WTO Approves Extension of Waiver of Caribbean Basin Economic Recovery Act
(Guyana Ministry of Foreign Affairs Press Release) On Wednesday October 16, the World Trade Organisation’s General Council approved the extension of the Waiver of the Caribbean Basin Economic Recovery Act (CBERA), which allows for continued duty-free access to the United States market for eligible Caribbean products, up to September 30, 2025.
Through CBERA, 17 countries including the Co-operative Republic of Guyana, are beneficiaries of preferential tariff treatment intended to support the development of regional economies. The trade programme was set to expire at the end of the year.
In a statement today to the World Trade Organisation (WTO), the Caribbean Community (CARICOM) noted that, “The CARICOM Region values its trading relationship with the United States and, through initiatives such as the CBERA, views it as a partner in pursuance of export diversification, spurring foreign direct investment, building competitiveness, and the economic resilience of the region.”
In 2018, CARICOM exports to the United States accounted for 32 percent of its global exports while imports from the United States into CARICOM amounted to 36 percent of CARICOM’s imports from all sources.
Among products eligible under this act are textiles and apparel, energy-related products (e.g. petroleum and methanol), agricultural produce and processed foods.
The Caribbean Basin Initiative (CBI) was launched in 1983 through CBERA and further expanded in 2000 under the Caribbean Basin Trade Partnership Act.