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, Director of Trade in Grenada 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.
“The EU recognises the specific challenges which the Caribbean faces as it seeks to win a larger share of global trade. That’s why we’re currently investing over €140m in region-wide aid for trade up to 2015. From then until 2020 we’ll provide a further €350m for region-wide development programmes. Regional integration and EPA implementation will be amongst their main goals,” Barfod said.
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;
• fertilisers.
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.
They take our raw materials, process them then sell it back to us to 1000% profit. When will we learn as a people?
Greece and many of these European countries are in turmoil, do you think they have money to throw around? Are they really partners? They are here to make profits by the billions whilst their people are being taxed like crazy.
This is modern slavery in a new form, an economic apprenticeship system.
When will we as a people open our eyes?
yes 8 billion in trade between those 2 regions, can DNO please do some research and quantify the amounts each region got?
Mr Trade Official pls read again it says
“Commenting, Director of Trade of Grenada and Meeting Chair, Junior Mahon, said:…” no where does it say he is ‘CARIFORUM Senior Representative’
Look at the comment by Admin. directly under what I stated. You are too hasty!! They made the pre requisite amendments!!!
The EU should be #1. Our biggest trading partner should be the one we have the most cooperation with. The U.S should be dead last as far their contribution goes in this part of the world, it almost does not exist.
Junior Mahon is not a CARIFORUM Senior Representative. He is the Director of Trade of Grenada and due to the rotation of the Chair alphabetically in CARICOM the Chair of this Meeting. DNO please be so guided.
ADMIN: Thanks, we will correct. Wonder why an official release from CARIFORUM would make such an error.