PORT-OF-SPAIN (CMC):

Trade and Industry Minister Dr. Lenny Saith said Wednesday that while the Economic Partnership Agreement (EPA) between the Caribbean and the European Union was "not perfect" it was the best negotiated agreement for the region.

He was speaking at the launch of the government's information session on the EPA at the Trinidad Hilton in Port-of-Spain.

Saith said the agreement, which is expected to be signed in July by CARIFORUM - the Caribbean Community and the Dominican Republic - "replaced preferential (treatment) with reciprocity and at the same time provided strong development components."

He said the EPA can be of great benefit to this oil-rich state.

"I am aware that some of you still view the process of trade liberalisation with some degree of scepticism. However, let me remind you that trade liberalisation is based on the concept that an unrestricted flow of trade in goods and services will create healthy economies and expanding markets," he said.

Sign agreement

The veteran government minister added that as a small, developing region, CARICOM must get involved in international trade because "there is room in the global arena for participants of all sizes and if we are to chart a course of successful development, we cannot refuse to participate in the international trading structure".

Saith said international economic realities today require nations to sign free trade agreements like the EPA.

"One of the most important developments in international trade relations has been the proliferation of free trade agreements between various regional groupings. It is a fact that virtually all developing countries driven by economic realities have sought to negotiate these agreements, most times with parties that are more economically advanced," he added.