Export Saint Lucia has taken an initiative aimed at explaining the significance and relevance of Article 164 to St. Lucian manufacturers and exporters and what does it mean for trade.
In short, Article 164 is an initiative implemented at the level of CARICOM with a particular focus on the development of industries within the Less Developed Countries (LDCs).
This is achieved through tariff protection on predetermined products among other support measures for a predetermined timeframe, thereby enhancing the
competitiveness of LDC’s in the production of these products.
In other words, a similar product emanating from an LDC vs More Developed Countries (MDC) will attract a lesser rate of applied tariff at the border, resulting in a product that is more competitive, while simultaneously building the capacity of the LDC’s industry.