CAIRFORUM/EU Economic Partnership Agreement

CAIRFORUM/EU Economic Partnership Agreement

 

The CARIFORUM-EU Economic Partnership Agreement (EPA) was the first trade agreement of its kind to be concluded between the European Union (EU) and one of six African, Caribbean and Pacific Group of States (ACP) negotiating configurations. The Agreement heralds the dawn of a new era of relations between CARIFORUM and the EU. One significant difference between the CARIFORUM-EU EPA and the trade relationship between the European Economic Community (EEC) and the ACP is the introduction of the reciprocal grant of preferences by the two sides, instead of the non-reciprocal preferential (duty free) market access in favour of ACP States, which provided terms more favourable than those extended to the goods of other countries.

The CARIFORUM-EU EPA represents a modern, comprehensive trade agreement that has development components. The CARIFORUM-EU EPA forms the basis of a mature trading relationship between the two sides, encompassing not just a trade in Goods regime, but also Trade in Services, Trade-Related Issues and Development Cooperation.

Exports must have a certificate of origin from the exporting country, and must be shipped direct to an importing state.[1] 

This Agreement replaces the former Lomé/Cotonou Agreement between the wider ACP grouping and the EU.

[1] Source:  http://www.caricom.org/jsp/community_organs/epa_unit/epa_in_context.jsp