What Is An Epa Agreement

The Economic Partnership Agreements are a programme for the creation of a free trade area (FTA) between the European Union and the African, Caribbean and Pacific (ACP) Group of States. They are a response to persistent criticism that the EU`s proposed non-reciprocal and discriminatory preferential trade agreements are wto-inconsistent. The EPAs date back to the signing of the Cotonou Agreement. WPAs with different regions are in different game saves. In 2016, epAs were to be signed with three African regional economic communities (East African Community, Economic Community of West African States and Southern African Development Community), but they faced challenges. [1] [needs to be updated] Due to the persistent incompatibility of previous agreements with the WTO, EPAs are above all their reciprocity and non-discriminatory nature. These include the phasing out of all trade preferences established between the EU and ACP countries since 1975 and the gradual removal of trade barriers between partners. In order to meet the criterion of a non-discriminatory agreement, the EPAs are open to all developing countries, which puts an end to the ACP group as the EU`s main development partner. Proponents of the Economic Partnership Agreements argue that in the long run, the agreement also benefits all parties. By removing barriers to trade and the movement of people, each economy in the agreement can take advantage of market benefits in the others. In addition to economic partnerships, economic partnerships can also strengthen political ties and offer strong allies in times of political upheaval or military action. Economic Partnership Agreements (EPAs) are trade and development agreements negotiated between the EU and African, Caribbean and Pacific (ACP) countries and regions. The agreements provide a framework for cooperation and not for competition between geographically distant economies.

An agreement between a stronger economy and a weaker economy aims to stimulate economic development in the weaker country while bringing real benefits to the strongest. They serve to maintain peace among nations in different parts of the world and to raise the standard of living of families in less developed countries. The EU is implementing seven Economic Partnership Agreements with 32 partners, including 14 in Africa. The main objective of epAs is to harness trade and investment for sustainable development. The agenda will be broadened in terms of content, with agreements covering new topics such as services and investments. The Cotonou Agreement offers the EU and ACP countries the opportunity to negotiate development-oriented free trade agreements, known as Economic Partnership Agreements (EPAs). The EPAs are firmly anchored in the goals of sustainable development, human rights and development cooperation, which are at the heart of the Cotonou Agreement. How to make EPAs WTO-compatible? Reform of the rules governing regional trade agreements The EU`s trade relations with ACP countries are governed by the Cotonou Partnership Agreement signed in 2000 between the EU, its Member States and the ACP countries. While this political, economic and comprehensive development partnership expires in 2020, the parties are currently negotiating a successor agreement (the so-called “post-Cotonou” agreement).

Opponents of economic partnership agreements argue that the agreements can benefit the more developed countries than their less developed partners. .