CBERA Extended Until September 2030

US President Donald Trump has signed into law, legislation extending preferential duty treatment for certain goods produced in the Caribbean Basin under the Caribbean Basin Economic Recovery Act (CBERA) until September 30th 2030. The CBERA, which was implemented on January 1st 1984, is intended to facilitate the development of stable Caribbean Basin economies by providing designated beneficiary countries with duty-free access to the United States market for most goods. Trinidad and Tobago has been a beneficiary since inception which has allowed for duty-free access of selected commodities into the US market. The trade preference was due to expire on September 30th 2020. A statement from The Ministry of Trade and Industry notes that Trinidad and Tobago's relationship with the United States is a vital part of the country's overall trade, as the US is our top export and import partner. According to the United States Trade Representative's 2019 Report on the Operation of CBERA, Trinidad and Tobago has been the leading exporter to the US under CBERA since 2005. The main exports to the States were methanol 449 million US dollars as well as petroleum and petroleum-related products 55.4 million US dollars. The ministry says the continuation of the CBERA preferences forms a key part of Trinidad and Tobago's economic recovery strategy as the Government seeks to reset the economy for growth and innovation.