CARIFORUM and Economic Partnership Agreements

CARIFORUM and Economic Partnership Agreements

Citizens of Caribbean CBI nations benefit substantially from the CARIFORUM-EU and CARIFORUM-UK Economic Partnership Agreements (EPAs), to which Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia are party. These EPAs can be incredibly beneficial for economic citizens of these nations wishing to access greater business and investment opportunities through citizenship by investment.

An EPA is a trade and development partnership that opens a number of opportunities for citizens of the countries involved. The CARIFORUM-EU and CARIFORUM-UK EPAs cover trade in both goods and services, as well as competition policy, intellectual property, government procurement, labour standards, and environmental protection.

Importantly, under the CARIFORUM-EU and CARIFORUM-UK EPAs, CARIFORUM states:

  • have duty-free, quota-free market access to the EU and the UK for all goods;
  • have until 2033 to cut import tariffs, with 17% of goods and services being considered sensitive and enjoying permanent protection from competition; and
  • have the right to implement safeguards, such as import quotas, if EU and UK imports surge unexpectedly and threaten local production.

All citizens of Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia therefore enjoy the following benefits:

1. Greater business opportunities

Businesses based in Caribbean CBI nations can export freely to the EU and the UK, with no applicable duties or customs. They also benefit from low-cost imports. Thanks to the EPAs, it is possible for businesses based in Caribbean CBI nations to set up a commercial presence in the EU and the UK.

2. Greater investment opportunities

The EPAs to which the Caribbean CBI nations are party are binding and permanent, giving potential investors long-term stability.

3. Ease of conducting business

The CARIFORUM-EU and CARIFORUM-UK EPAs ensure fair competition in the Caribbean, promoting industry growth and creating jobs, while safeguarding the interests of citizens.

4. Protection for local producers

As Caribbean CBI nations can keep tariffs on sensitive goods and apply safeguards such as import quotas, the CARIFORUM-EU and CARIFORUM-UK EPAs protect local producers from competition against EU and UK imports.

5. Greater economic integration between neighbouring countries

The EPAs to which the Caribbean CBI nations are party build upon the existing efforts of CARIFORUM nations to work collaboratively and integrate their economies. They do this by making it easier to export goods and services between all CARIFORUM member states, as well as 17 Caribbean territories with direct links to EU countries.

6. Shared values

The CARIFORUM-EU and CARIFORUM-UK EPAs agree to promote labour standards and environmental protection, good governance, and human rights, ensuring the protection of citizens who wish to conduct business in these regions.

 

How can I find out more?

If you want to learn more about the benefits of citizenship by investment in the Caribbean, please contact CS Global Partners.

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