Caricom Trade Agreement
CARICOM Member States operates a Common External Tariff (CET) which sets out the rates of Import Duty to be changed on Imports.
Goods imported from third countries are subject to the duties listed in the CET, but goods imported from CARICOM countries and are certified to be of CARICOM origin do not generally attract these import duties. These CARICOM origin goods enjoy duty-free status, that is, they are not subject to Customs import duty, but the other taxes i.e. Environmental Surcharge, Customs Service Charge, Excise Tax and VAT are payable.
The following are three conditions which must be met in order that the CARICOM Originating Goods receive the preferential treatment:
- The goods must qualify as originating from the CARICOM Region in accordance with the criteria set out in the treaty
- A “CARICOM Certificate of Origin” certifying the country of origin of the goods must accompany the goods;
- There must be direct consignment of the goods from one CARICOM Member State to another CARICOM Member State.