Economic Partnership Agreement between the EC and Cariforum (Fiona Hall MEP)

Fiona Hall MEP <info@fionahall.org.uk>

Economic Partnership Agreement between the EC and Cariforum

March 23, 2009 12:00 AM
By Fiona in European Parliament Plenary

Mr President, if we take a step back to the start of the EPAs process, the Cotonou Agreement of 2000 established that the EU has a legal obligation to take developing countries' interests into account in all policy areas that are likely to affect them. In 2005, the Commission identified this policy coherence on development as being key to the attainment of the Millennium Development Goals.

I regret the spat that has taken place between the Committee on International Trade and the Committee on Development over which has the lead role on EPAs, because Parliament itself could have reacted more coherently at certain points when the EPA negotiations were in practice, losing sight of the promise that these were development instruments.

Finally, I was glad the Commissioner mentioned services, because I am concerned about the opening-up of banking in particular. Western countries failed to regulate properly the big international banks operating on their own territories, so you have to ask whether it is really wise to open up the banking sector in countries where there is much less of a regulatory regime in place, and when the WTO rules do not require such a move. Opening up the banking sector may help big companies, but it can drive local banks to join the pursuit of high-value customers and ignore small businesses, leaving them with even less access to credit than before.