OECS seeks to suspend common external tariff, eyes trade with Panama and Dominican Republic

The Organisation of Eastern Caribbean States (OECS) is pushing for a temporary suspension of its Common External Tariff (CET) as it seeks to forge new trade relationships with Panama and the Dominican Republic. The move aims to improve access to goods at more reasonable prices for its member states.

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There are many opportunities for us to increase trade and obtain better quality products at reasonable prices.

Gaston Browne, Prime Minister of Antigua and Barbuda and the new OECS chairman, announced the plan following a summit in Antigua. He emphasized the significant trade opportunities available with Panama, a major commercial hub in the hemisphere with transactions exceeding $33 billion. Browne noted that many OECS residents complain about price hikes, a pressing regional issue, and sees potential for importing goods directly from Panama to offer better value.

Beyond Panama, Browne also pointed to the Dominican Republic as a source for competitively priced goods. To facilitate these new trade avenues, the OECS leadership plans to approach the Caribbean Community (Caricom) to advocate for the CET's suspension. Additionally, the OECS Commission has been tasked with conducting a study to identify specific products that can be imported more affordably from the Dominican Republic.

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Many of our inhabitants complain about price increases, which is one of the regional issues that most affect our people.

The OECS, headquartered in Saint Lucia, comprises Antigua and Barbuda, Dominica, Grenada, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Montserrat, Anguilla, and the British Virgin Islands. This strategic shift in trade policy underscores a commitment to enhancing economic benefits for its citizens by diversifying import sources and potentially lowering consumer costs.

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We believe that the opportunities to import goods would also be by bringing food from the Dominican Republic.