Business Leaders Welcome CARICOM’s Move to Review Non-Tariff Barriers to Regional Trade

At least two members of the business community are welcoming CARICOM’s decision to examine and potentially remove non-tariff barriers that affect intra-regional trade.

The announcement was made by prime minister and CARICOM chair, Dr. Andrew Holness, on Tuesday.

It follows the imposition of tariffs by the US that is projected to result in a US$550 million annual loss in revenue for the region. The 10 per cent tariff is set to come into effect on August 1.

Chief executive officer, CEO, of Jamaican Teas, John Mahfood, says consumers will benefit if CARICOM is successful.

Former president of the MSME Alliance, Donovan Wignall, say the removal of impediments affecting intra-regional demands urgent attention.

Meanwhile, Mr Wignall says a needs assessment is the first step in any process to remove those impediments to intra-regional trade.

Donavon Wignall, former president of the MSME Alliance.

And Mr Mahfood says trade issues in CARICOM have long been compromised by insularity.

John Mahfood, CEO of Jamaican Teas.

They were speaking on Nationwide This Morning on Thursday.