EurochamTT: Cariforum-EU EPA process pending

The European Business Chamber in TT (Eurocham TT) said, in a release, that it is concerned that TT has not finalised the process to adhere to the Cariforum-EU economic partnership agreement (Cariforum-EU EPA) – a comprehensive trade and partnership agreement negotiated between the Cariforum countries and the EU.

The objective of the agreement would support sustainable development and regional integration among other objectives.

Implementation of the EPA is facilitated by development assistance funding from the EU since the agreement was signed in 2008 between the EU and Cariforum members’ countries.

It was enacted into local legislation in July 2013 and assented to and is awaiting proclamation by the President.

In 2008, EU countries immediately removed tariffs on goods originating from Cariforum countries entering their markets while Cariforum countries including TT was given 25 years – between 2009 to 2033 – to gradually reduce tariffs.

Eurocham TT added that it is aware that while TT has not implemented Article 16 – Customs Duties on Imports of Products Originating in the EC Party – the local business community as well as the government bodies have benefited from access to technical assistance from the EU under the EPA.

Government bodies have been benefiting since 2008 for business improvement, capacity building, reforms to support implementation of the EPA and grants to support innovation.

It said in the release, the value of the goods exported by TT and entering the EU with no duties was €5.6 billion in 2022 representing 32 per cent of the country’s exports. While the value of imports into TT from the EU in 2022 was €1.1 billion.

A detailed analysis of those imports from the EU shows that consumer items such as vehicles, milk and cream and wine make up two per cent and less each of all the imports.

The greatest percentage of imports in terms of value are for commercial and industrial usage. That is, they directly impact the cost of doing business.

TT is now among the last five Cariforum countries (along with Bahamas, Haiti, Jamaica and Suriname) remaining to give notice of ratification (usually signalling full commitment).

Barbados, Dominican Republic, Guyana, St Lucia and most of the smaller islands have ratified the agreement.