for the reduction in duty on 'other hydraulic cements', coupled with the termination of the quota and registration system for the importation of cement, 'will allow for the product to be imported from extra-regional sources at a lower cost, ensuring the availability of affordable cement for the construction sector and consumers.
• 'It would also promote a level of competition in the local market. It is to be noted, however, that imported cement will have to meet the current standard for the product to ensure that any imported product complies with relevant safety and packaging requirements,' the ministry stated.
• The COTED is the body within Caricom responsible for promoting trade in goods and services and sustainable regional economic development. The 58th COTED discussed a number of matters pertaining to the promotion of the Caricom Single Market and Economy (CSME), trade in goods, external economic and trade relations and regional standards, amongst others, the ministry said.
• Regional trade ministers also deliberated on issues related to compliance with the Revised Treaty of Chaguaramas, specifically related to the imposition of the correct rates of duties on products from extra-regional sources, the statement said. 'Member States were mandated to ensure the correct duties were being applied on extra-regional imports. This measure will ensure that domestic products are afforded a level of support against imports of products into other Caricom markets from extra-regional countries,' the Trade Ministry said.

(Source: Trinidad Express Newspaper)