by Welcome to the Caribbean Trade & Development Digest for the week of June 10-16, 2018! We are happy to bring the trade and development headlines from across the Caribbean Region and the world from last week:
REGIONAL
‘Tremendous Anxiety” over (Bahamas) WTO Accession
The Bahamas Tribune: The Chamber of Commerce’s chairman yesterday warned there was “tremendous anxiety” over the WTO accession amid the absence of analysis on its likely impact. Read more
CSME necessary; Consultation raises concerns over architecture
CARICOM: Stakeholders at the just-concluded Stakeholder consultation on the CARICOM Single Market and Economy (CSME) agree that there is value in, and benefits to be derived from the CSME. Read more
ECLAC chief calls for ‘new narrative’ on international cooperation for C’bean development
Jamaica Observer: The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has called for a “new narrative” on international cooperation for the region’s development. Read more
CARICOM, Cuba to strengthen cooperation
Jamaica Gleaner: The Caribbean Community (Caricom) and the Government of Cuba have both pledged to continue to strengthen relations in matters related to trade and the arts. Read more
Jamaica, other CARICOM countries to benefit from new Mexico-FAO initiative
Jamaica Observer: At least 14 Caribbean Community (CARICOM) countries will design multiple projects to mobilise resources from international sources allowing them to improve the resilience and adaptation of their agriculture, food systems and rural communities to change climate. Read more
Blame Governments, not CARICOM
Barbados Today: Blaming the Caribbean Community (CARICOM) Secretariat for the gaps in implementation of the CARICOM Single Market and Economy (CSME) is unfair, former Prime Minister of Jamaica Bruce Golding has argued. Read more
Integrity Commissions of Guyana, other Caribbean countries want corruption on CARICOM agenda
Demerara Waves: Guyana’s Integrity Commission is among several other similar bodies in the Caribbean that have called on the 15-nation Caribbean Community (CARICOM) to put graft and corruption on their agenda and craft Commissioner harmonised legislation to tackle the scourge. Read more
CARICOM unhappy with single market and economy system
New Amsterdam News: Leaders, former leaders and top officials from across the Caribbean assembled in Guyana last week to review the state of play, progress and problems associated with the decades-old Caribbean Single Market and Economy system, and most said the slow pace of implementation was frustrating them terribly. Read more
Minister Greene pleased with CARICOM meeting
Antigua Observer: Foreign Affairs, Immigration and Trade Minister Chet Greene is pleased with the outcome of a CARICOM Council meeting for Trade and Economic Development (COTED) in Guyana, which concluded yesterday. Read more
New fund launched to assist CARPHA deal with outbreaks and health emergencies
Jamaica Observer: A fund has been launched to provide financial support and assistance to the Trinidad-based Caribbean Public Health Agency (CARPHA) to manage outbreaks and emergencies with health and humanitarian consequences across the risk management cycles. Read more
INTERNATIONAL
WTO chief warns of global downturn if trade dispute escalates
The Economic Times: If the trade conflict between the United States and other countries intensifies, it could negatively impact the global economy and there are indications this is already happening, the head of the World Trade Organization warned in newspaper. Read more
Opportunities beckon as Singapore and Rwanda ink agreements
The Straits Times: More business and investment opportunities are under way for Singapore and Rwanda, as both countries signed a bilateral investment treaty (BIT) and an air services agreement (ASA) on Thursday. Read more
India moves ahead with tariffs on US goods
CNN Money: The country has proposed hiking tariffs on 30 US products in order to recoup trade penalties worth $241 million, according to a revised World Trade Organization filing. Read more
USTR Issues Tariffs on Chinese Products in Response to Unfair Trade Practices
USTR: The Office of the United States Trade Representative (USTR) released a list of products imported from China that will be subject to additional tariffs as part of the U.S. response to China’s ‘unfair’ trade practices related to the forced transfer of American technology and intellectual property. Read more
EU-Mercosur Trade Talks Resume in Montevideo, Though 2018 Timeframe Remains Unclear
ICTSD Bridges: Trade negotiators for the EU and Mercosur resumed formal talks last week, with officials announcing “constructive progress” thereafter while stopping short of announcing a timeframe for concluding the long-awaited trade deal. Read more
American businesses brace for pain from trade fight with China
CNN Money: President Donald Trump’s tariffs on Chinese goods are intended to help American companies that have been hurt by Beijing’s industrial policies. But in the short term, at least, many American businesses may be the ones feeling pain. Read more
Japan enacts law to ratify Trans-Pacific trade deal
Nikkei Asian Review: The Japanese Diet on Wednesday enacted a law to ratify the 11-nation Trans-Pacific Partnership free trade deal, moving a step closer to completing domestic procedures. Read more
Colombia has made request to join Pacific trade pact: Mexico
Reuters: Colombia has formally requested permission to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mexico’s Economy Minister Ildefonso Guajardo said on Friday. Read more
Liberals (Canada) table legislation to ratify Trans-Pacific free trade deal
CBC: The Liberal government introduced legislation Thursday to ratify a free trade deal with 10 other Pacific nations that it says would see Canada get preferential access to some of the biggest and fastest-growing economies in the Asia-Pacific region. Read more
Australia to start free trade agreement negotiations with the EU
Bloomberg: Australia will begin negotiations with the European Union on a free-trade agreement covering a market with 500 million people and worth $17.3 trillion, making it one of the country’s biggest potential deals. Read more
Italy won’t ratify EU free-trade deal with Canada: farm minister
Reuters: Italy will not ratify the European Union’s free trade agreement with Canada, its new agriculture minister said on Thursday, ratcheting up an international trade spat and potentially scuppering the EU’s biggest accord in years. Read more
NAFTA talks to continue in tense atmosphere
CNBC: The U.S. and Canada agreed on Thursday to continue negotiating a new NAFTA deal, amid a tense trade environment that includes an announcement Friday of new U.S. tariffs on China. Read more
EU and Mercosur complete latest talks
EU: The Parties achieved progress on several issues such as services and exchanges were constructive overall but there is still work to be done, notably on cars and car parts, geographical indications, maritime transport and dairy. Read more
WTO members focus on subsidies for fishing in overexploited stocks at June meetings
WTO: WTO members in the Negotiating Group on Rules on 11-14 June held their second cluster of meetings on fisheries subsidies this year, where they exchanged views and information on subsidies for fishing in overexploited stocks. Read more
EIF symposium looks at how to make trade more inclusive for LDCs
WTO: Representatives from 42 least-developed countries (LDCs) met at the first Global Forum on Inclusive Trade for LDCs taking place at the WTO on 13-14 June 2018 to seek ways to further integrate the world’s poorest countries into the multilateral trading system. Read more
Trade Policy Review: Colombia
WTO: The fifth review of the trade policies and practices of Colombia took place on 12 and 14 June 2018. Read more
Merkel and leaders of six multilateral agencies call for enhanced global cooperation
WTO: German Chancellor Angela Merkel hosted a meeting with the heads of six multilateral agencies on 11 June in Berlin to discuss ways to foster international economic cooperation to address global challenges and improve the prospects for inclusive and sustainable growth. Read more
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