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AMCHAM Jamaica, T&T turn to SOCA to expand services sector under CBI

Posted in: Regional News by admin | 19 March 2015 | 6519

    THE American Chambers of Commerce (AMCHAM) of Jamaica and Trinidad and Tobago have teamed to promote trade and investments in services between Caribbean Community (CARICOM) countries and the United States through the 32-year-old Caribbean Basin Initiative (CBI).  The joint effort will utilise the foundation laid by Services of the Caribbean (SOCA), a regional effort which was launched in Washington, DC two years ago to switch CBI focus to the services sector.

    The CBI originated in 1983 under former US President Ronald Reagan to promote economic development through private sector initiatives in Central American and Caribbean countries, focusing on the manufacturing sector. It was expanded in 2000 to include the Caribbean Basin Trade Partnership Act of 2000, which provides Customs duty-free entry to the United States on a permanent basis for a broad range of products from CBI- beneficiary countries.

    The SOCA initiative was launched in Washington, DC, in 2013 with the aim of facilitating trade in services between the United States and regional countries under the CBI preference programme. SOCA’s business facilitation focus is centred on eight key services sectors for expansion in trade and investment with the US under the preferences of the CBI — financial and insurance; education & training, including medical/nursing as well as wellness/medical tourism; ICT/call centres and e-commerce; energy services; logistics & transportation; entertainment & film/music/audiovisual and creative industries; advertising and marketing; and professional services.

    Read more at Jamaica Observer