Representatives from the Caribbean Community (CARICOM) met at the bloc’s secretariat in Guyana to review the Common External Tariff (CET) and rules of origin that apply as part of its current trade policy.
The assistant secretary-general for trade and economic integration, Joseph Cox, said that the CET was not sustainable in its current format, so “order, structure, and modernization were necessary for the instruments to work for the region.”
The consultant Dan Ciuriek said that reviewing these instruments would help improve the way the CARICOM Single Market and Economy (CSME) function and its role in the global economy.
The event was supported by funding from the Spanish Agency for International Development Cooperation (AECID). At the end of the meeting, regional stakeholders recommended the careful consideration of derogations of the CET on some products, as well as the implementation of a modernized and simplified version of the rules of origin.