Caribbean Basin Initiative
Caribbean Basin Initiative: CBI. Originally a United States 12-year plan which began on 1 January 1984 under the Caribbean Basin Economic Recovery Act of 1983 to promote the development of Caribbean Basin nations. It was made permanent in 1990. The CBI extends tariff-free treatment to all products from the Caribbean area, and reduced tariffs for textiles, some leather goods and petroleum products. Sugar imports are subject to quotas, but Caribbean sugar enters the United States free of tariffs. The 2000 United States Caribbean Basin Trade Partnership Act (CBTPA), part of the Trade and Development Act of 2000, offers Caribbean Basin beneficiary countries that are prepared to join NAFTA or another free-trade agreement tariff treatment roughly equal to that accorded to the NAFTA partners. CBTPA expires in 2008. See also Alliance for Progress and Enterprise for the Americas Initiative.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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