Posted: Wednesday, March 27, 2019. 7:13 am CST.
By BBN Staff: As the United Kingdom gets ready to leave the European Union, Britain has signed a trade agreement with the Caribbean to keep existing trade arrangements functioning as they are.
Last week, the UK signed a trade continuity agreement with Ministers and representatives from Barbados, Belize, The Commonwealth of Dominica, Grenada, The Republic of Guyana, Jamaica, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines,
ensuring that the current trade arrangements will remain intact after the separation.
Trade Policy Minister George Hollingbery signed the CARIFORUM-UK Economic Partnership Agreement (EPA) on Friday, 22 March. The EPA will eliminate all tariffs on all goods imported from the signing CARIFORUM States into the UK. Caribbean states will also gradually be able to cut import tariffs on most of the region’s imports from the UK.
The newly signed EPA is good news for Belize’s banana industry because the UK is the major importer of Belize’s bananas, importing as much as 69 percent of Belizean bananas in 2017. Regional media outlets noted that producers of rum are also glad that trade will continue
In 2016 the people of Britain voted in a referendum to leave the European Union, in a historic move that has come to be known as “Brexit.” Countries within the Caribbean immediately voiced concerns about the implications that Brexit would have on ongoing trade with
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