EU, Caribbean Held New Round of Trade Talks

EU Trade Commissioner Peter Mandelson was in St. Lucia last week to launch the third phase of an Economic Partnership Agreement (EPA) negotiations between the European Union and the Caribbean region.

The crucial third phase will launch negotiations on the text of a final agreement, encompassing the continued integration of the Caribbean regional economy and access to the European goods and services market. He will also exchange views with his Caribbean partners on the WTO Doha trade talks.

The Economic Partnership Agreements are the trade and development agreements that the European Union is currently negotiating with the 6 African, Caribbean and Pacific (ACP) regions.

Because the Economic Partnership Agreements are intended not simply to guarantee access for ACP countries to the EU market but to boost their economic development, their initial focus is on building regional markets among ACP countries, strengthening trade capacity and creating the conditions for attracting inward investment.

Although development assistance was not part of the EPA itself, parallel to the EPA process the Commission continued to invest heavily through the European Development Fund in development in the Caribbean, particularly in aiding the transition away from vulnerable agricultural economies.