EU Funds To Help Caribbean Economic Integration
Secretary General of CARIFORUM/CARICOM, Edwin Carrington, and European Commissioner
for Development and Humanitarian Aid, Luis Michel, on Monday signed a
financing agreement for a grant of EUR40.5 million (US$52.6 million) to support
the Caribbean region in achieving its objective of regional economic integration
and repositioning into the world economy. The signing took place at the Commission's headquarters in Brussels. The EC funding comes from the Caribbean Regional Indicative Programme of the
9th EDF (European Development Fund). It is the largest and most important individual
EDF package of support to the Caribbean Region and is crucial for advancing
work on the Caribbean Single Market and Economy (CSME). For its part, CARICOM
is contributing EUR900,000 to this programme. Among the key programme components are support for the range of measures to
implement the CSME and general support for the CARICOM Secretariat. The agreement covers assistance for the Caribbean Technical Assistance Centre (CARTAC)
to enable it to provide CARIFORUM countries with technical support and training
on macro-economic questions; as well as support to the improvement and harmonised
production of economic statistical data at the regional and national levels
in CARICOM. Under the agreement, assistance will be extended to the external trade negotiations
carried out by CARIFORUM countries, through the Caribbean Regional Negotiating
Machinery (CRNM), based in Barbados. The CRNM is in charge of co-ordinating
trade negotiations for the Region, in particular the negotiations of the Economic
Partnership Agreement with the EU. Assistance will also be rendered to the OECS
Representation in Geneva dealing with WTO matters. In addition, the agreement covers support for the establishment and operation
of the Caribbean Institute of Translation and Information to be located in Suriname;
and support for the development of the Caribbean Information and Communication
Society. The terms of the agreement also provide for support for the reduction of supply
and demand for illegal drugs. .
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