OECS Seeks Expanded Trade with Dominican Republic to Lower Import Costs

• The Organisation of Eastern Caribbean States (OECS) is considering deeper trade ties with the Dominican Republic and Panama as part of efforts to lower consumer prices across the Eastern Caribbean.
• Speaking after the OECS Summit in Antigua and Barbuda, Prime Minister Gaston Browne said the organisation has requested a temporary suspension of the Common External Tariff (CET) to facilitate greater imports from non-CARICOM markets.
• The proposal aims to give member states access to more affordable goods and food products amid rising living costs. Browne noted that Panama is one of the hemisphere’s largest commercial hubs, while the Dominican Republic could become a key supplier of competitively priced food and consumer goods.
• The OECS has asked its commission to conduct a study identifying products that can be sourced at lower costs from the Dominican Republic. The organisation also plans to engage CARICOM on suspending the tariff framework.
• The move could strengthen trade between the Dominican Republic and Eastern Caribbean nations, while helping reduce import costs and improve food security across the region.

(Source: Dominican Today)