The Caribbean Basin Initiative (CBI) is a broad program to promote economic development through private sector initiative in Central American and Caribbean countries. A major goal of the CBI is to expand foreign and domestic investment in nontraditional sectors, thereby diversifying CBI country economies and expanding their exports. The Caribbean Basin Economic Recovery Act of 1983 (CBERA) (amended in 1990) and the Caribbean Basin Trade Partnership Act of 2000 (CBTPA), collectively known as CBI, provides customs duty-free entry to the United States on a permanent basis for a broad range of products from CBI beneficiary countries. The most recent piece of CBI legislation, the CBTPA, provides beneficiary countries certain trade benefits similar to Mexico's under the North American Free Trade Agreement (NAFTA).
The major elements of the CBI program available to all CBI beneficiary countries that are presented in this guidebook are:
For CBI beneficiary countries that have signed a Tax Information Exchange Agreement (TIEA) with the United States, the following initiatives are also available.
In addition to the United States' CBI program, Canada has implemented CARIBCAN, a package of trade development and economic assistance measures for certain Caribbean countries that includes duty-free entry for products to Canadian markets. The European Economic Community (EEC) provides certain CBI countries with duty-free access for a multitude of products and economic assistance through the Lome Convention. CBI Beneficiary Countries As of October, 2000, the following 24 countries have been designated CBI beneficiaries. To qualify for CBI benefits, countries must meet the designation criteria outlined in the Caribbean Basin Trade Partnership Act:
Current nations included in the CBI:
Antigua and Barbuda
St. Kitts and Nevis
St. Vincent and the Grenadines
Trinidad and Tobago
The Caribbean Basin Initiative would establish economic cooperation between nations throughout both Central America and the Caribbean.