Despite Haiti’s challenging socio-economic, as well as political climate, Haiti remains one of the most open economies of the Caribbean seeking foreign direct investment (FDI). Haiti’s legislation encourages such FDI with the assurance that the same rights, privileges, and equal protection are provided to local and foreign companies. The current president of Haiti established and announced “Seven Priority Axes” for the development of Haiti. One of which is in the electricity (e.g., Hydro, Solar, Natural Gas and, of course, Petroleum) sector.
Co-Authored by Sharath Patil.
The Caribbean Basin Trade Partnership Act (“CBTPA”) is an Act of U.S. legislation which expired on October 1, 2020. The CBTPA sought to strengthen Caribbean basin economies by extending preferential trade and tariff treatment and increase U.S. export opportunities in those countries. Upon the expiration of the CBTPA at midnight on October 1, 2020, importers may not file otherwise CBTPA-eligible without the payment of duties and other fees set at normal trade relation duty rates.
Because of its production limitations, the Caribbean has become a growing market for U.S. suppliers. As one of the most diverse regions in the world, the islands of the Caribbean attract a lot of visitors. With the development of tourism comes an increased demand for imported products from the U.S.—due in part to their perceived higher quality.