Economic Partnership

An economic partnership refers to a formal agreement between countries or regions designed to promote trade and investment by reducing or eliminating barriers such as tariffs and regulatory restrictions on goods, services, and investment. These agreements are intended to foster economic growth, integration, and sustainable development by providing reciprocal market access and encouraging cooperation in areas such as intellectual property protection and investment environments.

Economic partnership agreements (EPAs) are considered a step between free trade areas and single markets in the process of economic integration. They often include provisions that go beyond simple tariff reduction, such as commitments to improve investment climates, protect intellectual property, and support regional economic integration.

EPAs are typically negotiated to suit the specific circumstances of the parties involved and may include flexible rules of origin, long transition periods for market opening, and safeguards to protect sensitive industries. Their overarching goal is to leverage trade and investment for sustainable development and poverty reduction.