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Welcome to the first Caribbean Trade and Development Digest for 2017! I am pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World for the weeks of January 1-7, 2017.
For past issues of our weekly Caribbean Trade & Development Digest, please visit here.
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REGIONAL
Barbados sets new tourism record
Caribbean News Now: A new tourism record was set for 2016 when 610,000 long-stay visitors visited Barbados. Read more
Changes to Citizenship by Investment programme (St. Lucia)
St Lucia Times: On December 22nd, 2016, the minister to whom citizenship by investment is assigned signed a statutory instrument making amendments to the Citizenship by Investment Regulations No. 89 of 2015. Read more
PM advocates OECS approach to CIP
St. Lucia Times: Prime Minister, Allen Chastanet, has voiced support for an OECS approach to the Citizenship by Investment Programme (CIP), being offered by some member states of the group. Read more
IDB approved billions for Latin American and Caribbean projects in 2016
Nation News: The Inter-American Development Bank (IDB) says it had provided US$11.7 billion for various projects in Latin America and the Caribbean in 2016.Read more
First Cuban exports to US in more than half a century to mark new era of trade
Caribbean News Now: Reneo Consulting LLC announced on Thursday that its subsidiary company Coabana Trading LLC has finalized an agreement with Cuba Export to import into the United States marabu (sickle bush) charcoal produced in Cuba. Read more
The View from Europe: The US should respect the WTO ruling on Antigua
David Jessop: Late last November, the government of Antigua gave notice to the World Trade Organisation’s (WTO) Disputes Settlement Body (DSB) that, if the United States did not reach “an appropriate and beneficial settlement” in relation to a legal adjudication made previously in its favour, it would act to recover the revenue it has lost. Read more
Dominican mining exports top US $6.5B in 6 years
Dominican Today: The Dominican mining market exported US$6.5 billion as a result of extractions between 2010 and 2016, foreign sales heading led by the international transaction in gold worth US$4.9 billion in the five years, according to a document by the Energy and Mines Ministry (MEM). Read more
Dominican Republic: Two decades of legal change in favor of foreign investment
The National Law Review: For approximately 16 years now, the Dominican Republic has been implementing a continued legal reform to adjust its legal framework to international standards, specifically aiming to attract foreign investors. Read more
Progress being made (with CRFM)
REGIONAL
NZ highlights Free Trade Agreement gains with Korea
TVNZ: Trade Minister Todd McClay is highlighting gains made in a free-trade agreement with Korea as he looks to make progress in getting one with the European Union. Read more
UK’s Brexit approach is not muddled at all, says Theresa May
The Guardian: PM defends her government’s approach against charge by Sir Ivan Rogers, the UK ambassador to the EU who quit last week. Read more
UK ambassador to the EU Sir Ivan Rogers resigns
BBC: The UK’s ambassador to the EU, Sir Ivan Rogers, has resigned. Sir Ivan, appointed to the job by David Cameron in 2013, had been expected to play a key role in Brexit talks expected to start within months. Read more
Container ship fleet growth expected to accelerate in 2017
JOC: The global container ship fleet will grow around 3.1 percent in 2017, a level of growth faster than 2016, and one that may or may not increase the gap between container shipping demand and supply, according to shipowner association Bimco. Read more
5 International Arbitration Cases to watch in 2017
Law360: International arbitration attorneys will be keeping a close eye on the proceedings involving former Yukos shareholders as they seek to revive their historic awards totaling $50 billion against Russia, a trio of interrelated cases involving Belize in the U.S. Supreme Court, and other disputes that could affect the arbitration and enforcement landscape for years to come. Read more
Ghana ratifies the Trade Facilitation Agreement
Pacific Scoop: Ghana has ratified the Trade Facilitation Agreement (TFA), making it the 104th WTO member to do so. Only six more ratifications from members are needed to bring the TFA into force. Read more
Minister: Malaysia ready to face possibility of TPPA cancellation
Malay Mail Online: Malaysia is ready to face any eventuality arising from the possibility of the Trans Pacific Partnership Agreement (TPPA) being scrapped. Read more
US imports rose in 2016 despite adversity
JOC: The US container trade in 2016 expanded an estimated 3.6 percent to a record of approximately 20.4 million 20-foot-equivalent units on the back of subdued import prices and further gains in home sales.Read more
The WTO option for Brexit is far from straightforward
The Economist: The two sides of the Brexit debate do not agree on much, but they agree on this: if Britain fails to reach a trade deal with the EU it will have to revert to the “WTO option”. Read more
Good Prospects for RCEP to wrap up negotiations this year
The Star: The Regional Comprehensive Economic Partnership (RCEP), involving 16 countries including Malaysia, has good prospects to wrap up negotiations in 2017, said HSBC Bank plc. Read more
Free Trade Agreement: Pakistan, Malaysia in talks to cut duties
The Express Tribune: Pakistan and Malaysia are negotiating to further reduce duties on existing and additional tariff lines under the Free Trade Agreement (FTA) to facilitate businesses of both countries.Read more
Trump taps Lighthizer for Trade Representative
The Hill: President-elect Donald Trump will nominate Robert Lighthizer for U.S. trade representative, his transition team announced early Tuesday. Read more
US-NAFTA trade falls in October, reports BTS
Logistics Management: US trade with North American Free Trade Agreement (NAFTA) partners Canada and Mexico fell 3.6 percent to $93.2 billion on an annual basis in October, according to data issued by the Department of Transportation’s Bureau of Transportation Statistics. Read more
NEW ARTICLES ON CTLD BLOG
New articles on the CTLD blog are:
Trump Trade Team Poised to Reset US Trade Policy
Seven Major Trade Developments of 2016: Trade Year in Review & Look Ahead
Fathering a Nation: Barbados and the Legacy of Errol Walton Barrow
For past issues of our Caribbean & Trade Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.
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