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The relationship between European Union (EU) and Overseas Countries and Territories (OCTs), including the Falkland Islands, is defined by the 2001 Overseas Association Decision (OAD). The OAD covers many aspects, such as trade, aid and other financial support, human rights, rule of law etc. A special 'associate' status with the EU is designed to help the OCTs' economic and social development.

The OAD establishes the relationship between the OCTs and the EU. The 2001 OAD focussed on promotion of economic and social development and on three particular issues: reduction, prevention and eventual eradication of poverty; sustainable development; and the gradual integration of the OCTs into the regional and world economies. This agreement expires at the end of 2013, hence the need for a new OAD.

The text of the new OAD (intended to come into force on January 1st 2014) is currently the subject of negotiation between the EU Member States. The new OAD places emphasis on the environment and has a renewed focus on economic development. Further details will be published here when the new OAD is agreed.