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EU Wants EAC Countries To Sign Delayed EPA

Tuesday, February 9, 2010

The European Union (EU) is requesting that the five member countries of the East African Community (EAC) formalize their trade relations by signing the Economic Partnership Agreement (EPA), which was originally initialled in 2007.

At the end of 2007, after years of difficult negotiations, the EU finally agreed to bring into effect a set of regional EPAs with African, Caribbean and Pacific Group countries, giving them free access to the member states of the EU for their exports of goods in return for opening their own markets to the EU after transition periods of up to 25 years.

The countries within the EAC – Kenya, Tanzania, Uganda, Burundi and Rwanda – initialled their regional EPA in order to obtain those preferential tariffs and, after further negotiations, it was due to be formally signed by July 31, 2009. Although the EAC now operates a fully-fledged customs union, and will have a common market from July 1 this year, it has never signed the EPA, and the agreement is therefore not legally effective.

It had been reported that the further delay in the signing of the EPA by the EAC is due to the introduction into the agreement of non-trade issues, such as sustainable development, by the EU. However, the head of the EU delegation in Tanzania, Timothy Clarke, has now said that the current situation with regard to the EPA has gone on for too long and cannot be sustained. He called on the EAC trade ministers to correct matters as soon as possible.

The EU have previously said that non-completion of the EPA would put countries that are not classified as Least Developed Countries (LDCs), such as Kenya, on the much less favourable Generalized System of Preferences tariff rates. The other EAC countries, as LDCs, would continue to have free access to EU markets under the Everything But Arms initiative.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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