Ministry of Foreign Affairs & Foreign Trade

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Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Hon. Dr. Kenneth Baugh

Minister of Foreign Affairs and Foreign Trade, Dr. Kenneth Baugh has emphasized the importance of positive CARICOM-EU trade and investments to the region.

"As small and vulnerable states, CARICOM members recognise that they require a capacity for greater economic leverage and effectiveness in their external trade and economic relations with states and groups of states. In this regard, CARICOM-EU trade and investment relations are extremely important to the countries of CARICOM," he said.

Dr. Baugh was speaking at the fourth CARICOM-Spain Summit, in the Spanish city of Zaragoza, yesterday (July 11).

He said the Summit provides an opportunity for Caribbean Community countries to share perspectives on trade relations and draw attention to some concerns of the region with the Government of Spain, a member of the European Union.

"It is essential that there be a deepening of bilateral economic relations between CARICOM and Spain, a major trading partner and investment country in Europe, as the fourteen CARICOM countries, which will shortly be signing the Economic Partnership Agreement (EPA), seek to take full advantage of the opportunities provided by the agreement," the Minister said.

He explained that the signing of the CARIFORUM-EU Economic Partnership Agreement would signal the end of the non-reciprocal preferential market access that CARICOM countries have traditionally enjoyed in EU markets under successive Lomé and Cotonou agreements. The EPA will usher in a new era of reciprocal trading arrangements and investment relations between Europe and the Caribbean, since it commits CARIFORUM states to open their markets to European goods and services exports, as well as investments.

According to the Minister, the EPA should be a vehicle for increased trade between CARICOM and Spain.

"The EPA should be the vehicle for an increase in trade between CARICOM and Spain. Governments of CARICOM countries are committed to do everything in their power to facilitate increased trade and look forward to working closely with the private sector in their efforts to boost trade exchanges in both imports and exports," he noted.

Spain has emerged as a major destination of CARICOM's exports to the EU, accounting from some 30 per cent. Spain is also the main EU exporter to CARICOM, with its exports to the region increasing at an average of 22.3 per cent per year over the period 2000-2006.

"We are committed to providing a stable and predictable investment environment as demonstrated by the evolving investment policy framework. As a favoured destination for Spanish private investment, support from Spain to assist us in instituting this harmonized framework would be most appreciated," Dr. Baugh said.

"CARICOM acknowledges the support extended by Spain to efforts to secure an outcome of the discussions in the WTO between the EC and Latin American banana exporting countries on the rebinding of the Tariff that would allow continued remunerative exports of CARICOM bananas to the EC. We encourage the Spanish Government to continue to lend its weight to such an outcome," he added.

Dr. Baugh who is also Deputy Prime Minister is leading a delegation to Spain on a four-day visit. Members of the team include Industry, Investment and Commerce Minister, Karl Samuda; Tourism Minister, Edmund Bartlett, and Jamaica Trade and Invest (JTI) President, Robert Gregory.

The delegation will also participate in an investment forum with targeted investors in that European country; target prospective investors for the renewable energy, manufacturing and agricultural sectors, as well as seek to strengthen trade relations between Jamaica and Spain.

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