African Caribbean and Pacific (ACP) countries would like to have an Economic Partnership Agreement (EPA) adjustment facility set up.

Barbados' Minister of Foreign Affairs and Foreign Trade, Dame Billie Miller, made the call yesterday while addressing the 12th session of the ACP-EU Joint Parliamentary Assembly at Sherbourne Conference Centre.

Dame Bille, who chairs the ACP Ministerial Trade Committee, was looking at a Review Of EPA Negotiations: Can EPAs Be Effective Tools For Development?

She told delegates the EPAs would change radically the relationship between ACP states and the European Union – a relationship which had been heralded as an outstanding model of north-south co-operation.

She noted "the creation of such a facility would avoid the burdensome EDF [European Development Fund] procedures and accelerate the funding of EPA-related projects. The facility would have access to funds which were not already earmarked for other regional projects and it would guarantee the availaibility of regional development resources beyond the 2020 expiration of the Cotonou Agreement".

The Senior Minister said there was ample evidence that in order for the poorest countries to successfully become integrated into world trade, they required not only easier market access but also increased support to address structural impediments and supply-side constraints.

She also pointed out that ACP trade negotiators were "cautiously optimistic" of reaching agreement on a new trade pact with the EU, adding that while the divide between Europe and its former colonies appeared insurmountable at this point, she was hopeful a mutually acceptable agreement could be reached.

"The eyes of the world are on these EPA negotiations. The multilateral trading system needs a success story if it is to maintain its credibility. The ACP/EU can show the world that it is possible to forge an EPA between 79 developing countries and 25 developed ones." (ES)