Economic Partnership Agreement Definition

The Economic Partnership Agreements are a programme for the creation of a free trade area (FTA) between the European Union and the African, Caribbean and Pacific (ACP) Group of States. They respond to persistent criticism that the EU`s proposed non-reciprocal and discriminatory preferential agreements are WTO-inconsistent. The EPAs date back to the signing of the Cotonou Agreement. The EPAs with the different regions are in different scores. In 2016, EPAs were to be signed with three African regional economic communities (East African Community, Economic Community of West African States and Southern African Development Community), but which faced challenges. At the same time, these agreements provide for the gradual integration of PCA members into the world economy, in accordance with the provisions of the World Trade Organization. The EU is implementing seven Economic Partnership Agreements with 32 partners, including 14 in Africa. The main objective of epas is to use trade and investment for sustainable development. The content of the agenda will be broadened, with agreements covering new topics such as services and investment. By concluding an EPA with the EU, the ACP States retain preferential treatment in terms of customs duties and quotas. In theory, the EPA will promote economic development and improve the quality of life of citizens within the Member State. However, due to the expiry of non-reciprocal trade preferences, Member States will lose revenue from the imposition of customs duties on EU products.

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