Trade deal

Caribbean rum producers have welcomed the signing of a trade deal between the Caribbean Forum of ACP States (CARIFORUM) and the United Kingdom that seeks to mirror the benefits provided to the region in its Economic Partnership Agreement with the European Union (EU).

The deal which was finalised last week in St Lucia will come into effect on the departure of the UK from the EU, also known as Brexit.

Commenting on the signing of the agreement, Chairman of the West Indies Rum and Spirits Producers Association (WIRSPA) and head of the Guyana-based Demerara Distillers conglomerate, Komal Samaroo said: “We’re extremely happy to see the culmination of this agreement which both sides – our governments here in the Caribbean and the United Kingdom – have worked hard to achieve. The UK is the major export destination for our rums and we are pleased that the agreement will maintain our continued access to that market.”

“Our premium, high quality rums are the region’s leading export product and its largest export earner after minerals. The rum industry is also a significant employer in the region. The trade continuity agreement will contain key provisions that provide protection from artificially low value products from competing producers which benefit from government subsidies.”

Samaroo said the agreement will help give rum producers a level playing field.

“As we strive to compete in a highly competitive global market, we present a value proposition based on authentic origin and provenance, and the tremendous diversity and rum heritage of our region’s countries,” he added. (PR)