Caribbean Nations Balk at More Trade Liberalization
At the just-concluded annual conference of the
nations of the Caribbean Community (CARICOM), member nations
discussed delaying, until September at the earliest, the signing
of the Economic Partnership Agreement (EPA) with the European
Union.
As discussion at the summit indicated, there is no consenus
on signing an agreement that will open 90% of Caribbean markets
to duty-free EU imports over the next 25 years. The summit was
supposed to issue a declaration on the proposed signing by no
later than August 30, but failed to do so.
Guyana's President Bharrat Jagdeo is a key opponent of the
EPA, and is refusing to sign until he gets an accurate assessment
of how his population feels about it. "I am very worried that we
are giving up economic sovereignty to the EU," by signing the
agreement, he said. It may be hard to withstand the "might" of
the European Union, and its "bullying tactics," Jagdeo told
reporters, especially if other governments sign. But, he added,
"I am not going to give up fighting, and I want my people to know
exactly what we are entering into." Jagdeo has the lead
responsibility for agriculture in CARICOM.
David Jessup, Director of the Caribbean Council, wrote in
the {Jamaica Gleaner} July 6 that Jagdeo's stance reflects a
growing "change of political mood" in many small nations around
the world about trade liberalization. Against the backdrop of a
deepening global financial crisis, which finds many
advanced-sector nations "teetering on the brink of recession,"
it's lawful that Caribbean nations would opt for delay in signing
the EPA. In fact, globally, Jessup notes, "all trade relations
and relationships will need careful reevaluation, to ensure that
the outcome does not create long-term instability." There is
grave concern among governments that they won't be able to
finance national budgets, or bear the burden of high food prices,
which could lead to social unrest.
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