THE US Senate has voted unanimously to renew the Caribbean Basin Trade Partnership Act (CBTPA) until September 30, 2030 following approval by the House of Representatives on September 22, 2020.

The legislation now requires the signature of the U.S. President to be entered into force.  The Federal Legislation covering the CBTPA was set to expire on September 30, 2020.

According to a release from the Ministry of Foreign Affairs and International Cooperation, Guyana has benefitted from duty-free exports to the US under the Caribbean Basin Trade Partnership Act and the Caribbean Basin Economic Recovery Act (CBERA), collectively referred to as the Caribbean Basin Initiative (CBI), since November 24, 1998.

The imminent expiry of the Waiver by the World Trade Organization (WTO) and the scheduled expiry of the Federal Legislation of the CBTPA received the exigent attention of the Government of Guyana, the release said.

Guyana submitted statements reaffirming the importance of the renewal of the legislation to the US International Trade Commission (USITC), United States Trade Representative (USTR), and the Ways and Means Committee of the U.S. House of Representatives.

The renewal of the CBTPA, like the CBERA, is extremely important to Guyana’s economy and Foreign Trade Policy as it guarantees exporters sustained access to the U.S. market for products eligible, including textiles and apparel, for preferential treatment.

The importance of the continued existence of the CBTPA is even more essential to Guyana, especially in the context of the recent oil discoveries and the preferences accorded under the CBTPA for Petroleum and Petroleum derivatives.

“The Government is, therefore, extremely pleased with the vote by the US Senate,” the release concluded.