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19 Int'l L. 949 (1985)
The Caribbean Basin Exchange of Information Draft Agreement - A Technical Analysis

handle is hein.journals/intlyr19 and id is 979 raw text is: WILLIAM M. SHARP & BETTY K. STEELE* The Caribbean Basin Exchange of Information Draft Agreement- A Technical Analysis I. Introduction to the Agreement A. LEGISLATIVE BACKGROUND In 1983 Congress enacted the Caribbean Basin Economic Recovery Act (Act), which became effective January 1, 1984.1 The Act, commonly referred to as the Caribbean Basin Initiative (CBI), amended both U.S. income tax and trade laws to encourage bilateral trade and investment between U.S.-based operations and the Caribbean countries covered by the CBI.2 The final version of the Act, however, deleted two important U.S. income tax provisions-tax sparing, and investment credits for direct *Mr. Sharp and Ms. Steele practice with Jacobs, Robbins, Gaynor, Burton, Hampp, Burns, Bronstein, & Shasteen, P.A., Tampa, Florida. This article is partially based on a speech delivered by Mr. Sharp at the Caribbean Basin Initiative Planning Seminar (entitled The First Annual Caribbean Update), sponsored by the International Law Section of the Florida Bar in Miami, Florida, on December 3, 1984. 1. Pub. L. No. 98-67, 97 Stat. 384 (1983) (codified at 19 U.S.C. § 2701 etseq.). For a general overview of Pub. L. No. 98-67, see Zagaris, A Caribbean Perspective of the Caribbean Basin Initiative, 18 INT'L LAW. 563 (Summer 1984) [hereinafter referred to as Zagaris]; see also The Florida Bar, The First Annual Caribbean Update (December 3, 1984) and Zagaris, Caribbean Basin Initiative, 48 TAXES INTERNATIONAL 7 (October 1983). 2. See Sections 213 and 221-223 of the Act. For additional background regarding the Act's legislative history, see Zagaris supra note 1, at pp. 563-64. Many CBI beneficiaries, since passage of the Act, have utilized the CBI exporter's declaration/importer's endorsement form in order to obtain duty free treatment for their products in the United States. From January through September 1984, this amounted to $429,600,000 of imports to the U.S. U.S. DEPT. COMMERCE, BUSINESS AMERICA 8 (Jan. 7, 1985). Countries participating in the CBI enjoyed substantial growth in two-way trade with the U.S., according to Commerce Department year-end figures released in February 1985. CBI- eligible imports from designated countries in 1984 increased by about 17 percent or $555 million-compared to a 26 percent decline for countries that are eligible but do not participate in the CBI. U.S. DEPT. COMMERCE, CARIBBEAN BASIN INITIATIVE BUSINESS BULLETIN 1 (March 1985).

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