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Additional info for Globalization, Trade, and Economic Development: The CARIFORUM-EU Economic Partnership Agreement

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J. Patterson, July 24, 19781 T his chapter discusses the structure and process of the negotiations between the EU and CARIFORUM. The broad goals, guiding principles, and overall schedule were established by the Cotonou Agreement, which was negotiated and agreed to by the EU and all the countries that constitute the ACP Group. The Cotonou Agreement is an international agreement between the members of the EU (15 at the time) and the 79 member states of the ACP Group. It encompasses trade, development assistance, and political relations.

The negotiations that took place between April 2004 and December 2007 were, therefore, the most difficult in the history of the relationship between the EU and the Caribbean. The process was one of discussion, compromise, and cooperation between two parties tenaciously and creatively seeking by every means to satisfy their respective interests. It therefore differed from the engagements of the past in which the Caribbean negotiated primarily for sugar, bananas, and development aid. The scope of the EPA was far wider and therefore placed unprecedented demands on negotiators and technical support staff.

Trade liberalization can best come to fruition if Globalization and the Economic Partnership ● 19 it is complemented by suitable macroeconomic policies. The policy package will be unique to each particular economy. While there are certain broad policies that are essential to any growth/development promoting policy framework, the mix has to be specifically calibrated to the peculiar circumstances of each economy. Trade liberalization can be beneficial to the economic growth of CARIFORUM countries, but they have to put themselves in a position to seize the opportunities created by the trade liberalization.

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