Explain Caribbean Basin Initiative (CBI)

Posted on 11 June 2022 Category : Customs Terms

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Caribbean Basin Initiative (CBI) beneficiary countries

The trade programs known collectively as the Caribbean Basin Initiative (CBI) remain a vital element in the United States’ economic relations with its neighbour’s in Central America and the Caribbean. The CBI is intended to facilitate the economic development and export diversification of the Caribbean Basin economies. The Caribbean Basin Economic Recovery Act of 1983 (CBERA), provides duty free entry of textile goods and certain non-textile goods into the United States from designated beneficiary countries. Which is later expanded Caribbean Basin Trade Partnership Act of 2000 (CBTPA), also provides duty free entry of textile and certain non-textile goods into the United States, collectively known as Caribbean Basin Initiative (CBI).

Caribbean Basin Initiative (CBI) aims to expand foreign and domestic investment in non-traditional sectors, thus expanding their exports. It also provides customs duty-free entry to the United States on a permanent basis for a broad range of products from CBI beneficiary countries. Central America and the Caribbean will continue to export under the CBI until September 30th, 2020.

There are twenty-four beneficiary countries under the CBI. The countries are as follows,

1. Antigua and Barbuda

2. Aruba

3. Bahamas

4. Barbados

5. Belize

6. British Virgin Islands

7. Costa Rica

8. Curacao

9. Dominica

10. Dominican Republic

11. El Salvador