Economic Partnership Agreement between the EU and the CARIFORUM states

SUMMARY OF:

Economic Partnership Agreement between the CARIFORUM states, of the one part, and the European Community and its Member States, of the other part

Decision 2008/805/EC on the signature and provisional application of the Economic Partnership Agreement between the CARIFORUM states, of the one part, and the European Community and its Member States, of the other part

WHAT IS THE AIM OF THE AGREEMENT AND THE DECISION?

The agreement lays out an Economic Partnership Agreement (EPA), being a free trade and development agreement between the EU and the CARIFORUM states (see below).
The decision marks the signing of the agreement on behalf of the EU and its provisional application.

KEY POINTS

CARIFORUM

The Caribbean Forum (CARIFORUM) comprises 15 Caribbean countries: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St Lucia, St Vincent and the Grenadines, St Kitts and Nevis, Suriname, and Trinidad and Tobago.
All 15 have signed the agreement; however, Haiti is not applying it until after its ratification.

Objectives

The main aims of the agreement include:

contributing to the reduction and eventual eradication of poverty by establishing a trade partnership based on the objectives of sustainable development, the millennium development goals (replaced by the sustainable development goals) and the Cotonou Agreement;
promoting regional integration, economic cooperation and good governance, and thus setting up and implementing an effective, predictable and transparent regulatory framework for trade and investment between the parties and in the CARIFORUM region;
promoting the gradual integration of the CARIFORUM states into the world economy, based on their political choices and development priorities;
improving the CARIFORUM states’ capacity in trade policy and trade-related issues;
supporting the conditions for increasing investment and private-sector initiative and enhancing supply capacity, competitiveness and economic growth in the CARIFORUM region;
strengthening existing relations between the parties by enhancing commercial and economic relations.

Scope

The agreement covers a number of political and economic aspects, including:

trade and trade-related matters, including customs duties, trade facilitation, anti-dumping measures, agriculture and fisheries, technical barriers to trade, and sanitary and phytosanitary measures;
investment, trade in services and e-commerce;
trade-related issues such as:
- competition,
- innovation and intellectual property,
- public procurement,
- environment;
dispute settlement rules;
institutional rules, including the setting up of a Joint CARIFORUM-EU Council to supervise the implementation of the agreement and take decisions where necessary.

DATE OF ENTRY INTO FORCE

The agreement has provisionally applied since 29 December 2008.

BACKGROUND

The EU’s political and economic relations with African, Caribbean and Pacific (ACP) countries are governed by the Cotonou Agreement (see summary). A new ACP-EU Partnership Agreement is currently in negotiation. The existing agreement was due to expire in 2020 but the application of its provisions has been extended until 30 November 2021.

For further information see:

Trade — Caribbean (European Commission).

MAIN DOCUMENTS

Economic Partnership Agreement between the CARIFORUM States, of the one part, and the European Community and its Member States, of the other part (OJ L 289, 30.10.2008, pp. 3-1955)

Successive amendments to the agreement have been incorporated into the original text. This consolidated version is of documentary value only.

Council Decision 2008/805/EC of 15 July 2008 on the signature and provisional application of the Economic Partnership Agreement between the CARIFORUM States, of the one part, and the European Community and its Member States, of the other part (OJ L 289, 30.10.2008, pp. 1-2)