Members of the Jamaica Manufacturers and Exporters Association (JMEA) and the Jamaica Bankers Association (JBA) have been meeting with the Ministry of Finance in an effort to secure a modification of the recent tax package and a reduction in interest rates.
The manufacturers and exporters say these changes are necessary because the tax package and the interest rate regime make the sector uncompetitive in both the domestic and export markets, which has resulted in large trade deficits.
The trade deficit jumped to US$4.8 billion during the first 10 months of last year when imports climbed by 1.4 per cent to US$6.2 billion and exports tumbled by 8.1 per cent to US$1.4 billion.
They also say that the impact of the current war between the USA, Israel and Iran on global oil prices will lead to a further increase in this deficit.
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