Caribbean Trade & Development Digest – June 17-23, 2018

Welcome to the Caribbean Trade & Development Digest for the week of June 17-23, 2018! We are happy to bring the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

REGIONAL

The major regional trade headlines this week focused on the debate  and adoption in the Jamaica House of Representatives of the Report of the Commission to Review Jamaica’s Relations within the CARICOM and CARIFORUM Networks (commonly referred to as the Golding Report after its chairman, former Jamaican Prime Minister, the Hon. Bruce Golding).

Golding Report Headlines

These headlines may be found here:

Jamaica House of Representatives Adopts Report on CARICOM

JIS: The House of Representatives on Tuesday (June 19) adopted the Report of the Commission to Review Jamaica’s Relations within the CARICOM and CARIFORUM Frameworks. Read more 

Jamaica will Continue Relations with CARICOM– PM Holness

JIS: Prime Minister Andrew Holness has reiterated that Jamaica will continue its relationship with the CARICOM. Read more 

Does Caricom need a WTO-type dispute-resolution system?

Jamaica Observer: It cannot be gainsaid that an effective dispute-settlement system is required in any regional trade agreement to ensure the legitimacy of the trade arrangement. Read more 

Jamaica PM Supports Review of CARICOM Contribution Scale

St. Kitts & Nevis Observer: Jamaica’s Prime Minister Andrew Holness has embraced the Bruce Golding-led Caribbean Community (CARICOM) Review Commission’s proposal for greater equity in the assessment and calculation of fees payable to the CARICOM Secretariat and agencies by member states. Read more

Jamaica Isn’t Accepting Recommendation to Give CARICOM Ultimatum on CSME Implementation

Caribbean360: Jamaica’s Parliament has adopted the report of the commission set up to review the country’s relations within the Caribbean Community (CARICOM), but Prime Minister Andrew Holness says government will not insist on the five-year timeline for the implementation of the CARICOM Single Market and Economy (CSME), as recommended in the document. Read more

Minister Shaw Calls for Fair and Rigorous Application of Revised Treaty of Chaguaramas

JIS: Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, says that the provisions of the Revised Treaty of Chaguaramas must be applied fairly and rigorously in order to result in increased economic development in the region. Read more

Other Regional Headlines 

EU – African, Caribbean and Pacific countries future partnership: Council adopts negotiating mandate

EU: On 22 June 2018, the Council adopted the negotiating mandate for the future agreement between the EU and the African, Caribbean and Pacific (ACP) countries. Read more

EU and 79 ACP Countries Aim at New Partnership to Address Global Challenges

InDepthNews: The heads of state or government of the 28 EU member states, constituting the European Council, have authorized the European Commission to open negotiations for a new partnership agreement with 79 countries in Africa, the Caribbean and the Pacific (ACP). The Group’s Secretary-General Dr. Patrick I. Gomes has greeted the decision. Read more

(Trinidad) Exports up, imports down

Newsday (T&T): T&T Exports rose by 11 per cent in the last quarter of 2017, while imports decreased by 1.5 per cent, year on year, the latest data from the Central Bank has shown, and as expected, the uptick in the energy sector is the reason. Read more 

Fewer Jamaicans Denied Entry to T&T

JIS: The number of Jamaicans being denied entry into Trinidad and Tobago (T&T) continues to decline. Read more 

More engagement needed between CARICOM and Caribbean Diaspora 

South Florida Caribbean News: Guyana’s Ambassador to the United States Dr. Riyad Insanally has suggested that there be a more structured process of engagement between the Caribbean Diplomatic Caucus  in Washington DC and the Caribbean diaspora to ensure that efforts to advance the cause of the region and its people are well defined and co-ordinated. Read more 

Implications for the Caribbean… as US imposes tariffs on steel, aluminium

The Guardian: The Trump administration imposed tariffs on steel and aluminium imports from Canada, Mexico, and the European Union effective June 1, 2018. The implementation of the tariffs are designed to protect the US steel and aluminium industry from foreign producers that undercut domestic prices. Read more

City chamber launches trade councils with India, Canada and Cuba

Stabroek: The Georgetown Chamber of Commerce and Industry (GCCI) yesterday launched three trade facilitation councils in efforts to operationalize memoranda of understanding (MoU) signed with Cuba, India and Canada. Read more 

Cuba Seeking Trade, Investment from Wider Caribbean

St Kitts & Nevis Observer: Businesses in Jamaica and the wider Caribbean are being encouraged to explore opportunities for trade and investment with Cuba. Deputy Minister of Foreign Affairs for Cuba, Rogelio Sierra Diaz, said his Government is seeking to widen cooperation with countries in the region under its foreign investment law. Read more 

T&T reaffirms trade ties with Cuba

Sunday Express: Minister of Trade and Industry Paula Gopee-Scoon recently met with Cuba’s Vice Minister of Foreign Affairs Rogelio Sierra Diaz to discuss, among other things, opportunities for increased trade with Cuba. Trinidad and Tobago is currently Cuba’s largest Caricom trading partner, recording 80 per cent of trade in the region. Read more 

INTERNATIONAL

It was another rollercoaster week in international trade policy news. Norway added itself to the growing list of countries challenging the US’ steel and aluminium duties. Meanwhile, the tariff war between the US, EU and China continued to escalate. 

Norway initiates WTO dispute complaint against US steel, aluminium duties

WTO: Norway has requested WTO dispute consultations with the United States regarding US duties on certain imported steel and aluminium products. The request was circulated to WTO members on 19 June. Read more 

NAFTA’s fate could change timing of 2019 federal election: expert

Global News: An expert on Canada-U.S. relations says he could see Prime Minister Justin Trudeau triggering a federal election earlier than planned next year if the trade war with the United States continues to escalate and NAFTA falls to pieces. Read more

Negotiators must redouble efforts as clock ticks on NAFTA

The Hill: After a short cooling off period, the North American Free Trade (NAFTA) negotiators need to redouble efforts to forge an agreement this summer that all three countries find beneficial. Read more 

WTO members intensify discussions on standards

WTO: WTO members continued their three-year review of the Technical Barriers to Trade (TBT) Agreement, proposing ideas on how to improve implementation of the Agreement at a TBT committee meeting on 19-21 June. Read more 

Brexit: PM urged to speed up no-deal Brexit plans

BBC: Theresa May must prepare to exit the EU with no deal to have “real leverage” in Brexit negotiations, a letter from 60 politicians and business figures says. Read more

US unveils new veto threat against WTO rulings

CGTN: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days. Read more

Commission reports on progress in trade talks with Chile and Mercosur

EU: As part of its commitment to a transparent trade policy, the Commission today published reports from the latest negotiating rounds with Chile and Mercosur. Read more 

EU and New Zealand launch trade negotiations

EU: Today, in the capital of New Zealand, Wellington, Commissioner for Trade Cecilia Malmström and New Zealand’s Minister for Trade David Parker officially launched talks for a comprehensive and ambitious trade agreement. Read more 

EU adopts rebalancing measures in reaction to US steel and aluminium tariffs

EU: The European Commission adopted today the regulation putting in place the EU’s rebalancing measures in response to the US tariffs on steel and aluminium. The measures will immediately target a list of products worth €2.8 billion and will come into effect on Friday 22 June. Read more

EU Pushes for a Revamp of the World Trade Organization

Bloomberg: European Union leaders plan to push for improvements in the way the World Trade Organization operates, saying it’s important to uphold the global commercial order amid “growing” tensions prompted by U.S. President Donald Trump’s tariffs. Read more 

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

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