Economic Partnership Agreement between the CARIFORUM States and the United Kingdom.
July 17, 2021
By: Urania Paulino | Senior Counsel
PELLERANO NADAL is part of the Legal Committee of the British Chamber of Commerce of the Dominican Republic, thus collaborating in the elaboration of the Executive Summary of the Economic Partnership Agreement between the CARIFORUM States and the United Kingdom of Great Britain and Northern Ireland, which was published through a British Chamber of Commerce Bulletin.
The EPA - CARIFORUM - UK is a development-focused Trade Agreement that aims to increase trade and investment in the Eastern member countries. Regarding the Dominican Republic, it is important to point out that its subscription guarantees that it does not to lose commercial preferences that had been achieved with the UK under the Economic Association Agreement signed with the European Union.
This Agreement is signed in order to continue economic and commercial relations, maintain the contracted rights and obligations, as well as to maintain the preferences that had been achieved under the Economic Association Agreement (EPA) with the European Union.
Countries that make up CARIFORUM: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, the Federation of Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago.
• After the United Kingdom left the European Union, the countries of the Caribbean Forum of African, Caribbean and Pacific States (CARIFORUM) negotiated a multilateral agreement with the United Kingdom in order to maintain what had already been negotiated in the framework of the Economic Association Agreement between the European Union and CARIFORUM.
• This new agreement will continue the commercial relationship with the United Kingdom under the EPA, Economic Partnership Agreement (EPA).
• The United Kingdom of Great Britain represents the ninth destination for Dominican exports.
• This new agreement guarantees the continuity of all the commercial rights and commitments established in the Economic Association Agreement (EPA) between the European Union (EU) and the CARIFORUM States.
• With the conclusion of this process, the Dominican Republic reaffirms its commercial policy of participation in trade agreements that guarantee preferential access for national goods and services to international markets and contribute to strengthening ties of trade, cooperation and regional integration. With this agreement, both governments ratify their intention that regardless of the circumstances of the United Kingdom's exit from the European Union, they will not generate any alteration in trade relations with the CARIFORUM countries.
• The aforementioned agreement has already been approved by the Senate of the Dominican Republic, now only the approval by the Chamber of Representatives is missing, to comply with the constitutional control. The import of the ratification of this agreement is based on the fact that if it is not ratified, our Dominican products may be impacted by the payment of the most favored nation's tariff within the framework of the World Trade Organization (WTO), reducing competitiveness and positioning of our products.
• Products such as organic bananas and other agricultural products are from the range of products that would benefit from this agreement.
The PELLERANO NADAL team is available to clarify any questions you may have in relation to this and other measures implemented by our authorities.