European Union to assist VI in adapting to existing challenges of sustainable development and improved economic competitiveness in regards to trading overseas. Photo: VINO

This information was disclosed by a document signed by twenty-one overseas territories, governed by the British, including the Virgin Islands.

The document was signed by the Minister for Natural Resources and Labour, Hon. Kedrick Pickering in Brussels on January 23, 2012, and was laid during the second sitting of the second session of the second House of Assembly on September 3, 2012. 

The document stated, that in efforts to improve access for Overseas Countries and Territories (OCT) and enable the development of regional projects of particular interest, the EU will lend assistance in many areas; one being trade.

An excerpt out of the document reads “Take into account the interest of the OCTs when negotiating bilateral and multilateral free trade agreement in regions where OCTs are located with the aim to limit the tariff liberalization eroding OCTs preferences and increasing the competitive pressures on OCTs industries that export similar products to the EU market and supporting them in adapting to these additional challenges for a sustainable development to improve their economic competitiveness, particularly in sectors like fisheries, which lack economies of scale but remain vitally important for OCT economies”.

The document further stated that the EU recognizes that a number of Overseas Countries and Territories who contribute significantly to international trade, investment and businesses, are acknowledged by global standard-setting bodies as meeting the highest standards of regulation whilst facilitating the operation of global capital markets which aid economic growth. 

“….Further recognizes that OCTs support the exchange of information between EU and OCT experts through the Partnership Working Party on financial services, utilizing available technology as appropriate and ensure there are no unfair barriers to OCT market access to the EU.”

The document added that the EU has taken into account the changes and developments in challenges and opportunities for OCTs since the 2001 Overseas Association Decision (OAD) and is working in partnership with OCTs and member states to increase OCT competitiveness, lessen their vulnerability and strengthen regional cooperation in the framework of the revision of the OAD. 

The other existing members of the Overseas Countries and Territories are: Anguilla, Aruba, Bonaire, Cayman Islands, Curacao, Falkland Islands, Greenland, Mayotte, Montserrat, New Caledonia, French Polynesia, Saba, Saint Barthelemy. St. Eustatius, Saint Helena (Ascension, Tristan de Cunah,) Saint Marten, Saint Pierre and Maquelon, territory of the French southern and Anarctic lands, Turks and Caicos and Wallis and Futana.