No Restrictions on Transaction Payments Under EPA

No restrictions are to be imposed on payments arising out of transactions effected between residents of member countries of the Economic Partnership Agreement (EPA).
African, Caribbean and Pacific (ACP) states, including Caribbean Forum (CARIFORUM) States and Europe are signatories to the agreement.
Subject to the provisions of Article Three of the agreement, the parties agree to facilitate all such payments being made in freely convertible currency.
The decision to withhold restrictions also applies to transactions on the capital account of balance of payments, wherein the parties agree to facilitate the free movement of capital relating to direct investments made in accordance with the laws of the host country and the agreement’s provisions, as well as the liquidation and repatriation of capital and any profit stemming from any investment.
The EPA states that the parties shall consult each other with a view to facilitating the movement of capital between them, in order to promote the agreement’s objectives on this area.
However, the EPA makes provisions for safeguard measures to be instituted in exceptional cases, for a period, not exceeding six months, where payments and capital movements between the parties cause or threaten to cause serious difficulties for the operation of monetary or exchange rate policies in one or several CARIFORUM and European Community (EC) member states.
To this end, the parties have agreed that the Joint Council, comprising members from both sides, be informed of decisions made to institute any safeguard measures as soon as is possible, as well as a timeline for removal of those provisions.