FSM Signs 2nd Revised Cotonou Agreement
Palikir, Pohnpei (FSM Information Services): November 19, 2010 - Director of the FSM Office of Statistics, Budget & Economic Management, Overseas Development Assistance, and Compact Management (SBOC), Mr. Fabian Nimea on Friday, October 29, 2010, signed the Second Revised Cotonou Agreement in a historic event in Brussels, Belgium. Nimea was authorized by the governments of the Federated States of Micronesia, Republic of the Marshall Islands, and Niue to sign on their behalf.
Mr. Nimea was among other ACP (the African, Caribbean and Pacific Group of States) senior officials to sign the revised agreement in a ceremony witnessed by representatives of some of the ACP countries and the European Commission. He said it was a historic event and signified yet another milestone in the important development of the ACP-EU relationship. EU development assistance to the FSM and the Pacific region has increased markedly in recent years.
The revised Agreement, amongst other things, addresses a number of important issues between the two parties including MDGs, aid effectiveness, and climate change. On the subject of MDGs, the EU uses the agreement as a mechanism to expedite progress of ACP countries towards the attainment of MDGs. The second revision will also be instrumental in putting in practice the internationally agreed aid effectiveness principles, in particular donor coordination. It will also untie EU aid to the ACP countries to reduce transaction costs.
Also, through the revised agreement, it is the first time the EU and ACP recognize the global challenges of climate change as a major subject for their partnership. The parties commit to raising the profile of climate change in their development cooperation and to support ACP efforts in mitigating and adapting to the effects of climate change.
The ACP is a group of countries (currently 79: 48 African, 16 Caribbean and 15 Pacific), created by the Georgetown Agreement in 1975. The group's main objectives are sustainable development and poverty reduction within its member states, as well as their greater integration into the world's economy.
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