Basseterre, St. Kitts – Nevis
December 10, 2007 (CUOPM)
Several measures have been proposed by CARICOM leaders for implementation to address mounting food prices which are being fuelled by a number of factors including rising oil prices; adverse weather conditions and natural disasters, and the shift in agricultural production from food to bio fuels.
Measures that were outlined to mitigate the effects of price increases at the 12th Special Meeting of CARICOM Heads of Government in Guyana on Friday include a pledge to proceed urgently with the transformation of agriculture, particularly the Jagdeo Initiative.
The CARICOM Secretariat will immediately establish a Technical Team which will review a basket of food and non-food items, common to the baskets in all Member States and which attract a Common External Tariff (CET).
The Council for Trade and Economic Development (COTED) will then make a decision on the reduction or removal of the CET from this regional basket as early as January 2008.