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Tuesday, 05 July 2016

ACP Group to Engage UK Early On Brexit Implications

The implications of BREXIT on the African, Caribbean and Pacific (ACP) Group could be far-reaching and may give rise to many consequences for trade, services, investments and development finance assistance, according to ACP Secretary-General, Dr. P.I Gomes. In each of these areas, the ACP-UK relations have been longstanding and mutually beneficial, not only for Caribbean countries and other Commonwealth member states, but for the ACP Group as a whole. For instance, as a contributor of some 17% to the European Development Fund (EDF), the UK has been consistent in its support and has argued in favour of making the EDF less cumbersome in its regulations. “With the UK outside of the EDF Committee the ACP will lose an ally of great value,“ Dr. Gomes said. “Beyond development financial assistance, the area of greatest concern for Caribbean countries will be in trade in goods and services, investment and technology development and transfer with the preferential arrangements provided under the Cotonou Partnership Agreement (CPA), signed in 2000, revised in 2005 and 2010 but coming to an end in 2020,” he added. More recent is the Economic Partnership Agreement (EPA) with the CARIFORUM Group of countries, CARICOM plus the Dominican Republic that was agreed in 2008 and has indefinite provisions for duty free, quota free trade and the provision of services under preferential conditions. He said despite the relatively slow pace of implementation of the EPA, a basic question that will be posed by the ACP Group to the UK is the extent to which they will continue to honour the provisions and obligations of the EPA.

Source: indepthnews.net