2.  Economic integration is the unification of economic policies between different states through the partial or
full abolition of tariff and non-tariff restrictions on trade taking place among them prior to their
integration. This is meant in turn to lead to lower prices for distributors and consumers with the goal of
increasing the combined economic productivity of the states. The trade stimulation effects intended by
means of economic integration are part of the contemporary economic Theory of the second best: where,
in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade
is treated as an idealistic option, and although realized within certain developed states, economic
integration has been thought of as the "second best" option for global trade where barriers to full free trade
exist. An economic arrangement between different regions marked by the reduction or elimination of
trade barriers and the coordination of monetary and fiscal policies. The aim of economic integration is to
reduce costs for both consumers and producers, as well as to increase trade between the countries taking
part in the agreement.

3.  On January 1, 1994, the North American Free Trade Agreement between the United States, Canada, and Mexico
(NAFTA) entered into force.
 All remaining duties and quantitative restrictions were eliminated, as scheduled, on January 1, 2008.
 NAFTA created the world's largest free trade area, which now links 450 million people producing $17 trillion worth
of goods and services.
 Trade between the United States and its NAFTA partners has soared since the agreement entered into force.
 U.S. goods and services trade with NAFTA totaled $1.6 trillion in 2009 (latest data available for goods and services
trade combined). Exports totaled $397 billion. Imports totaled $438 billion. The U.S. goods and services trade deficit
with NAFTA was $41 billion in 2009.
 The United States has $918 billion in total (two ways) goods trade with NAFTA countries (Canada and Mexico)
during 2010. Goods exports totaled $412 billion; Goods imports totaled $506 billion. The U.S. goods trade deficit with
NAFTA was $95 billion in 2010.
 Trade in services with NAFTA (exports and imports) totaled $99 billion in 2009 (latest data available for services
trade). Services exports were $63.8 billion. Services imports were $35.5 billion. The U.S. services trade surplus with
NAFTA was $28.3 billion in 2009.

4.  The NAFTA countries (Canada and Mexico), were the top two purchasers of U.S. exports in
2010. (Canada $248.2 billion and Mexico $163.3 billion).
 U.S. goods exports to NAFTA in 2010 were $411.5 billion, up 23.4% ($78 billion) from 2009,
and 149% from 1994 (the year prior to Uruguay Round) and up 190% from 1993 (the year
prior to NAFTA). U.S. exports to NAFTA accounted for 32.2% of overall U.S. exports in 2010.
 The top export categories (2-digit HS) in 2010 were: Machinery ($63.3 billion), Vehicles
(parts) ($56.7 billion), Electrical Machinery ($56.2 billion), Mineral Fuel and Oil ($26.7 billion),
and Plastic ($22.6 billion).
 U.S. exports of agricultural products to NAFTA countries totaled $31.4 billion in
2010. Leading categories include: red meats, fresh/chilled/frozen ($2.7 billion), coarse grains
($2.2 million), fresh fruit ($1.9 billion), snack foods (excluding nuts) ($1.8 billion), and fresh
vegetables ($1.7 billion).
 U.S. exports of private commercial services* (i.e., excluding military and government) to
NAFTA were $63.8 billion in 2009 (latest data available), down 7% ($4.6 billion) from 2008, but
up 125% since 1994.

5.  The NAFTA countries were the second and third largest suppliers of goods imports to the
United States in 2010. (Canada $276.5 billon, and Mexico $229.7 billion).
 U.S. goods imports from NAFTA totaled $506.1 billion in 2010, up 25.6% ($103 billion), from
2009, and up 184% from 1994, and up 235% from 1993. U.S. imports from NAFTA accounted
for 26.5% of overall U.S. imports in 2010.
 The five largest categories in 2010 were Mineral Fuel and Oil (crude oil) ($116.2 billion),
Vehicles ($86.3 billion), Electrical Machinery ($61.8 billion), Machinery ($51.2 billion), and
Precious Stones (gold) ($13.9).
 U.S. imports of agricultural products from NAFTA countries totaled $29.8 billion in
2010. Leading categories include: fresh vegetables ($4.6 billion), snack foods, (including
chocolate) ($4.0 billion), fresh fruit (excluding bananas) ($2.4 billion), live animals ($2.0
billion), and red meats, fresh/chilled/frozen ($2.0 billion).
 U.S. imports of private commercial services* (i.e., excluding military and government) were
$35.5 billion in 2009 (latest data available), down 11.2% ($4.5 billion) from 2008, but up 100%
since 1994.

