CARIFORUM, European Union reaffirm commitment to trade & development partnership
CARIFORUM and European Union (EU) trade officials held a one-day meeting in Grenada on Thursday 21 November, at which they reaffirmed the two regions’ commitment to their close trade and development partnership.
The two sides discussed progress made so far in putting the CARIFORUM-EU Economic Partnership Agreement (EPA) into practice. The EPA aims to promote trade and investment, underpin regional integration, and foster sustainable development.
Commenting, CARIFORUM Senior Representative and Meeting Chair, Junior Mahon, said: “The CARIFORUM-EU EPA presents a strategy to assist the CARIFORUM grouping to build larger markets, foster trade in goods and services as well as stimulate investment.”
The Head of the European Union’s Delegation to Barbados and the Eastern Caribbean, Ambassador Mikael Barfod highlighted the EU’s ongoing development assistance to help Caribbean governments and businesses put the EPA into practice and exploit its opportunities.
EU trade official Remco Vahl said the meeting provided an excellent opportunity to reaffirm the EU’s continuing commitment to its longstanding partners in the Caribbean.
“Making the EPA work for people across the Caribbean is our shared responsibility. And it’s an important one, given the hopes and aspirations inherent in the agreement – promoting trade and investment, underpinning regional integration, and fostering sustainable development,” Vahl said.
Talks focussed on involving civil society in the EPA process, trade in agriculture, and monitoring the EPA. Officials discussed the involvement of civil society, which will have its own Consultative Committee under the EPA. On agriculture, they launched talks on measures to promote and protect Geographical Indications (GIs) – such as Blue Mountain coffee from Jamaica or Rocquefort cheese from France. The regular monitoring and review of the EPA was also on the agenda, with discussion of the first five-yearly review, due for completion in 2014, and the creation of a long-term mechanism to monitor the EPA’s results.
The EU is CARIFORUM’s second largest trading partner, after the US. In 2011, trade between the two regions came to over €8 billion.
The main exports from the Caribbean to the EU are in:
- fuel and mining products, notably petroleum gas and oils;
- bananas, sugar and rum;
- minerals, notably gold, corundum, aluminum oxide and hydroxide, and iron ore products;
The main imports into the Caribbean from the EU are in:
- boats and ships, cars, constructions vehicles and engine parts;
- phone equipment;
- milk and cream;
- spirit drinks.