The Dominican Republic will benefit from aspects of regional preference that were introduced in the European Partnership Agreement between the European Union and Caricom and the Dominican Republic completed on 16 December 2007, in time for the 1 January 2008 implementation date. According to Ivan Ogando at the Ministry of Foreign Relations, the EPA will also facilitate the export of Dominican products to Caricom countries, far beyond what the FTA with Caricom had accomplished. The new agreement replaces the Cotonou Agreement that expires at the end of this year.
Ambassador Richard Bernal, chief negotiator for theCaribbean , described the EPA as historic in terms of content and precedent:"It will promote and deepen the economic ties between the two longest running integration processes in the world. It will enhance our trade in goods because the European Union is providing duty-free, quota-free access and we are liberalizing access to our market," he told a media conference on Sunday.
Interestingly, the agreement includes a provision that gives citizens of the Caribbean access toEurope 's entertainment services market, for instance. This will allow musical performers and artistes to move into Europe to present their talent and to seize business opportunities. This is a novelty that was very difficult to achieve," said Deputy Director General for Trade of the EU Commission, Karl Falkenberg, who signed the document for the EU, told CANANews. The Caribbean Regional Negotiations Machinery office says that while the culmination of this negotiation process has come later than previously scheduled, CARIFORUM countries, by completing the EPA before the end of the year, have ensured that their product exports to the EU will not have to face Generalized System of Preferences (GSP) treatment or face Most Favored Nation (MFN) duties in 2008. As of 1 January 2008, with a temporary exception for rice and sugar, all CARIFORUM goods will be entitled to duty-free and quota-free access to the European Union. Importantly, CARIFORUM is the first group within the ACP to clinch a comprehensive agreement that covers not just goods but services, investment, and trade related issues such as innovation and intellectual property.
The major elements of the agreement concluded between the European Community and Cariforum countries are as follows:
1. Cariforum liberalizing 86.9% with 82.7% within the first 15 years. The agreement will result in the liberalization of 92% of Cariforum-EC trade;
2. A general moratorium of three years on all tariff lines except motor vehicles and parts and gasoline that will benefit from a 10-year grace period;
3. Other duties and charges are to be maintained during the first seven years and then phased out in years 8, 9 and 10.
4. In addition to the SP quotas, a transitional TRQ of 60,000 tonnes split evenly between CARIFORUM SP members and theDominican Republic
5. Award of MFN treatment to major trading partner defined as countries garnering 1% and 1.5% of world merchandise exports and services.
6. In services, CARIFORUM LDCs and MDCs have committed to 65 and 75% respective sectorial coverage with a standstill clause and provisions for future liberalization. BAH and HAI will submit their respective liberalization schedules in six months;
7. CARIFORUM CSS in entertainment services will enjoy access without any restrictions in all EU Member States with the exception ofAustria and Germany
8. Joint Declarations on Development Cooperation, Bananas, Sugar Allocation and Traditional Agricultural Products; The JD on Development Cooperation includes a commitment to channel EPA support through the CARICOM Development Fund.
9. Regional preference to be awarded one, two and five years in the case of CARIFORUM MDCs, LDCs and Haiti, respectively.
10. The Trade Partnership for Sustainable Development (Development Chapter) includes support for infrastructure while the preamble of the Agreement states that full account should be taken of the CARICOM Development Vision.
Source: www.dr1.com
Ambassador Richard Bernal, chief negotiator for the
Interestingly, the agreement includes a provision that gives citizens of the Caribbean access to
The major elements of the agreement concluded between the European Community and Cariforum countries are as follows:
1. Cariforum liberalizing 86.9% with 82.7% within the first 15 years. The agreement will result in the liberalization of 92% of Cariforum-EC trade;
2. A general moratorium of three years on all tariff lines except motor vehicles and parts and gasoline that will benefit from a 10-year grace period;
3. Other duties and charges are to be maintained during the first seven years and then phased out in years 8, 9 and 10.
4. In addition to the SP quotas, a transitional TRQ of 60,000 tonnes split evenly between CARIFORUM SP members and the
5. Award of MFN treatment to major trading partner defined as countries garnering 1% and 1.5% of world merchandise exports and services.
6. In services, CARIFORUM LDCs and MDCs have committed to 65 and 75% respective sectorial coverage with a standstill clause and provisions for future liberalization. BAH and HAI will submit their respective liberalization schedules in six months;
7. CARIFORUM CSS in entertainment services will enjoy access without any restrictions in all EU Member States with the exception of
8. Joint Declarations on Development Cooperation, Bananas, Sugar Allocation and Traditional Agricultural Products; The JD on Development Cooperation includes a commitment to channel EPA support through the CARICOM Development Fund.
9. Regional preference to be awarded one, two and five years in the case of CARIFORUM MDCs, LDCs and Haiti, respectively.
10. The Trade Partnership for Sustainable Development (Development Chapter) includes support for infrastructure while the preamble of the Agreement states that full account should be taken of the CARICOM Development Vision.
Source: www.dr1.com
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