Wednesday, February 18, 2009

South Centre Cautions African Countries when Approaching Economic Partnership Agreements

The way EPA has been conceived, based on the requirement for reciprocal market opening with the European Union (EU), is likely to bring more losses than gains for Africa. The gains are not much, as the Least Developed Countries (LDCs), which make up 34 out of 47 African countries negotiating the EPAs, can avail of the Everything But Arms (EBA) preferential scheme of the EU. And the value of the preferences African countries will reap from an EPA will essentially become nil in about 5 to 10 years. It is of vital importance for developing and the least developed countries, that the options for industrialisation for future generations are not foreclosed.

Read the press release at: