By far the most important customs revenues are from import duties. There is a duty on exported goods, but the revenue earned is relatively small. By agreement with certain private corporations, the government waives customs duties on specific items in order to stimulate industrial development. Under an October 1992 CARICOM agreement, St. Vincent and the Grenadines has eliminated import licensing. St. Vincent has adopted CARICOM's common external tariff (CET), which ranges from 0% to 20%.