This will help those with something other than tourism to trade
Caribbean, EU Vow to Gear Trade to Development
Peter Richards
PORT OF SPAIN, Apr 21 (IPS) - Caribbean experts say a new trade accord with the European Union (EU) will give the two sides another chance to put trade at the service of development, unlike former and current agreements with the region's second largest trading partner.
The governments opened talks last weekend on an economic partnership agreement (EPA), which provides another opportunity for the Caribbean ”to get our house in order”, according to trade policy consultant Rosalea Hamilton.
”Let's not miss this opportunity to get it right this time. A great deal is at stake for CARICOM (the Caribbean Community),” she added in a column in the 'Jamaica Observer' newspaper.
The European Commission (EC) describes the future pact, expected to enter into force by Jan. 1, 2008, as a free trade deal between the EU and the Caribbean. Europe is negotiating similar agreements with African and Pacific nations as a follow up to the 2000 Cotonou Partnership Agreement between the 15-member EU and 77 African, Caribbean and Pacific (ACP) nations.
The new deals will broaden access to European markets for ”basically all ACP products”, said Amos Tincani, head of the EC delegation to Barbados and the Eastern Caribbean, in a series of articles leading up to the announcement.
”It will lower the price paid for capital and intermediate goods, fundamental for local industries. Ultimately, it will promote more competitive, better-governed and more credibly regulated economies, again fostering investment and growth,” he added.
The 20-year Cotonou Agreement replaced previous five-year deals known as the Lomé Convention.
