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Welcome to the Caribbean Trade and Development Digest for the week of February 26-March 4, 2017! I am pleased to share some of the major trade and development headlines and analysis from across the Caribbean region and the World.
For past issues of our weekly Caribbean Trade & Development Digest, please visit here.
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REGIONAL
Guyana and Cuba increase friendly relations
Prensa Latina: Representatives for Guyana and Cuba ratified in this capital both countries” willingness to continue strengthening the traditional friendly and cooperation relations, diplomatic sources reported today. Read more
Amendments to ECCU Banking Act likely
WINN FM: Regulators and financial institutions have agreed that there are some aspects of the Banking Act passed in all Eastern Caribbean Currency Union (ECCU) member countries in 2015, that need to be amended. Read more
Cuba’s Mariel port seeks China push
China daily: These days, giant Chinese-built cranes briskly unload shipping containers from cargo ships at Cuba’s deep-water port of Mariel, a fledgling special economic zone the country hopes will drive development over the coming years. Read more
Chastanet calls for OECS Action
WINN FM: St Lucia’s Prime Minister Allen Chastanet is pointing to the many challenges facing his country and the rest of the OECS. Read more
Rabbani for deep political, trade ties with Cuba
The News: Pakistan and Cuba have agreed to maintain upward trajectory in bilateral relations witnessed in the recent past. Read more
Couple seeks $38m for Dominican Republic’s project block
Law360: An American couple is asking an international arbitration panel for more than $37 million from the Dominican Republic for allegedly obstructing the expansion of a gated mountain community in favor of politically connected competitors, saying environmental concerns raised by the government have no merit. Read more
CARICOM preparing for UNCLOS
Jamaica Gleaner: Caribbean Community (CARICOM) countries have been fine-tuning their positions ahead of the next Preparatory meeting of the United Nations (UN) meeting to establish an international legally binding agreement on sustainable use of marine resources. Read more
CAPRI To monitor more CARICOM States
Jamaica Gleaner: Co-Executive Director of the Caribbean Policy Research Institute (CaPRI), Dr Damien King, has engaged a number of CARICOM countries on the monitoring of their progress towards the Global Sustainable Development Goals. Read more
Americans buying cigars by the thousands in Cuba
VOA:Puffing on a cigar at Cuba’s annual Habanos cigar festival, American aficionado Paul Segal said he would buy as many boxes of cigars as he could carry home in case U.S. President Donald Trump tightens regulations on visitors to the communist-run island again. Read more
CARICOM, Korea commit to areas of closer cooperation
Jamaica Observer: The Caribbean Community (CARICOM) and the Republic of Korea have agreed to several areas for closer cooperation. Read more
INTERNATIONAL
Future of AGOA Uncertain in Trump era
Atlantic Star: What will trade with Africa look like under a Trump presidency? African leaders are concerned that the African Growth and Opportunity Act, or AGOA, will be on the chopping block under Trump and that the continent itself will not be a priority. Read more
East Africa: Magufuli Stance on EU-EAC Trade deal could split bloc
AllAfrica: Tanzania has yet again refused to endorse a regional trade pact with the European Union, saying the deal stood in its way to industrialization. Read more
Canada launches consultations on free trade with China
CTV: The federal government is launching consultations on a potential free trade agreement with China.Prime Minister Justin Trudeau and Chinese Premier Li Keqiang announced the beginning of exploratory discussions in September. Read more
Envoy pushes for EU-Philippines free trade agreement
Inquirer: European Union (EU) Ambassador Franz Jessen on Thursday called for speedy negotiations for a Free Trade Agreement (FTA) between the EU and the Philippines to create the “best possible enabling environment” for business. Read more
Russia to facilitate drafting the EAEU-Egypt deal
Sputnik: Russia will seek to greatly facilitate the drafting of a free trade agreement between the Russia-led Eurasian Economic Union and Egypt, Russian upper house speaker Valentina Matvienko said Saturday. Read more
Investment treaty before trade pact, says Canada to India
Hindu Business Line: Canada is throwing its weight behind an early “progressive” bilateral investment treaty (BIT) with India before it concludes a bilateral free trade agreement (FTA) to ensure a stable and predictable environment for its investors. Read more
Korea, MERCOSUR to launch trade talks in first half
The Korea Herald: South Korea and the South American trade block MERCOSUR will launch their official negotiations on a trade pact before the first half of this year, the trade ministry here said Friday, amid the country’s efforts to tap deeper into the region. Read more
Canada’s Trudeau defends NAFTA
CNBC: Canadian Prime Minister Justin Trudeau said Friday that both the United States and Canada depend on the North American Free Trade Agreement, a deal repeatedly slammed by President. Read more
Maersk expecting earnings rebound
Global Trade Mag: Maersk Line expects its net earnings to rebound by over $1 billion from a loss of $384 million in 2016 to a net profit in 2017. Read more
Ottawa takes another step toward free trade agreement with China
Global News: The federal government has taken another step toward a free-trade agreement with China, officially launching three months of consultations that will help it determine “how to best proceed” with the possible deal. Read more
China’s THAAD retaliation may be in violation of WTO, FTA rules, says minister
The Investor: A recent series of retaliatory economic actions taken by China against South Korea may be in violation of international trade law as well as their bilateral trade pact, Foreign Minister Yun Byung-se said March 5, alluding to Seoul’s possible move to bring the cases to an international court. Read more
Theresa May must guarantee rights of EU citizens to remain in UK, says MPs
Evening Standard: Theresa May is facing renewed pressure from MPs to guarantee the rights of more than three million EU citizens to remain in the UK. Read more
Trump administration sheds light on what revamp of NAFTA may entail
Huffington Post: Donald Trump’s new point man on trade negotiations has shed some light on key goals in revamping the North American Free Trade Agreement, hinting Friday that priority No. 1 involves more automobile parts sourced close to home. Read more
Brexit Bill: Theresa May faces another defeat in House of Lords
Independent: Peers say Theresa May is heading for another thumping Brexit defeat in the House of Lords, to prevent her crashing Britain out of the EU with ‘no deal”. Read more
DG Azevedo welcomes EU trade ministers’ strong support for global trading system
WTO: Addressing a meeting of European Union trade ministers in Malta on 2 March 2017, Director-General Roberto Azevêdo argued that EU leadership will be more important than ever in supporting the rules-based multilateral trading system. He welcomed the strong support for the WTO that the EU and its members have shown in recent months. Read more
NEW ON CTLD BLOG
President Trump’s Trade Policy Agenda for 2017 Released
Trump Trade Policy ‘Achievements’: The First Month
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