- NEWSDAY.CO.TT - A la Une - 26/Jun 17:48

Trade Ministry reduces duty on lithium-ion batteries

THE Ministry of Trade, Investment and Tourism has announced a suspension of the common external tariff (CET) and a reduction in the rate of duty to zero per cent on lithium-ion batteries, effective July 1. The reduction applies to batteries classified under Harmonised Systems 8507.60.00 for the period July 1, 2025-June 30, 2027. In a release on June 26, the Trade Ministry advised importers and users of lithium-ion batteries that this measure was approved by cabinet to extend the current suspension of the duty which was previously suspended via Legal Notice No 194 of 2023 and is set to expire on June 30, 2025. "The government views the continued suspension as critical to supporting the country’s transition to renewable energy," the release said. "Lithium-ion batteries are in growing demand due to their efficiency, versatility and environmentally sustainable applications, especially when compared to lead-acid alternatives. "The relief thus supports wider access to energy storage technologies and complements national efforts to achieve 30 per cent renewable energy generation by 2030." The ministry said the suspension of the duty also signals potential opportunities for local or regional manufacturing, as these batteries are not currently produced within Caricom, presenting a clear gap in the market. The post Trade Ministry reduces duty on lithium-ion batteries appeared first on Trinidad and Tobago Newsday.