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African, Caribbean and Pacific countries face a huge transformation as they attempt to adapt to a more liberalized global market. They have agreed to negotiate Economic Partnership Agreements (EPAs) with the European Union to assist with this adaptation. The European Development Fund is the main instrument of the EU for helping these countries. This Economic Paper argues that despite the commitments about aid made at the 2005 G8 summit in Gleneagles, Scotland, by the EU, the EDF is under-resourced. Moreover, there are serious doubts as to the effectiveness of the fund in providing time-sensitive assistance to ACP states with adjustment.Instead, the contributors propose a separate EPA adjustment facility. If EU countries meet their target aid figures, they could fund both the traditional EDF programs and an EPA adjustment program.For economists and international trade specialists concerned with the effects of trade liberalization on developing economies.
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Percy Mistry is an economist, investment banker and founder of Oxford International Associates, a corporate finance and investment advisory firm. Nikhil Treebhoohun is Adviser and Head of the Trade Section of the Special Advisory Services Division at the Commonwealth Secretariat in London. Prior to that he was Executive Director of the National Productivity and Competitiveness Council in Mauritius.
