Impact of Cabo Verde’s graduation on trade

Upon graduation, Cabo Verde benefited from the measure adopted in 2008 by the European Commission to provide for at least a three-year continuation of Everything But Arms (EBA) duty-free and quota-free market access to all graduated countries. The three-year transition period expired on 31 December 2010. In order to allow market operators to adjust to a new tariff regime, a derogation of one year, until 31 December 2011, was granted. Since January 2012, Cabo Verde benefits from the GSP+ scheme (becoming the first African nation to sign up to GSP+ which encourages countries in the implementation of international conventions in the field of human and labour rights, sustainable development and good economic governance). In 2010 Cabo Verde exported about $ 50 million worth of goods to the EU, including fisheries, meat, sugar, cocoa, coffee, tea, and textiles. In the area of services, the fastest growing economic sector is tourism. But services are not covered by the GSP system and are discussed in the EPA framework instead.