The United Kingdom (UK) and Caribbean Forum (CARIFORUM) have reached an agreement on trade continuity which will benefit Guyana and other Caribbean countries through development and economic growth.

The UK-CARIFORUM Economic Partnership Agreement (EPA) agreement towards such was signed on Friday, March 22, 2019 by Trade Policy Minister George Hollingbery along with Ministers and representatives from Barbados, Belize, The Commonwealth of Dominica, Grenada, Guyana, Jamaica, Saint Christopher and Nevis, Saint Lucia and Saint Vincent and the Grenadines.

“I am delighted to sign this agreement today as it will allow businesses to continue trading like they do today after we leave the European Union. It will help to support jobs in the UK and throughout the Caribbean, as well as ensuring that the British supermarkets’ shelves continue to be stocked with the best Caribbean produce such as bananas, sugar and rum,” Hollingbery commented.

According to a release from the British High Commission in Georgetown, the news was welcomed by businesses and business groups including the West Indies Rum & Spirits Producers Association (WIRSPA), one of the oldest private sector trade associations in the Caribbean.

WIRSPA represents some brands well known to UK consumers including Appleton, Angostura, El Dorado, and Mount Gay Rum. “The agreement will allow these businesses and many others across the Caribbean to trade like they do now, without any additional barriers or tariffs. It eliminates all tariffs on all goods imported from the signing countries into the UK, while those Caribbean states will continue gradually to cut import tariffs on most of the region’s imports from the UK,” the release stated.

The UK remains an important export market for the Caribbean with 81 per cent of Guyanese and 64 per cent Jamaican sugar cane exports going to the UK in 2017.
In addition, the UK bought 100 per cent of Saint Lucia’s banana exports, as well as 69 per cent of Belize’s banana exports in the same year.

“We have a long-standing commitment to reduce poverty through trade and this agreement will support jobs in key Commonwealth countries, such as Saint Lucia, Belize, Grenada, Dominica, Barbados and Guyana for whom the UK currently accounts for more than a quarter of their trade in goods with the EU,” Hollingbery added.

Meanwhile, WIRSPA Chairman Komal Samaroo told the gathering: “We’re extremely happy to see the culmination of this agreement which both sides have worked hard to achieve. The UK is a major export destination for our rums and we are pleased that the trade provisions will maintain our continued access to that market.”

The release noted that in 2017, the total trade between the UK and the region was worth around £2.5 billion while replicating the deal will allow the UK to continue building the trading relationship with its Commonwealth partners.

“Signature of this agreement was vital to ensure the continuation of seamless trade between the UK, Guyana and our other friends across the Caribbean. I wholeheartedly welcome it,” British High Commissioner to Guyana, Greg Quinn said.