Happy New Year! Welcome to the Caribbean Trade and Development Digest for the week of January 1-6, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.
REGIONAL
Cuba’s Raul Castro Meets Top EU Diplomat to tighten relations
TeleSur: Cuban President Raul Castro met with the European Union’s top diplomat, Federica Mogherini, at the end of her two-day visit to the country, seeking to construct and reinforce ties between EU member countries and Cuba. Read more
Exxon Mobil reports Oil Discovery off Guyana
Fox Business: Exxon Mobil Corp. (XOM) on Friday said it made another positive oil discovery off the coast of Guyana. Read more
2017 gold declarations below target
Stabroek News: The Guyana Gold Board has recorded total gold declarations of 652,000 ounces for 2017, which is below the target of 720,000 ounces. Read more
Hurricane-hit Caribbean countries slash cost of Citizenship by Investment programs, says report
Nation News: Caribbean nations ravaged by recent hurricanes are selling citizenship at dramatically discounted prices in an effort to raise emergency funds, sparking concerns that the programmes may be vulnerable to abuse, according to reports here. Read more
Arrivals of US tourists to Cuba tripled in 2017
Caribbean News Digital: U.S. tourism to Cuba grew nearly threefold in 2017 over the previous year, mainly due to relaxation of travel ban, a Cuban official said Saturday. Read more
CARICOM moving to create first climate-resilient region
Jamaica Observer: Incoming chairman of the Caribbean Community (Caricom), Haiti’s President Jovenel Moïse, says the regional grouping is moving towards creating the world’s first climate-resilient region this year. Read more
INTERNATIONAL
Will intra-African trade flourish in 2018?
The Herald: Overcoming the barriers for intra-African trade to double in a decade can feel like a Sisyphean task – impossible to complete. But that is the objective of the Boosting Intra-African Trade (BIAT) action plan, which targets to double flows between January 2012 and January 2022. Read more
Rwanda: AU Summit to discuss Continental Free Trade Area
AllAfrica: The upcoming 30th Ordinary Session of the African Union (AU) Assembly of Heads of State and Government is expected to receive a progress report on the status of negotiations of the African Continental Free Trade Area (CFTA), an official has told Sunday Times. Read more
US Trade deficit hits $50.5 billion, biggest since 2012
ABCNews: The U.S. trade deficit rose to $50.5 billion in November, the largest imbalance in nearly six years, as imports and exports both hit records. Read more
Canada’s NAFTA charm offensive kicks into high gear
CBCNews: The new year begins with Canada relying on an old strategy for saving the North American Free Trade Agreement. Read more
UK seek free trade agreement covering goods and services in Phase Two
RTE: British Prime Minister Theresa May has said the UK will be looking for a free trade agreement with the EU that will cover goods and services in Phase Two of the Brexit negotiations this year. Read more
Tariffs to be slashed as China-Chile free trade agreement kicks in
China.org.cn: Nearly 98 percent of products traded between China and Chile will have zero tariffs attached when the new China-Chile free trade agreement is implemented in 2018, according to the Guangdong Entry-Exit Inspection and Quarantine Bureau, reports Chinanews.com. Read more
Will 2018 be the year of protectionism? Trump alone will decide
New York Times: The Trump administration will soon face several major trade decisions that will determine whether the White House adopts the type of protectionist barriers that President Trump campaigned on but that were largely absent during his first year in office. Read more
Will global trade survive 2018?
Foreign Policy (Blog): The future of the global trade system faces more risk and uncertainty than at any time since it was created after World War II. Read more
Macron pursues ambitious agenda on first official China visit
RFI: French president, Emmanuel Macron’s heads to China Sunday hoping to forge closer ties with President Xi Jinping. During the three-day trip which begins Monday, Macron plans to seek a “strategic partnership” with Beijing, notably on terrorism and climate change, an official in the president’s office said. Read more
Why Britain should be allowed to join the TPP
The Strait Times: Analysis by James Crabtree Read more
US-Korea trade talks pit pickup trucks against nuclear threat
Reuters: The United States and South Korea on Friday completed the first round of review talks on a bilateral trade deal with Washington saying there was “much work to do” to reach a new pact. Read more
Will there be a Pacific trade war in 2018?
Nikkei Asian Review: Analysis by Glen Fukushima Read more
New Chinese consul general talks tough on trade
Business in Vancouver: China is eager to conclude a free-trade agreement with Canada, but not at the expense of a set of “baseline” political principles seen as untouchable by Beijing, said the new top Chinese diplomat in the Western Canada region. Read more
How Nepal’s trade costs could be minimised
The Himalayan Times: A recent report jointly prepared by the Asian Development Bank (ADB) and United Nations Economic and Social Commission for Asia and Pacific (UNESCAP) titled ‘Trade and Transport Facilitation Monitoring Mechanism (TTFMM) in Nepal’ has suggested the government to set up the TTFMM institutional mechanism to monitor processes in certification, customs, transit and cargo transportation to bring down the cost of trade. Read more
Brexit: UK Government considers joining TPP trade agreement to help bolster economy after leaving EU
The Independent: Britain is exploring the possibility of joining a trans-Pacific trade bloc after Brexit in a bid to find alternative markets for exports that currently go to Europe, it has emerged. Read more
Brexit: May urged to stay in the single market by 20 British MEPs
The Guardian: Theresa May is being urged to change course and seek full membership of the European single market and customs union by 20 British MEPs, including three Tories and the majority of Labour politicians based in Brussels. Read more
Pressure grows for UK to bring ban on ivory trade
The Guardian: Consultation by the government shows huge public support for ending all sales. Read more
More than 2,300 EU academics resign amid warning over UK university ‘Brexodus’
The Independent: New figures show a 19 per cent increase in departures of European staff from universities last year compared to before the EU referendum, and a 10 per cent rise from some 2130 resignations in 2015-16. Read more
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