ECONOMIC PARTNERSHIP AGREEMENT EPA

TRADE AGREEMENT

ECONOMIC PARTNERSHIP AGREEMENT EPA

DOMINICAN REPUBLIC AND COUNTRIES OF THE EUROPEAN UNION

This agreement seeks greater regional integration through the Customs Union, Common Market, Economic Union, Union Policy and the establishment of a Free Trade Area.

It is an agreement negotiated by the Dominican Republic within the set of countries of the States Forum of ACP Countries (Africa, Caribbean and Pacific) Caribbean (CARIFORUM), signed in 2008 with the States of the European Union. It is oriented towards progress, which provides mechanisms for cooperation and allows great flexibility for member countries to gradually carry out their responsibilities.

 

The Agreement has a history of more than 35 years of trade, founded on unilateral preferences. Starting with the Lomé Convention (1975), which consecutively evolved into a fourth version, becoming the so-called COTONOU Agreement (2000). Later, with the projection to achieve a relationship based on non-reciprocal preferential access, the objectives of the agreement were defined, which involved the rights and obligations for parties, human development and economic growth, sustainable change, eradicating poverty and Caribbean regional integration into the global economy.

 

The Economic Partnership Agreement EPA, is the second agreement of major importance for RD, for it opens the possibilities to export free of duty in all production lines to 27 States Member of the European Union. It strengthens the legal framework to take advantage, once and for all, of the attractive Caribbean, including Haiti.

 

This agreement allowed farmers in the Dominican Republic to exclude about 394 tariff lines (39% of all items considered agricultural), including products with high production sensitivity as meats and ice cream. The industry could also protect sensitive lines, including products such as metals, refrigerators, plastics in primary-chemical form, among others.

 

The EPA, considers the asymmetries between Europe and our region, by enshrining certain goods produced here or high value imports to have tax relief periods between 15 and 25 years, time to perform the necessary structural adjustments for free trade.

KEY POINTS OF THE AGREEMENT
The EEA includes a number of provisions on sustainable development. It allows the region to benefit from considerable support, such as Aid for Trade designed to assure better use of the agreement, to build trade capacity in the country and to compete effectively in the global economy. The European Union aids ACP countries in this process by: providing support for the governments of the ACP countries to meet their commitments to the agreement and to open their markets to each other. It helps governments to support companies in their countries to compete globally.