EU, Caribbean Sign New Trade Pact

The European Union and 13 Caribbean countries signed a trade deal on Wednesday aimed at guaranteeing the region privileged access to Europe’s markets, the European Commission said.

The pact marks the first complete agreement with African, Caribbean and Pacific countries, which have had to renegotiate previous preferential regimes with the EU after they were rejected by the World Trade Organization.

“This is a groundbreaking step forward for regional integration and development for the Caribbean,” said EU Development Commissioner Louis Michel in a statement. “This deal creates new opportunities for the region in terms of stronger growth and exports, and more jobs,” he added.

The European Commission, which negotiates trade deals on behalf of the 27-nation EU, said that the agreement offers “up front access” to EU markets while allowing Caribbean nations to gradually open their markets over 25 years.

The EU signed the agreement in Kingston with Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, the Dominican Republic, Grenada, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, and Trinidad and Tobago.

Although Guyana did not sign the deal, it expects to do so in the coming days, a European Commission spokesman said. The commission has reached interim trade agreements with about half of the 77 ACP countries so far, although until the Caribbean deal none had been officially signed.