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Guyana signs EPA

Oct 21, 2008 News

Dr. Patrick Gomes, Guyana’s Ambassador to the European Union (EU), signed the Economic Partnership Agreement with the European Union at the European Commission headquarters in Brussels, London.

President Jagdeo did not sign the controversial EPA with the European Union on October 15 last along with the rest of Caricom, when the signing took place in Barbados.

The President, during a press briefing at State House, said that he would sign early enough to avoid the Global System of Preference (GSP).

He did also express what he called to some extent a vindication of Guyana’s struggle, in that it achieved a substantial improvement of the agreement (EPA).

Jagdeo noted that one aspect of the victory was the five-year review of the EPA with a view to improving it as time progresses.

The European Union has also agreed to take note of the Treaty of Chaguaramas as it relates to the conflicts with the EPA.

The EPA between the EU and the CARIFORUM group of Caribbean countries was negotiated between 2004 and 2007 after previous trade arrangements failed to stimulate development and were challenged as discriminatory at the WTO.

It is a binding international agreement that, according to the EU, fully complies with WTO rules and provides security for Caribbean traders and investors.

The deal includes chapters on trade in goods; trade in services; investment; competition; innovation and intellectual property, public procurement and development aid.

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