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Monday, 12 April 2010

Caribbean rum in grave danger

All rum producers in the Dominican Republic and Caribbean Community (CARICOM) countries are facing the grim prospect of losing their markets in Europe. Having convinced Caribbean’s negotiators to sign a full Economic Partnership Agreement (EPA) with the 27-nation European Union (EU) on the basis that it was not necessary to include specific language on rum because it was covered in Declaration XXV in the Cotonou Convention. The EC is now reneging on its undertakings and many rum companies face a grave financial crisis. CARIFORUM countries – the independent member states of CARICOM plus the Dominican Republic – agreed to a full EPA in December 2007 under considerable pressure from the EC including the threat that if they did not sign, a higher tariff would be applied to their vital exports, such as sugar, rice and bananas making them uncompetitive with other countries.

Source: Caribbeannetnew