Caribbean Community and Common Market (CARICOM)
Antigua and Barbuda is a member of the Caribbean Community and Common Market (CARICOM). This organization consists of 18 Caribbean countries. One of the main objectives of CARICOM is to maximize regional trade by eliminating tariffs and other trade barriers within CARICOM. Businesses in Antigua and Barbuda can fully access these markets for their products through the Caribbean Single Market and Economy (CSME) agreement.
Association of Caribbean States (ACS)
Antigua and Barbuda is also a member of the Association of Caribbean States. This is an organization composed of 38 countries in the Caribbean Sea and the surrounding Central and South American regions. The countries involved in the ACS have a total population of 200 million. This organization provides opportunities in areas such as trade, investment, tourism, transportation, and economic development.
Caribbean Basin Initiative (CBI)
Antigua and Barbuda is a beneficiary of the Caribbean Basin Initiative. This is a program initiated by the United States aimed at promoting economic development by developing the private sectors of Caribbean and Central American countries. The main goal is to expand foreign and domestic investment in non-traditional sectors, achieve economic diversification, and expand exports from these countries.
Products eligible for duty-free status under the Caribbean Basin Initiative for beneficiary countries include:
Assembly of electronic and electrical products
Handicrafts, gifts, and decorative items
Wood products, including furniture and construction materials
Recreational goods, such as sporting goods and toys
Fresh and frozen seafood
Tropical fruit products and winter vegetables
Local specialties (such as sauces, spices, wines, and jams, etc.)
Medical and surgical supplies
The Caribbean Basin Initiative legislation stipulates that some goods are excluded from duty-free status, including apparel, canned tuna, petroleum and petroleum products, footwear, certain leather, rubber and plastic gloves, luggage, handbags, and stagnant goods.
CARIBCAN
The Caribbean-Canada Trade Agreement provides duty-free status for certain specific goods from 18 CARICOM member states. Goods eligible for duty-free status in Canada include methanol, lubricants, textiles, wicker products, travel goods, and handbags, etc.
These products are classified into two categories: products grown in the country and products manufactured in the country where 60% of the ex-factory price comes from CARICOM countries. This 60% may include general administrative expenses and reasonable profits. Antigua and Barbuda is a member state of this agreement.
Cotonou Agreement
This is an agreement reached between the European Union and the African, Caribbean, and Pacific (ACP) countries based on a renegotiation of the Lomé Convention. This agreement allows goods from African, Caribbean, and Pacific countries to enter the European Union duty-free and without quota restrictions. Only products originating from African, Caribbean, and Pacific countries enjoy this preferential policy. Antigua and Barbuda is a member of the African, Caribbean, and Pacific group.
Free Trade Area of the Americas (FTAA)
Antigua and Barbuda is currently participating in negotiations for the Free Trade Area of the Americas. This plan includes all countries in the Americas except Cuba. The negotiations were scheduled to be completed by January 1, 2005, which would have created the largest free trade area in history. This market would have a population of approximately 765 million and a GDP of 9 trillion US dollars.
WorldWay Organization (WTO)
As a member of the WorldWay Organization, Antigua and Barbuda has signed various trade and investment-related agreements. These agreements include the General Agreement on Trade in Services (GATS), the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), the Agreement on Subsidies and Countervailing Measures (SCM), and the Agreement on Trade-Related Investment Measures (TRIMS), among others.