St Kitts and Nevis: The Cabinet of St Kitts and Nevis approved the Protocol of the amendment of Article 83 of the Revised Treaty of Chaguaramas (RTC). The article gave more freedom to the member states of the Caribbean Community (CARICOM) to conduct their domestic affairs while following their commitments under the law.
In addition to this, the article has provided more power to the Council for Trade and Economic Development (COTED). It will permit the member states of CARICOM to suspend the Common External Tariff (CET) on various supplies of imports. They can also apply a higher, lower, or even zero tariff rate.
A common external tariff is known as the import tariff. It is also known as the tax or duty which can be paid on a particular class of imports or exports. The tariff could be applied equally by each nation participating in a customs union, such as the Caribbean community.
The Common External Tariff of the Caribbean Community also extended the revised proposals which highlighted the duties which are imposed on different items or goods based on specific classes determined by COTED.
The Thirty-Fourth (34th) COTED in 2012 has also outlined that article 83 should be amended. It should allow the member states to maintain their flexibility or adjust tariffs, such as upwards or downwards, in the context of their international obligations.
The Protocol to amend Article 83 of the RTC establishing the Caribbean Community will be included various markers. It will consisted of the CARICOM single Market Economy. The market was opened for signature for all Member States in March 2014.
St Kitts and Nevis signed the Protocol on July 4th 2014.