Monthly Archives: July 2018

Caribbean Trade and Development Digest – July 1-7, 2018

Welcome to the Caribbean Trade & Development Digest for the week of July 1-7, 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 news this week was the 39th Regular Meeting of the Conference of the Heads of Government of CARICOM held in Jamaica. The full communique from the meeting may be viewed here. Some of the major headlines from the meeting may be found below:

CARICOM Meeting Headlines

President of Chile keen to negotiate a free trade agreement with CARICOM

Jamaica Information Service: President of the Republic of Chile, His Excellency Sebastián Piñera, has expressed interest in entering into negotiations on a free trade-agreement with the Caribbean Community (CARICOM). He was addressing the third plenary session at the 39th Regular Meeting of the Conference of Heads of Government of CARICOM on Friday (July 6), at the Montego Bay Convention Centre, in St. James.Read more

CARICOM must reposition to navigate the new normal

Jamaica Observer: Grenada’s Prime Minister Dr Keith Mitchell says the Caribbean Community (Caricom) must reposition itself to operate in a global landscape characterised by the “new normal”. Read more

Premier Burt speaks on Fintech at CARICOM

Bernews: During the CARICOM meeting in Jamaica, Premier David Burt made a presentation about Bermuda’s moves in establishing a regulatory platform for fintech and also discussed how “Distributed Ledger Technology more generally can assist with challenges in servicing citizens and increase government efficiency.” Read more 

CARICOM Chairman lobbies Chile for Development Financing

Jamaica Gleaner: Chairman of the Caribbean Community (CARICOM) and Prime Minister of Jamaica Andrew Holness has encouraged the Chilean President  to use his country’s “considerable visibility” on the international stage to assist members of the regional bloc to make a strong case for access to development financing. Read more 

Bahamian Prime Minister addresses CARICOM on disaster management

Eyewitness News: Prime Minister, Dr. Hubert Minnis shared with his CARICOM colleagues, a number of initiatives being undertaken by his government in a move to improve his country’s disaster mitigation plan, through the National Emergency Management Agency, NEMA. Read more 

CCJ not a priority for St. Lucia at this time

Jamaica Observer: St Lucia’s Prime Minister Allen Chastanet says while signing on to the Caribbean Court of Justice (CCJ) is a critical issue, it is not a priority for his Government at this time. Read more 

CARICOM leaders propose that measures be put in place for easier travel

Jamaica Information Service: Caribbean Community (CARICOM) leaders are proposing that measures be put in place to facilitate easier travel within the community. Read more

CCJ’s New President hopes CARICOM nations will join Court’s Appellate Jurisdiction

Jamaica Observer: Justice Adrian Saunders who was yesterday installed as the third president of the Caribbean Court of Justice (CCJ) is disappointed that more Caribbean Community (CARICOM) nations have not yet signed on to the court’s appellate jurisdictions. Read more 

PM Browne calls on CARICOM to address the “disproportionate movement of people”

Antigua Observer: Prime Minister Gaston Browne has called on the Caribbean Community (CARICOM) to address the unbalanced movement of people that is borne by the Organisation of Eastern Caribbean States (OECS). Read more 

Other Regional Headlines

FDI in Latin America and the Caribbean falls for third consecutive year

St. Lucia Online: Despite an international context characterised by stronger growth in the global economy, abundant international liquidity, high corporate returns and optimism in financial markets, the flows of foreign direct investment (FDI) in Latin America and the Caribbean fell for the third year in a row last year. Read more

Cuba seeks to increase non-conventional agricultural exports

Xinhua: Cuba seeks to increase exports of non-conventional agricultural products like honey, charcoal, coffee and pine resin to various markets around the world and contribute to the government’s strategy of diversification of foreign markets. Read more

TT#1 in Cuba

Newsday: TT exported an estimated $456 million worth of goods to Cuba in 2016 while it imported $37 million of products from the island that same year. Read more 

DT World to create new trade portal in Dominican Republic

Saudi Gazette: A new electronic trade portal that will enable trade and make life easier for business has been launched in the Dominican Republic by Dubai Trade World (DT World). Read more 

