PORT OF SPAIN, Trinidad – The Trinidad and Tobago government has announced a reduction in the rate of duty on Other Hydraulic Cements to zero percent, following what it said had been a series of price increases by Trinidad Cement Limited (TCL).
In a statement, the Ministry of Trade and Industry (MTI) said this decision comes in response to market monitoring and the recent seven percent increase in cement prices by TCL, the fifth such increase since 2021.
The MTI said cement is a critical component in both the manufacturing and construction sectors and “is therefore vital for the country’s sustainable development.
“Of paramount importance to the government of Trinidad and Tobago is the availability of affordable cement to consumers,” the MTI said, noting that In February last year, Cabinet agreed to suspend the Quota and Registration System for Cement (Building Cement-Grey and Other Hydraulic Cements), allowing any quantity of imported cement to enter the local market.
“Notwithstanding, cement remains on the Import Negative List, meaning that a license is required for the importation f the product,” it said outlining the procedures to obtain the import license, including ensuring that there is compliance with CARICOM Regional Product Standards for imported cement.
“This licensing regime allows for the quality of imported cement to be monitored by the Trinidad and Tobago Bureau of Standards, to ensure consumer safety. This entails strict enforcement of the Compulsory Standard for cement on the local market which specifies the requirements for Hydraulic, Portland (Building Cement-Grey) and Blended Cements used primarily in the construction industry.
“The Compulsory Standard includes requirements for compressive strength, physical properties, chemical properties, packaging, labelling and the means of determining compliance to these requirements,” the MTI added.
It said that the duty reduction will be effected by the publication of the necessary Legal Orders which will be completed in the next few days.
“ The MTI wishes to assure the public that it will continue to monitor market conditions and ensure that critical products such as cement remain accessible and affordable,” it added.
