Last Updated on December 8, 2022, 8:13 AM AST by Anthony Morris
The cabinet members of St Kitts and Nevis and Prime Minister Dr Terrance Drew met on Monday, December 5, 2022. During the cabinet sitting, St Kitts and Nevis Cabinet members approved the Protocol for the amendment of the Article 83 of the Revised Treaty of Chaguaramas. The proposed m gives the member states of the Caribbean Community, better known as CARICOM, more freedom to conduct their domestic affairs. At the same time, they can adhere to their commitments under the law.
Further, the proposed amendment (by st kitts and nevis) of the 83rd Article of the Revised Treaty of Chaguaramas (RTC) provides COTED (Council for Trade and Economic Development) with more power. Under this, they can allow Member States to suspend the Common External Tariff (CET) on their imports and apply a higher or lower, or even zero, tariff rate.
A common exterior tariff is an import tariff (a tax or duty paid upon a particular class of imports or exports). The Common External tariff is applied equally by every country that is participating in a customs union, such as the Caribbean Community (CARICOM.)
The revised Common External Tariff (CET) of the Caribbean Community outlines the taxes imposed on different goods or items based on specific classes. These classes are determined by the Council for Trade and Economic Development (COTED).
During the Thirty-Fourth (34th) meeting of the COTED, which The Caribbean Community (CARICOM) hosted in the year 2012, the member states of the Caribbean Community (CARICOM) agreed that Article 83 should be amended. The amendment will authorise the Member States with the flexibility to adjust tariffs (either upwards or downwards) while taking care of their international obligations.
The Protocol for the amendment of Article 83 of the RTC, which establishes the Caribbean Community, including the CARICOM Single Market Economy, was first extended for the signature of all CARICOM Member States in March 2014. St Kitts and Nevis signed the Protocol on July 4 2014.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
