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Marsha Drakes, Tel: (246) 430-1678                                  marsha.drakes@crnm.org

For Immediate Release:                                                                                  No. 06/2008
June 13, 2008

CARICOM AND CANADIAN TRADE OFFICIALS MEET

Christ Church, Barbados – In keeping with the mandate from the 19th Inter-Sessional Meeting of the Conference of Heads of Government, further exploratory discussions between CARICOM and Canadian Officials took place on 9th June 2008 in Barbados by way of a Video Conference. 

The aim of the session was to undertake in depth exploratory discussions on the subject coverage of the negotiations and to discuss the scope of commitments of the Agreement. There was also an exchange on modalities for goods, services and investment, the treatment of development, and the structure of the negotiations. The two parties also reaffirmed the strong links between Canada and CARICOM and acknowledged a mutual commitment to continuing dialogue.

The engagement with Canada is indicative of the intent of CARICOM Member States to continue aligning trading relationships with their major trading partners by way of modern regional strategies designed to reposition CARICOM within the global economy. It is expected that the new trade arrangement with Canada, like the Economic Partnership Agreement with the European Union, will facilitate greater opportunities for CARICOM growth and development and more flexibilities to take advantage of those opportunities.    

CARICOM relations with Canada are currently facilitated within the framework of the CARIBCAN agreement which is a non- reciprocal economic and trade development assistance programme that provides duty-free access to the Canadian market for most CARICOM exports. Under WTO rules, CARIBCAN as a non-reciprocal preferential agreement requires a waiver which will expire in 2011. Consistent with international rules and trends, modern preferential trade arrangements are moving towards reciprocity.

Canada has also been modernizing its trade relations with other hemispheric trading partners. Canada has recently concluded FTAs with Costa Rica and with Peru.

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