Thread by @NigelClarkeJa

#Update 🧵

CARIFORUM member states (ie Jamaica and 13 other Caribbean countries, including the Dominican Republic), entered into an Economic Partnership Agreement with the European Union in 2008.

This agreement, known as the CARIFORUM-European Union Economic Partnership Agreement (CARIFORUM-EU EPA) is a region-to-region trade and development agreement.
See the agreement here ⬇️:

sice.oas.org/trade/car_eu_e…

On signing in 2008 the EPA agreement included, among several other provisions, a ten-year moratorium for implementation of a phased liberalization of Import Duty on motor vehicles imported from the European Union (EU).

During this moratorium period, the GOJ reduced the Import Duty rate applicable to ALL motor vehicle imports.

For instance, the Import Duty rate on motor vehicles with cylinder capacity of at least 2000 was reduced by ten percentage points from 40% to 30% and then, these duties were further reduced from 30% to 20% in 2014.

In 2020, the government's statutory Import Duty rate for this category of motor vehicles, and the agreed rate under the EPA, were synchronized at 20%. This synchronized rate remained in effect until December 31, 2021.

As at January 1, 2022, the new agreed Import Duty rate, for motor vehicles imported under the EPA was further reduced to 10%.

And effective January 1, 2023, again consistent with the EPA, the Import Duty on motor vehicles imported under the EPA was further reduced to 0%.

Jamaica is therefore satisfying it’s commitments and obligations under the 2008 EPA signed with the EU.

It should be noted however, that the charges applied to ALL imported motor vehicles, regardless of origin, include Special Consumption Tax (SCT) , General Consumption Tax (GCT) and other fees. All of these remain in place.

#Important It should also be noted that the following conditions need to be satisfied to benefit from the reduced import duty rates under the CARIFORUM-EU EPA:

🔘 Imports must be under the CARIFORUM-EU & CARIFORUM -UK Agreements.
🔘 Commodities must be directly consigned from an EU member state or the United Kingdom to 🇯🇲.
🔘 Where transit or transhipment is necessary, the items must remain under customs control in the 3rd
country.

🔘 Product specific rules of origin must be met.
🔘 Commodities must be accompanied by a valid and original Movement Certificate, EUR1.