PORT OF SPAIN, Trinidad - Despite all the promises of the Economic Partnership Agreement (EPA) with the European Union (EU), the countries of the Caribbean have not benefited from increased exports to EU markets or from increased investment from the EU.
The 15 Caribbean countries to which I refer are the 14 independent member states of the Caribbean Community (Caricom) and the Dominican Republic —together described as Cariforum. Each of these countries has individually signed EPA’s with the collective 27-nation EU.
According to Ivan Ogando Lora, the director-general of Cariforum, over the last five years since the EPA has been operational, “exports of goods from Caribbean countries to the EU has practically remained stagnant going from €4.6 (US$5.8) billion in 2007 to €4.5 (US$5.7) billion in 2011”. Further, he says that “with regard to trade in commercial services, Cariforum members exported €4.9 (US$6.2) billion in 2009 while the corresponding figure for 2011 was €4.7 (US$6) billion”. It is clear, therefore, that the existence of the EPA has not resulted in greater exports of Caribbean goods and services to Europe.