EU agrees to continue preferential markets

Things are looking up for Belizean trade with the European Union following a meeting of African Caribbean and Pacific countries with the EU last week in Brussels, Belgium. Minister of Budget Planning and Management Ralph Fonseca attended the third ACP-EU Ministerial Meeting and reports that the EU agreed to extend the current preferential treatment of Belizean goods and services into their markets for another eight years. The EU also agreed to secure a waiver from the World Trade Organization to allow for continued preferential treatment for goods and services from ACP countries. The current arrangement presently allows secured access for Belizean bananas into the EU and a guaranteed market for Belizean sugar, at prices above those on the world market. In terms of aid to ACP countries, the EU has agreed to provide seventeen billion Euros, which is roughly the same in US dollars, over the next five years. The funds will be allocated to individual countries on the basis of need and their past implementation of projects and programs. The Brussels meeting was supposed to finalize the framework agreement of cooperation between the ACP and the EU following the expiration of the Lome Convention in February, however, not all areas could be addressed due to time limitations. Discussions will continue in January.