Congress Sends President Bill to Extend Caribbean Free Trade Agreement
On September 30th the Senate passed S.991, “Extension of the Caribbean Basin Economic Recovery Act” following passage in the House a week earlier. The Caribbean Basin initiative (CBI) is designed to develop more stable economies in the 17 countries participating in the CBI by providing them duty-free access to the U.S. market for most goods. The USTR provides information to Congress on the economic outcomes for consideration during the biennial CBP renewal of the program. The Caribbean Basin Initiative was originally launched in 1983 and expanded in 2000 & 2002 via the Caribbean Basin Trade Partnership Act (CBTPA).
The Caribbean trade agreement expired on September 30, 2020 and it is hoped the President will sign quickly to limit any adverse impact on trade in the region from a lapse in the program. Please find background on the CBI here.
Countries participating in the CBI:
- Antigua and Barbuda
- The Bahamas
- British Virgin Islands
- St. Kitts and Nevis
- St. Lucia
- St. Vincent and the Grenadines
- Trinidad and Tobago