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Saturday, 28 January 2017

Making the EU/Cariforum EPA work for you

On January 31, the TT Chamber will host a seminar titled “‘Maximizing Opportunities through the EPA”. This event will be hosted in collaboration with the Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and Caricom/ Cariforum; as well as the Caribbean Export Development Agency. Participants will be provided with key information on how they can use trade with the EU to enhance their current business operations. Both the Minister of Trade and the Ambassador of the EU to Trinidad and Tobago will deliver remarks on the day; truly symbolic of both parties’ commitment to making the Agreement work to the benefit of the Private Sector and the region. Companies have the opportunity to meet current business demands for foreign exchange, finance business opportunities or expansion while becoming less dependent on commercial banking through exploring new markets. Most companies, however, tend to be daunted by the prospect of market expansion, or are unsure about which markets would be best suited for their products. Trinidad and Tobago is party to several trade agreements which allow interested companies to export to new markets under favourable terms. The EUCariforum Economic Partnership Agreement (EPA), signed in 2008, provides one such avenue for market penetration of TT’s producers to the EU market of over half a billion people. The EPA is a comprehensive trade pact covering liberalisation of goods and services. It is historic since it provides the framework for a new economic relationship between the two regions. The benefits to local exporters to the EU’s markets include: • duty-free and quota-free access for goods exports to the European market; it provides a clear advantage to CARIFORUM exporters over several global exporters; • increasing our exporters’ capacity to produce both goods and services that are globally competitive; • flexible and simple ‘rules of origin’ requirements which allow CARIFORUM States to use cheaper, better quality or more innovative inputs from other countries; and • access to the one of the largest groups of the Caribbean diaspora that provides an established consumer base for West Indian products.

Spurce: hwww.newsday.co.tt/

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