Seychelles has received around $12 million to improve trade facilitation and enhance the capacity of the public and private sectors under a newly signed economic partnership agreement with the European Union (EU).
During the signing ceremony on Tuesday, the Seychelles’ Secretary of State for Foreign Affairs, Barry Faure, said that the agreement goes beyond a conventional free trade agreement.
“It opens the EU markets fully and immediately, allowing long transition periods for partner countries to open up partially to EU imports while providing protection for sensitive imports,” said Faure.
The economic partnership agreement is expected to boost Seychelles’ exports by encouraging economic diversification, the production of higher value products and the exploitation of niche markets. Currently, 58 percent of Seychellois exports go to European markets.
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Source: Seychelles News Agency
