DURING the third meeting of the joint Caribbean Forum (CARIFORUM) – European Union (EU) Council on the Economic Partnership Agreement (EPA), Trade Commissioner of the European Commission, Ms Cecilia Malmström, has urged agreement on a work programme to fully implement the EPA as soon as possible.According to Ms Malmström during the delivery of her speech yesterday at the meeting, the EPA could be a powerful instrument to support innovation, diversification and economic growth, regional integration in the Caribbean and to create an integrated economic space with clear rules that will help to attract the foreign investments the Region urgently needs.
She further highlighted notable achievements so far, such as the EU having a full duty and quota-free regime for products from the Caribbean, and many CARIFORUM countries having taken important steps to lower their tariffs.
Recognising that the 2008 financial crisis and incomplete implementation had impeded somewhat the EPA’s ability to create economic opportunities for people of the Region, the commissioner lobbied for agreement on a work programme to fully implement the EPA as soon as possible.
The EPA review comes on the heels of the signing of the Caribbean Regional Indicative Programme [CRIP] of the 11th European Development Fund [EDF] signed between CARIFORUM and the EU in Brussels on June 11, 2015.
Valued at €346 million, it is intended to be spent on Regional Economic Integration, Crime and Security and Climate Change, including Disaster Risk Reduction and Alternative and Renewable Energy. The sum set aside for Regional Economic Integration includes provision for EPA implementation support.
Signed on October 15, 2008, the EPA between the EU member states and CARIFORUM and the declaration on the signing provide for a review to be undertaken after five years. As such, the Joint Council sought to take stock of the first five years of agreement and to plan the next phase of cooperation.
Also present at the meeting was Mr Jean Asselborn, Minister of Foreign and European Affairs of Luxembourg who currently chairs the Presidency of the Council of the European Union.
Ms Malmström was also awarded the opportunity to meet with Guyana’s Prime Minister, Moses Nagamootoo and discuss the EPA, among other issues. Her visit to Guyana and her participation in the Joint Council were preceded by a visit to Trinidad and Tobago where she met with Prime Minister of the twin-island republic, Kamla Persad-Bissessar.
CARIFORUM is a sub-group of the African, Caribbean and Pacific (ACP) group of states and serves as a base for economic dialogue with the European Union.