Treaty Establishing the Caribbean Community and Common Market - CARICOM CHAPTER VII: SPECIAL REGIME FOR THE LESS DEVELOPED COUNTRIES ARTICLE 51 PURPOSE OF THE CHAPTER The provisions of this Chapter shall have effect for the purposes of establishing within the frame-work of this Annex a special regime for the Less Developed Countries. ARTICLE 52 IMPORT DUTIES, REVENUE DUTIES AND INTERNAL TAXATION For the purposes of Articles 15 and 17 of this Annex the special arrangements contained in Schedules iii and iv to this Annex concerning impart duties, revenue duties and internal taxation shall apply to the Less Developed Countries. ARTICLE 53 COMMON MARKET ORIGIN Member States agree that in the compilation of the process list pursuant to paragraph l(b) of Article 14 of this Annex, the special needs of the Less Developed Countries shall be taken into account. ARTICLE 54 HARMONISATION OF FISCAL INCENTIVES Member States agree that in the establishment of the Scheme for Harmonisation of Fiscal Incentives to Industry, provided for in Article 40 of this Annex, the special needs of the Less Developed Countries shall be taken into account. ARTICLE 55 THE COMMON EXTERNAL TARlFF AND COMMON PROTECTIVE POLICY Member States agree that in the establishment of the Scheme for a Common External Tariff provided for in Article 31 of this Annex, the special needs of the Less Developed Countries shall be taken into account. ARTICLE 56 PROMOTION OF INDUSTRIAL DEVELOPMENT IN THE LESS DEVELOPED COUNTRIES 1. Upon any application made in that behalf by the Less Developed Countries the Council may, if necessary, as a temporary measure in order to promote the development of an industry in any of those States, authorise by majority decision such States to suspend Common Market Tariff treatment of any description of imports eligible therefor on grounds of production in the other Member States 2. Upon any application made in that behalf by the Less Developed Countries the Council may, if necessary, as a temporary measure in order to promote the development of an industry in any of those States, authorise by majority decision such States to impose quantitative restrictions on like imports from the other Member States. 3. In the light of the special position of Barbados that State may; in relation to trade with the Less Developed Countries, during the period for which the authorisations referred to in paragraphs 1 and 2 of this Article are in force, suspend Common Market tariff treatment of, or apply quantitative restrictions on, the like description of imports from the Less Developed Countries. 4. The Council may, in taking decisions pursuant to paragraphs I and 2 of this Article, impose terms and conditions to which such authorisation shall be subject. 5. For the purposes of this Article a majority means a decision supported by the affirmative votes of all the Less Developed Countries and at least two of the More Developed Countries. ARTICLE 57 GOVERNMENT AIDS Paragraph I (a) of Article 25 of this Annex shall not apply to exports from a Less Developed Country except where such exports are consigned to Barbados. ARTICLE 58 PUBLIC UNDERTAKING Paragraph I (a) of Article 26 of this Annex shall not apply to the Less Developed Countries. ARTICLE 59 FINANCIAL ASSISTANCE FROM MORE DEVELOPED COUNTRIES 1. With a view to promoting the flow of investment capital to the Less Developed Countries, the More Developed Countries agree to co-operate in-- (a) facilitating, whether by means of private investment capital or otherwise, joint ventures in those States; (b) negotiating double taxation agreements in respect of the income from investments in the Less Developed Countries by residents of other Member States, and (c) facilitating the flow of loan capital to the Less Developed Countries. 2. In furtherance of the objectives stated in paragraph I above, primary consideration should be given to ventures which are substantially owned and effectively controlled by nationals of Member States within the meaning of Article 35 of this Annex. 3. Member States agree that in order to promote the development of industries in the Less Developed Countries an appropriate investment institution shall be established. ARTICLE 60 USE OF TECHNOLOGICAL AND RESEARCH FACILITIES IN MORE DEVELOPED COUNTRIES The More Developed Countries undertake to provide.opportunities for the use of their technological and research facilities by the Less Developed Countries. ARTICLE 61 ADDITIONAL SPECIAL ARRANGEMENTS FOR BELIZE Without prejudice to any other provision of this Chapter, the provisions of Schedule XI to this Annex shall apply for the purpose of establishing additional special arrangements in regard to the participation of Belize in the Common Market. ARTICLE 62 REVIEW OF MECHANISMS FOR THE LESS DEVELOPED COUNTRIES The Council shall review annually the need for strengthening existing mechanisms or introducing new ones to provide greater benefits to the Less Developed Countries and shall submit a Report thereon to the Heads of Government Conference. Continue on to Chapter VIII