Seychelles, EU sign €10m trade and investment accord |20 June 2018

The Seychelles and the European Union (EU) yesterday signed a €10  million Economic Partnership Agreement (EPA).

This will open European markets fully and immediately, allowing long transition periods for partner countries to open up partially to the EU imports while providing protection for sensitive sectors.

Yesterday’s agreement is a follow-up to an Interim Economic Partnership Agreement (IEPA) signed by both sides in August 2009 in  a bid to maintain the long standing trade relationship with the European Community (EC) as the primary export market for our fish.

It was the secretary of state for Foreign Affairs, Ambassador Barry Faure, and ambassador and head of delegation of the EU to the Republic of Seychelles, Marjaana Sall, who signed the agreement in the presence of Vice-President Vincent Meriton; Maurice Loustau-Lalanne, Minister for Finance, Trade, Investment and Economic Planning; and the French ambassador to Seychelles, Lionel Majesté-Larrouy.

With this signing, the EU will be allocating a sum of 10 million euros to Seychelles to ensure the country achieves the overall objective of the programme, which is to enhance the capacity of the public and private sectors to reap the full potential of the current EPA thus enhancing Seychelles’ competitive integration into the regional and international trading systems.

The government’s contribution to the project is 260,000 euros, which has been confirmed by the EU to be a contribution in kind, representing the salary of four staff working on the project.

“The specific objectives of the programme to be financed are to improve the efficiency ownership and capacity to manage and implement the current EPA, as well as other trade and regional integration agreements; to support value chains upgrading in the manufacturing, agriculture and fisheries sectors and job creation through high value addition, including through using environmentally-friendly production techniques, increasing the sectors’ competitiveness and development of small and medium enterprises (SMEs) and also to improve trade facilitation and investment promotion,” said Ambassador Faure.

A number of 32 projects have been identified to be implemented like in aquaculture; Blue Economy; upgrading of the Asycuda software system; development, installation and operation of a new tax system; capacity building and technical assistance in various sectors, just to name a few.

In her remarks, Ms Sall said this new EU support programme will focus on reinforcing capacities of both government institutions and the private sector so that they can better see trade opportunities arising from the economic partnership agreement in the region and with the European Union.

“More trade and higher export will boost economic growth, provide more opportunities for private sector development and create more jobs. These are essential ingredients for sustainable growth and fight against poverty,” she said.

She added through this programme the EU is pleased to be contributing towards government’s objectives in achieving its growth and that the EU attaches great importance to its partnership with Seychelles and that trade and investment are two key priorities of this partnership.