The World Trade Organization’s General Council yesterday 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.
According to a statement from the Ministry of Foreign Affairs, through CBERA, 17 countries including 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 yesterday to the WTO, 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 areas, the statement said.
Among products eligible under this act are textiles and apparel, energy products (e.g. petroleum and methanol), agricultural produce and processed foods.
