Trade Reform In Jamaica

As part of the trade reform in Jamaica, the country embraced several trade liberalization policies lately. By adopting trade reform in Jamaica, the country became more market oriented. Trade reform in Jamaica comprised reduction tariffs, import licensing scope was also reduced, quantitative limitations were eliminated, price controls were eradicated, implemented privatization and introduced the financial sector reforms.
Issues relating to the following were also taken into account by the Jamaican government.

They are as follows:
High duties that are imposed at the borders.
Customs valuation
Anti dumping
Methods adopted by the government for procurement purposes
Import, export license.
Standard upgradation
Tax allowances
Subsidies

As part of the trade reform in Jamaica, the country decided to revamp CET or Common External Tariff. However, the government in Jamaica felt that the country ought to be well equipped with regard to technical know how.

The government feels that the biggest challenge encountered by Jamaica includes the assignment of resources. It feels that the country has rich reserves of natural resources, but assigning these resources judiciously is what is needed. Trade reform in Jamaica worked towards promoting all the sectors of the economy including textile, clothing, agriculture as well as the services industry. With regard to reform in the agricultural sector, the government believes that all measures ought to be directed towards development of the rural areas, encouraging competition in the market and alleviation of poverty in the country. In addition to the above, Jamaica’s stance pertaining to the accessibility to the markets of the United States of America has also been looked into.

In other words, the country has already worked towards liberalisation. Measures ought to be taken, which would be directed not only in improving the different sects of trading within the country but one should not forget the role of the trading partners in carrying out trading activities in a smooth as well as streamline manner.

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Last Updated on : 26th June 2013

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