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Wednesday, 09 January 2013

CARICOM to launch EPA review amid concerns from ACP

The Caribbean Community (CARICOM) grouping together with the Dominican Republic will launch a five year review of the Economic Partnership Agreement (EPA) it signed with the European Union in 2008, as members of the African Caribbean and Pacific (ACP) group continue to express concerns over the proposal and timeline for implementation of the agreement.
CARICOM has already signed on to the EPA agreement with Europe and concerns about the trade and development deal have echoed throughout the 7th summit of the ACP heads.
“One of the things that we are looking forward to is the five year review…to see how it’s doing. What has been the impact not just on trade but the whole impact on development because this is supposed to be a trade and development agreement,” said La Rocque, a member of a small Caribbean delegation attending the summit.
CARICOM is still struggling with how best to implement its own EPA.“We believe that deadlines set for the EPAs are unfortunate since they will adversely impact the economies and trade systems of our nations,” said Prime Minister of Ghana Mahama.“We also believe that the insistence on outright liberalization and discontinuation of customs revenue collection required by the EPAs, undermine a major source of revenue which is so critical to the development of many of our countries”, added Mahama.