BRIDGETOWN, Barbados, Thursday May 31, 2012 – The implementation units housed in the various Caribbean Forum countries that signed on to the Economic Partnership Agreement (EPA) with the European Union (EU) are to receive a further 3.5 million euros to push the advantages of the trade agreement.
The Caribbean Forum (CARIFORUM) countries, which comprise the countries of the Caribbean Communities (CARICOM) and the Dominican Republic, have been allocated the funds to be used by the countries’ national EPA implementation units; for administrative, technical and other support for national focal points and for technical assistance assignments to advise on or to assist in taking advantage of opportunities under EPA.
CARIFORUM signed the EPA with the EU in 2008, it is a single negotiated agreement which governs how the two regions will cooperate on a wide range of trade-related issues.
The funds, which will be made available through an EPA Standby Facility, will be administered under a contribution agreement between the Caribbean Development Bank (CDB) and the EU for the 3.5 million euros. The implementation period of the Facility will be thirty-six months. However, the two parties may agree to an extension.
Other directly relevant activities to be undertaken by CDB under the terms of the agreement include public education/awareness campaigns and interventions aimed at improving the results generated from grants awarded under the EPA Facility.