Cabinet has approved a reactivation of the trade compensation mechanism, up to a value of US $4m, under bilateral arrangements in place with the Bolivarian Republic of Venezuela. The PetroCaribe Agreement provides that loan repayments to Venezuela may be made by way of goods and services, valued at preferential rates under the Trade Compensation Mechanism. This is to promote the exchange...

Jamaica is poised to benefit from the development of an industrial zone in St. Elizabeth by Chinese firm, Jiuquan Iron and Steel Company (JISCo), at a cost of more than US$2 billion. The integrated development, to be rolled out over the next three to five years, will focus on mining, manufacturing and power generation, and will incorporate operations at the...

The ALPART alumina refinery in Nain, St. Elizabeth, has been sold to Chinese entity Jiuquan Iron and Steel Company (JISCo). Transport and Mining Minister, Hon. Mike Henry, says an interest purchase agreement negotiated between JISCo and Russian alumina firm, UC Rusal, which operated the refinery, was signed by representatives of both entities on July 19 in China. Mr. Henry, along...

The Jamaica Customs Agency (JCA) is advising that persons wishing to return and settle permanently in Jamaica and wish to make use of the incentives offered by the Customs Agency, must adhere to all existing policies and guidelines governing the importation of items. CEO/Commissioner of Customs, Major (Ret’d) Richard Reese says that the JCA has noted the issues of concern...

Commissioner of Customs, Major (Ret’d) Richard Reese, says the Jamaica Customs Agency (JCA) is redoubling its efforts to improve revenue collection by implementing targeted strategies. These, he says, include revamping the JCA’s operations and boosting manpower to better position the agency to work with clients in achieving improved compliance. The JCA’s Chief Executive Officer was addressing a Kiwanis Club of...

The Jamaica Customs Agency (JCA) is to launch a Trade Single Electronic Window, which will allow customers to apply and pay for permits and licences electronically. Commissioner of Customs, Major (Ret’d) Richard Reese, said the system will facilitate the processing and electronic transfer of applications to the agency. Major Reese, who was addressing a meeting of the Kiwanis Club of...

Chief Executive Officer of the Jamaica Customs Agency (JCA), Major (Ret’d) Richard Reese, is reporting significant stakeholder compliance with the Automated System for Customs Data (ASYCUDA) World since its full implementation in April. ASYCUDA is a web-based system designed to transform the JCA to a paperless operation through the use of electronic documents. Major Reese, who is the Commissioner of...