CARIFORUM and UK EPA Study

management requirements) where CARIFORUM firms have established foreign affiliates or new entities in both the EU and the UK. 57

Yet another consideration is the fact that, while the relevant Protocols to the CF-EU EPA have also been replicated in their entirety under the CF-UK EPA, CARIFORUM may likely have to accept a lower level of ambition in relation to the Tourism and the Cultural Industries Protocol s, in particular, as well as a more moderate approach to development cooperation, especially in relation to those cooperation arrangements and provisions which are relevant for the implementation of CARIFORUM’s services and investment commitments.

7.20 Summary of Findings and Recommendations on the way forward for CF UK Services and Investment Relations

The UK is the world’s second largest exporter of services, exporting almost 1.6 times more to the world than it imported during the period 2008 to 2019, resulting in US$1.56 trillion of total trade in services surpluses accruing to the UK’s balance of payments, and thus positive trade in services surpluses in every year throughout the assessment period. The UK also exports the vast majority of its services through Modes 1 and 3, with services supplied through commercial establishment accounting for the largest share followed by Mode 1. Exports via Mode 3, therefore, demonstrated the strongest growth potential for the UK, particularly when compared to the EU, while holding potential opportunities for inward FDI into CARIFORUM, particularly in relation to what are considered transformational services, which support productive activities across other sectors and industries, as opposed to so-called end-use or transactional services.

57 See https://www.gov.uk/guidance/providing-services-to-any-country-in-the-eu-iceland-liechtenstein-norway-or switzerland-after-eu-exit

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