6.  The U.S. goods trade deficit with NAFTA was $94.6 billion in
2010, a 36.4% increase ($25 billion) over 2009. The U.S. goods
trade deficit with NAFTA accounted for 26.8% of the overall
U.S. goods trade deficit in 2010.
 The United States had a services trade surplus of $28.3 billion
with NAFTA countries in 2009 (latest data available).

7.  U.S. foreign direct investment (FDI) in NAFTA Countries (stock) was $357.7
billion in 2009 (latest data available), up 8.8% from 2008.
 U.S. direct investment in NAFTA Countries is in nonbank holding companies,
and in the manufacturing, finance/insurance, and mining sectors.
 NAFTA Countries FDI in the United States (stock) was $237.2 billion in 2009
(latest data available), up 16.5% from 2008.
 NAFTA countries direct investment in the U.S. is in the manufacturing,
finance/insurance, and banking sectors.
NOTE: Refers to private services trade not including military sales, direct
defense expenditures, and other miscellaneous U.S. government services.

8.  To reduce and remove barriers to trade
 To increase economic cooperation for improving working conditions
in North America
 To expand a safe market for goods and services produced in North
America
 To establish clear and mutually advantageous trading rules
 To help develop and expand world trade

9.  The European Union (EU) was founded in 1948 in the aftermath of World War
Two to promote stability and economic cooperation between member states.
Comprised of 27 European countries, the EU has established common
institutions - the Council (which represents national governments), the
European Parliament (which represents the people), and the European
Commission (an independent body that represents the collective European
interest) – to democratically legislate specific matters of joint interest to
participating countries at a European level. The United States, who is not an
EU member, has maintained a Mission to the EU since 1961.The U.S. has a
strong strategic partnership with the EU reflected in our close cooperation on
regional crises and conflicts, and our extensive collaboration on a broad range
of global challenges from counter-terrorism to nonproliferation. The U.S. and
EU have significant trade and investment relations.

10. MEMBER STATES OF THE
EUROPEAN UNION

11.  Austria (since 1995-01-01) (EUR)
 Belgium (EUR)
 Bulgaria (since 2007-01-01)
 Cyprus (Greek part) (since 2004-05-01) (EUR: 2008-01-01)
 Czech Republic (since 2004-05-01)
 Denmark
 Estonia (since 2004-05-01)
 Finland (since 1995-01-01) (EUR)
 France (EUR)
 Germany (EUR)
 Greece (EUR)
 Hungary (since 2004-05-01)
 Ireland (EUR)
 Italy (EUR)
 Latvia (since 2004-05-01)
 Lithuania (since 2004-05-01)
 Luxembourg (EUR)
 Malta (since 2004-05-01) (EUR: 2008-01-01)
 Netherlands (EUR)
 Poland (since 2004-05-01)
 Portugal (EUR)
 Romania (since 2007-01-01)
 Slovakia (since 2004-05-01) (EUR: 2009-01-01)
 Slovenia (since 2004-05-01) (EUR)
 Spain (EUR)
 Sweden (since 1995-01-01)
 United Kingdom of Great Britain and Northern Ireland

12.  That in accordance with article VII (unity of Deposits) of the Treaty between the Republic of
Trinidad and Tobago and the Republic of Venezuela on Delimitation of Marine and Submarine
Areas, signed on April 18, 1990, the parties, after holding the appropriate technical consultations,
have determined that there exist hydrocarbon reservoirs that extend across the Delimitation Line
between both Republics, which are exploitable, wholly or in part, from either side of the line.
 that in the Framework treaty on Unitization of Hydrocarbon Reservoirs that extend across the
Delimitation Line between the Republic of Trinidad and Tobago and the Bolivarian Republic of
Venezuela, signed on March 20, 2007, he Parties established the general legal framework under
which the hydrocarbon reservoirs that extend across the Delimitation line shall be exploited in the
most effective and efficient manner
 That exploration of the continental shelf appertaining n to the most effective and effect manner
 that exploration of the continental shelf appertaining to the Republic of Trinidad and Tobago and of
the continental shelf appertaining to the Bolivarian Republic of Venezuela has proven the existence
of multiple hydrocarbon reservoirs which extend across the Delimitation line between the Republic
of Trinidad an Tobago and the Bolivarian Republic of Venezuela.

