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Friday, 21 June 2013

CARICOM Single Market: superseded by EPA

The CARICOM Single Market and Economy project – which aims to strengthen the regional economy - will be superseded by the Economic Partnership Agreements (EPA) with the EU, which involves a high degree of bilateral integration of individual Cariforum countries with Europe in trade, investment and regulatory policies. This is the conclusion of the paper published in 2008 by Norman Girvan, professor of the University of the West Indies.
The paper assesses the compatibility of the CARIFORUM-EU EPA with the proposed CARICOM Single Market and Economy(CSME).
It also suggests how the EPA could be modified to resolve this compatibility issues and to increase its effectiveness as an instrument of development and regional integration. Thus, the author suggests: the insertion of Caricom, as a juridical entity, as a Party to the EPA on behalf of its 14 independent member states; the incorporation of an evaluation, review and revision mechanism into the EPA in an operationally effective and legally binding manner; or an urgent urgently addressing of CARICOM’s  governance arrangements to ensure timely CSME implementation as well as greater coherence between the CSME project and its external negotiations.

Source: http://normangirvan.info