Premier Announces Freight and Duty Reductions to Ease Cost of Living

Premier and Minister of Finance Reuben T. Meade has announced new measures to reduce customs duties and freight-related charges in an effort to ease the cost of living and stimulate the local construction sector.

“To date, we have approved, subject to a no objection from our funding agent, the FCDO, for the implementation, hopefully by September 1, 2025, the reduction in freight charges by 50% in the calculation of import charges,” Meade stated in Parliament on last Monday, July 28, 2025.

He noted that although major supermarkets and hardware stores have pledged to comply with the reductions, the government will put systems in place to verify this. “We will implement an audit team within the Customs Department to ensure compliance,” he said.

In addition to the freight adjustment, Premier Meade revealed that tariffs on 13 construction materials have been reduced. “The combined impact of the freight reduction and the duty and tax adjustments will make some small but important reductions in the cost of living,” he said. “Madam Speaker, the savings may be small, but as the saying goes, one raindrop bring down river.”

The premier also outlined plans to treat imports from the Dominican Republic on par with those from CARICOM member states. “We’re also seeking to treat goods imported from the Dominican Republic in a similar manner as CARICOM goods,” he said. “This strategic shift will enable us to have low-cost goods entering our market from the Dominican Republic.”