T&T exporters to benefit from renewal of trade arrangement with the US
Local exporters of manufactured items will continue to enjoy duty free entry of their products into the United States with the extension of the World Trade Organization’s (WTO) waiver of the US Caribbean Basin Economic Recovery Act (CBERA).
The WTO waiver for the Act, which was implemented since 1984, was scheduled to conclude on December 31, 2019 but has now been extended to December 31, 2025. This was agreed to at the General Council Meeting held in Geneva, Switzerland on Tuesday October 15, 2019.
Trinidad and Tobago’s Ambassador and Permanent Representative to the United Nations and the WTO, Her Excellency Makeda Antoine-Cambridge represented Trinidad and Tobago at that meeting. Goods covered under the arrangement include meat, fish, dairy produce, fruits and vegetables, chocolates, juices, alcoholic beverages, other agro-processed products, chemical and pharmaceutical products and energy products.
According to Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry, “The Government of Trinidad and Tobago had continuously lobbied for the renewal of the Caribbean Basin Economic Recovery Act (CBERA), an extension of the Caribbean Basin Initiative which will benefit a significant number of local businesses.”
The United States is recorded as the primary destination outside of CARICOM for Trinidad and Tobago’s exports with approximately three hundred (300) local companies exporting to that jurisdiction. Key exports being ammonia, urea, petroleum, methanol and liquefied natural gas.