Roadtown, Tortola - Director of Trade and Consumer Affairs, Ms. Lizette George, is representing the Territory at a Trade Awareness Workshop and CARIFORUM Alternative Energy Mission to Guadeloupe which gets underway today.

The two-day workshop and mission will attempt to build on decisions designed to promote greater trade and investment relations among Overseas Countries and Territories (OCTs) including the Virgin Islands (UK), CARIFORUM member states and the French Caribbean Outermost Regions (FCORs).

Ms. George and other participants are expected to identify the opportunities and possible challenges to conducting business under the framework of the recently signed CARIFORUM-European Community Economic Partnership Agreement (EPA).

“I believe that discussions will surround the implementation of the EPA in the respective countries,” Ms. George told the Department of Information and Public Relations. 

“The BVI was not involved in the negotiations and therefore has not signed on to it.  However there is the option in the future to sign on to the agreement,” she said.

In the meantime, Ms. George stressed the importance of keeping abreast of what is happening. “The BVI needs to be well informed as to the implementation of the EPA because in the long term there may be some effects whether negative or positive for the overseas territories and more specifically the BVI.”

Outlining the potential impact, Ms. George said “in terms of competition, the other countries would now have a greater competitive edge based on their relationship with the EU as it relates to the EPA.”

She further stated that “before the EPA was signed, the overseas territories had a specific level of preferential treatment as it relates to trade with the EU, whereas some other countries did not have those privileges. The EPA now brings them on the same level, which may increase competition for us in some areas including financial services.”

The workshop and mission will also zero in on alternative energy. Ms. George cited this as an important area for the Territory. “I think the workshop will help us to try to identify ways in which we can develop trade as it relates to alternative energy.”

Exploring the possibility of developing trade within that sector, Ms. George said “the BVI is very keen in terms of diversifying our economy, so we would want to explore every possible option there is in terms of getting into alternative energy as a new economic sector.”

The Trade Awareness Workshop and CARIFORUM Alternative Energy Mission to Guadeloupe are organised by the Caribbean Export Development Agency in collaboration with the Regional Council of Guadeloupe.