PROMISES AND COMMITMENTS FROM EU-LAC SUMMIT
The Sixth Summit of the European Union (EU) and Latin America and the Caribbean (LAC) was held in Madrid on 17th – 18th May 2010.
Leaders reached an agreement on the creation of a joint investment agency and a foundation – the EU-LAC Foundation - to promote social development within the Caribbean and Latin America and committed to set up a new financial facility to support investment projects in the region and to re-open talks with the Mercosur trading bloc – Argentina, Brazil, Uruguay and Paraguay – which were suspended in 2004, due to disagreement over tariffs and subsidies paid to European farmers.
Commitments on strengthening regional integration, gender equality and mainstreaming; cultural diversity; fight against illicit drugs and the provision of increased funding for several projects in the area of research and development, science, innovation and technology, were also made during the summit.
As regards commercial relations and EPAs, CARIFORUM – EU Council summit was held in the margins of the Summit. “The Heads of State and Government welcomed the progress achieved to date in the CARICOM integration process and other ongoing sub-regional integration and cooperation processes, and they reaffirmed their commitment to increase progress and co-operation on this issue. They exchanged views on ongoing priorities including the establishment of a Caribbean Infrastructure Trust Fund, advancing EPA implementation and other ways to address the current trade related, economic and social challenges facing the Caribbean region, as well as opportunities for CARIFORUM-EU cooperation on the use of Innovation and Technology, including in the pursuit of Food Security in the Caribbean region” the joint final declaration stated.
This is in part the answer addressed to CARIFORUM leaders who called on the European Union to review and honour their commitment to the provisions of the Cotonou and Economic Partnership Agreements. In reaffirming these obligations, St Vincent Prime Minister Ralph Gonsalves reminded the EU the importance of ensuring that their other bilateral trade agreements were not pursued at the expense of the Caribbean region; that they facilitated the effectiveness of accompanying and support measures intended to provide relief to the Caribbean region and that they urgently undertook an assessment of the impact of trade liberalisation with Latin America on CARIFORUM countries, as reported by the Caribbean press.
For more information:
http://www.caribbean360.com/index.php/news/27028.html
http://www.caribbeannetnews.com/news-23213--39-39--.html
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/er/114479.pdf
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