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“The truth is that we have not seen the big increases in trade between our regions that we hoped for. In some cases, trade is even lower now than it was five years ago and we must acknowledge this fact. But that does not mean that we should give up on this deal, and even less so on the whole economic relationship between the European Union and countries of the Caribbean.”As European Union (EU) Trade Commissioner, Cecilia Malmström, addressed the opening session of the Third Meeting of the Joint EU-CARIFORUM Council, she said it meant quite the opposite. “What we have to do is work out why we are where we are and then take joint action to put things back on track.”The one-day meeting, held on Friday at the Arthur Chung Convention Centre, Liliendaal, Greater Georgetown, was done with the aim for the two regions to take stock of the first five years of the EU-CARIFORUM Economic Partnership Agreement (EPA) and for the representatives to plan the next phase of cooperation.The meeting saw attendance from Trade Ministers from across the Caribbean Region.In her address, the Trade Commissioner highlighted too notable achievements so far, but also acknowledged that the 2008 financial crisis and incomplete implementation have hampered the ability of the EPA ability to create economic opportunities for people in the region.The EPA between the CARIFORUM States and the European Union and its Member States was signed on October 15, 2008. The declaration on the signing provides for a review to be undertaken after five years.Also, it was in Guyana, that the Georgetown Agreement, which set up the African, Caribbean and Pacific (ACP) group of states, was signed 40 years ago.In her address,NFL Jerseys Supply, Malmström pushed for an agreement on a work programme to get the deal fully up and running as soon as possible so that in 35 years they will be as proud of their achievements.The Trade Commissioner offered an insight into how the EU sees these first five years of our Economic Partnership Agreement with CARIFORUM, not failing to highlight the achievements and shortcomings faced.Since 2008, she said, “We have, first of all, taken important steps towards putting this deal into practice.  The EU has a full duty and quota-free regime for products from the Caribbean, and many CARIFORUM countries have taken important steps to lower their tariffs.”Malmström said that some of the more advanced provisions of the agreement-like services have also come into force and with that progress has been made towards the mutual recognition of some professional qualifications.“Furthermore, slowly,Johnny Bench Reds Jersey, but surely,” she said, “We have been rolling out the development cooperation part of this deal.”She added that the EU and its Member States are now supporting projects that will facilitate tax reform, the development of the private sector and the capacity building of institutions. As a result of this progress,Boston Red Sox Jerseys, she pointed out that new ties have been realized between the two regions and within the Caribbean Region itself.She pointed to the UK film studio company – Pinewood – having invested in the Dominican Republic and Jamaica-based mobile operator, Digicel having expanded to several other Caribbean countries.“Moreover,  the review of this agreement that forms the basis of our discussions today (on Friday) points to a positive “EPA effect” on CARIFORUM exports of products like rice, frozen shrimp, citrus and rum. There is also evidence that the Dominican Republic has seen some relative successes in areas like medical devices and textiles. And it’s also worth remembering that the status quo of 2008 was not an option,” the Trade Commissioner commented.The EU Representative said that the access that ACP countries then had to the EU market was not compatible with the WTO and it had to be changed.According to her, the choice in 2008 for the Caribbean was between reduced access to the EU under the General System of Preferences or the current arrangement which kept and slightly improved on the previous system. That benchmark, she said, is one which should be kept in mind.Nonetheless,Jerseys NFL Wholesale, Malmström said that the objectives set in 2008 have not been met. The EU Representative pointed to the American bank, “Lehman Brothers” who filed for bankruptcy one month – almost to the day – before the agreement was signed.The Trade Commissioner said, “It was the start of the most serious economic and financial crisis that the world has seen since the Great Depression.”“It hit the Caribbean very hard, especially because the region was still feeling the effects of the spike in global food and raw material prices over previous years. As a result, rather than being able to invest in their future companies and farmers here have been struggling to survive.”The EU Representative said that the crisis also hit her home region hard,Cheap Jerseys, and they are still feeling the effects especially since they are coping with 25 million unemployed people across their Union.“One result of that is that our imports have grown much more slowly than would normally be the case. And that affects exporters here in the Caribbean. I hope that we will soon be able to move to a period of greater global economic stability and growth.”She said the EU is working assiduously to achieve that, including through trade policy.The other reason, she said, was that aspects of the agreement have not yet been implemented and on the Caribbean side, she said, some countries still have to ratify the agreement.“Some provisions of the deal to promote regional integration here haven’t been put into practice. And rules on competition policy and intellectual property still need to be implemented. All of these reforms are vital because they are at the core of the EPA idea.”The Trade Commissioner said that the goal is to develop a larger regional market,Jerseys NFL Wholesale, with clearer, more transparent rules which will attract investment and also allow companies to grow stronger.She said that they will then be in a position to take advantage of the legally certain free access to the EU market. The EU also has responsibilities to accept as well, yet some of their Member States still have to ratify the EPA.She also said that getting some of the development cooperation projects off the ground has also longer times than expected.The Trade Commissioner announced a budget of over 100 million Euros for the region “to keep us moving ahead over the next five years.” She said too, that some progress has been made as more countries benefitted from visa exemptions earlier this year.Malmström committed to pushing EU Member States to do more in this regard, even in face of “very politically challenging issues.” She also pointed out that there may also be some issues with the institutions of the agreement itself which requires flexibility and focus. She said too, that civil society and business organisations ought to be properly consulted and integrated in their work so that the right information is obtained.The opening session was also addressed by Minister of Foreign and European Affairs of Luxembourg, Jean Asselborn who currently chairs the Presidency of the Council of the European Union.Guyana was represented by Junior Finance Minister, Jaipaul Sharma, and CARIFORUM Chair,China Jerseys Cheap, Oliver Joseph.