13. The Government of the Republic of Trinidad and Tobago (GORTT) has
begun its preparations for the commencement of negotiations with the
Government of Guatemala with a view to concluding a Partial Scope
Agreement within the shortest possible time. This action is in fulfillment of
its campaign promise to pursue a more aggressive trade strategy with
Central and South America and create greater market access with that
region. This agreement is the second partial scope agreement that GORTT
has embarked upon this year. The Government recently concluded
discussions with Panama on a Partial Scope Agreement.

14.  The EPA was signed on October 15 2008 by the European Community and the following members of
CARIFORUM: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, the Dominican
Republic, Grenada, Jamaica, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the
Grenadines, Suriname, Trinidad and Tobago. Guyana later signed on October 20, 2008. Though the
Government of Haiti has requested more time to review the EPA, it is anticipated that Haiti will
soon become a signatory to the Agreement. The Agreement will officially enter into force pending
the completion of the process of ratification by the member states. However, until then
CARIFORUM and Europe will provisionally apply the EPA. Through provisional application, the
European Community and the signatory CARIFORUM States will be able to benefit from the terms
of the Agreement.
Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, the Dominican Republic, Grenada,
Guyana, Jamaica, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines,
Suriname, Trinidad and Tobago, and The European Community have notified the completion of the
procedures necessary for provisional application of the Economic Partnership Agreement between
the CARIFORUM States, of the one part, and the European Community and its Member States, of
the other part (1), in accordance with Article 243 of that Agreement. Consequently the Agreement
applies provisionally from 29 December 2008.
The EPA was created through an intense negotiating process which was undertaken within four (4)
stages over a period of three years. Phase IV of the negotiating process or the finalization process,
which led to the ultimate conclusion of the EPA negotiation in December 2007, was preceded by the
critical Phase III of the negotiation process. Launched in September 2005, Phase III of the EPA
negotiations underwent a qualitative shift in focus and specificity. Building on Phase I and Phase II
discussions which focused on regional integration content, processes and ambition within
CARIFORUM, Phase III constituted the structuring and consolidation of negotiations, so that the
points of common understanding could be channeled into elements of the EPA Agreement. This
Phase continued until the later part of 2006. What follows takes stock of the background of EPA

15. HAVING REGARD to the Revised Treaty of Chaguaramas establishing the Caribbean Community including the
CARICOM Single Market and Economy, the Treaty of Basseterre establishing the Organisation of Eastern
Caribbean States and the Agreement establishing a Free Trade Area between the Caribbean Community and
the Dominican Republic, on the one part, and the Treaty establishing the European Community, on the other
part;
HAVING REGARD TO the Partnership Agreement between the Members of the African, Caribbean and Pacific
Group of States and the European Community and its Member States signed in Cotonou on 23 June 2000 and
revised on 25 June 2005, hereinafter referred to as the ‘Cotonou Agreement’;
REAFFIRMING their commitment to the respect for human rights, democratic principles and the rule of law,
which constitute the essential elements of the Cotonou Agreement, and to good governance, which constitutes
the fundamental element of the Cotonou Agreement;
CONSIDERING the need to promote and expedite the economic, cultural and social development of the
CARIFORUM States, with a view to contributing to peace and security and to promoting a stable and
democratic political environment;
CONSIDERING the importance that they attach to the internationally agreed development objectives and to the
United Nations Millennium Development Goals;
CONSIDERING the need to promote economic and social progress for their people in a manner consistent with
sustainable development by respecting basic labour rights in line with the commitments they have undertaken
within the International Labour Organisation and by protecting the environment in line with the 2002
Johannesburg Declaration;
REAFFIRMING their commitment to work together towards the achievement of the objectives of the Cotonou
Agreement, including poverty eradication, sustainable development and the gradual integration of the African,
Caribbean and Pacific (ACP) States into the world economy;

16. The Economic Partnership Agreements (EPAs) between the EU
and African, Caribbean and Pacific group of countries are aimed at
promoting trade between the two groupings – and through trade
development, sustainable growth and poverty reduction.
The EPAs set out to help ACP countries integrate into the world
economy and share in the opportunities offered by globalization.
For well over 30 years, exports from the ACPcountries were given
generous access to the European market. Yet preferential access
failed to boost local economies and stimulate growth
in ACPcountries. And the proportion of EU imports
from ACPcountries dropped from 7% to 3% of EU imports.