CARICOM nears realization of harmonised Customs Bill

Feb 24, 2015 News

A 12-year effort to bring to pass a much-coveted harmonised Customs Bill for the Caribbean is now in its final stages.
The bill, according to the CARICOM Secretariat, is intended to foster economic growth in the region, which will ultimately contribute to the improvement of its member countries.

CARICOM says it is nearing completion on a harmonized customs bill for the region which will see reduced clearance times at ports for goods.

CARICOM policymakers are due to finalise the harmonisation of Customs laws in two meetings that will take place in Antigua and Barbuda starting yesterday and ending on Friday.
If successful, the harmonisation project will see businesses assured of equal and fair treatment by customs authorities throughout the region.
“It will also increase transparency of all activities by Customs administrations and give trading partners a level of predictability.”
The Caribbean Community (CARICOM) comprising 15 member states and five associates has been in effect since 1973.
“As the region moved closer towards integration, it was recognised that an enabling environment for greater inter-regional trade must be encouraged. Subsequently, a project to harmonise the Customs laws of the Caribbean Community was launched at the beginning of the 21st century, spearheaded by the Caribbean Executive Committee.”
Agreement for the bill was finally reached in August of 2014 with only one outstanding issue remaining- the drafting of regulations. It will be this issue that is deliberated on over the course of two meetings, the first taking place in Antigua and Barbuda, with the second in Trinidad and Tobago in March.
“A harmonised Customs Bill will see improved regional integration and bring many economic benefits to the region. These include greater foreign direct investment in the Caribbean, reduced clearance times for goods at ports of entry and greater support of regional companies as they expand their operations to other territories.”