For countries not signing the Economic Partnership Agree-ment (EPA) between the European Union and Cariforum, there will be no agreement and so the Generalized System of Preferences (GSP) will be applied according to World Trade Organisation (WTO) Rules, Head of Delegation of the European Commission to Guyana, Geert Heikens said.
The EPA is to be signed tomorrow in Barbados. It is not certain whether Guyana will sign, as President Bharrat Jagdeo has opposed the agreement and has pushed for two clauses to be included before Guyana signs on. The first clause suggests that in its implementation should any of the provisions of the EPA conflict with the Revised Treaty of Chaguaramas the revised treaty would take precedence, thereby safeguarding the regional integration process.
The second clause suggests that there be a review of the EPA every five years to look at the socio-economic impact of the agreement on the people of the region and a commitment by Europe to address the adverse impact. Should these two clauses be included, Jagdeo had said, then Guyana’s position may be reconsidered.
Heikens told reporters yesterday that the EPA would benefit both parties noting that it addresses not only goods but services and trade issues as well.
He added that the signing is “urgent” and should a country not sign on the GSP will be applied according to WTO rules.
