Treaties
Trade Agreements
variety of trade agreements established between Grenada and countries overseas open the door for business investors to a world of lucrative markets. CARIBBEAN BASIN INITIATIVE (CBI) (1993) Products made in Grenada and exported to the U.S.A. can enjoy duty free entry under the provisions of the Caribbean Basin Initiative (CBI). At least 35% of the appraised value of manufactured articles must be derived in Grenada. This can be reduced to 20% as U.S.A made components may account for up 15% of the value added. CARIBCAN (1986) Products made in Grenada can be exported to Canada free of customs duties under the CARIBCAN agreement. The products must either be wholly produced or manufactured in Grenada with a minimum of 60% of the exfactory price of the product originating in the Commonwealth Caribbean or Canada. CARICOM (1973) Grenada-based manufacturers have preferential access to the regional market of over 5 million people in the Caribbean Common Market (CARICOM). Locally produced or manufactured goods may be imported duty free into any of the fourteen (14) CARICOM member states, subject to certain value added criteria as specified under the CARICOM Rules of Origin. VENEZUELA - CARICOM AGREEMENT (1992) Grenadian-made products can be exported to Venezuela under this agreement, without attracting any customs duties. Goods should be wholly produced or at least 50% of the export value of the products should be local value added, or should have undergone a process of substantial transformation, i.e. the final product should be classified under a different
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tariff heading from that of the material used to manufacture the said product. COLOMBIA - CARICOM AGREEMENT (1994) Grenadian-made products can be exported to Colombia under a recent ColombianCARICOM agreement without attracting any customs duties. Goods should be wholly www.businessgrenada.com
produced or at least 60% of the export value of the product should be local value added, or should have undergone a process of substantial transformation, i.e. the final product is classified under a different tariff heading from that of the material used to manufacture the said product. DOMINICAN REPUBLIC CARICOM AGREEMENT (2001)
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