Commissiong is Barbados’ new ambassador to CARICOM

Nation News: Controversial attorney David Comissiong will be Barbados’ next Ambassador to CARICOM. Read more 

CARICOM Day in London pays tribute to Windrush Generation

The Daily Herald: The Caribbean Community CARICOM diplomatic missions in London celebrated CARICOM Day on Wednesday with a special thanksgiving service and exhibition in tribute to the Windrush generation. Read more 

Haiti Risks Losing Thousands of Jobs

Haitilibre: As of Saturday, July 7, 2018, will end the derogation granted to Haiti, pending the ratification of the Economic Partnership Agreement (EPA) – European Union – Cariforum. Recall that the countries of the region that signed this agreement, did it to attract foreign investment in their country and to have better access to the EU market. Read more 

INTERNATIONAL

Russia initiates WTO dispute complaint against US steel, aluminium duties

WTO: The Russian Federation 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 2 July. Read more 

Support remains solid for Aid for Trade financing, WTO members told

WTO: Support for projects intended to help poor countries expand their participation in global trade continues to be solid, with low income countries garnering the most support on a per-capita basis, WTO members were told on 3 July. The latest update was delivered to the Committee on Trade and Development’s session on Aid for Trade. Read more

Rate of new trade restrictions from G20 economies doubles against previous period

WTO: The WTO’s nineteenth monitoring report on Group of 20 (G20) trade measures covering the period from mid-October 2017 to mid-May 2018, issued on 4 July, shows that new trade-restrictive measures from G20 economies have doubled compared to the previous review period. The report also shows that G20 economies continue to implement trade-facilitating measures, with the rate increasing slightly.  Read more 

WTO issues panel report regarding US duties on Canadian paper

WTO: On 5 July the WTO circulated the panel report in the case brought by Canada in “United States — Countervailing Measures on Supercalendered Paper from Canada” (DS505). Read more 

David Davis resigns as Brexit secretary

Independent: His resignation as Brexit secretary deals a heavy blow to the stability of the prime minister’s administration, with two other ministers almost immediately following suit. Read more 

BONUS

The Closing Press Conference of the Thirty-Ninth Heads of Government meeting may be viewed here on CARICOM Today’s Blog.

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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Caribbean Trade & Development Digest – June 24 – July 1, 2018

Welcome to the Caribbean Trade & Development Digest for the week of June 24-July 1, 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

Barbados and IMF to begin negotiations this week

BarbadosToday: Barbados has put together a strong negotiating team and is ready to engage in discussions with the International Monetary Fund’s (IMF) representatives from July 2 to 12. Read more

Over 200 heads of State and officials to attend CARICOM Meeting in Jamaica 

Telesur: Over two hundred foreign officials from the Caribbean Community, or Caricom, are preparing to make their way to Jamaica for the organization’s 39th Regular Meeting of the Conference of Heads of Government. Read more

Premier takes OT-UK fight to CARICOM

Cayman27: Premier Hon. Alden McLaughlin is taking his case to Caricom leaders to enlist the help of Cayman’s regional partners. This as he continues his battle against the UK’s imposition of public beneficial ownership registries on Overseas Territories. Read more

Cuba’s President will be special guest at CARICOM Summit

Prensa Latina: Cuban President Miguel Diaz-Canel will be one of the special guests of the 39th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), the regional entity reports today. Read more 

CARICOM Meeting in Jamaica is time for frankness, says Holness

Jamaica Observer: If Prime Minister Andrew Holness fails to represent us well at the Caricom Single Market and Economy (CSME) meeting he will merit the anger of many yet unborn. He was not among West Indian students in London who took oaths to merge our islands, so he may speak frankly. Read more 

INTERNATIONAL

RCEP on track for substantial agreement by year-end in big win for free trade: Chan Chun Sing

Strait Times: Trade ministers of 16 countries that account for 30 per cent of global trade have re-affirmed their resolve for a regional trade deal that will benefit economies at different levels of development.  Read more 

South Africa to sign African free trade agreement

Fin24: South Africa on Sunday will sign the African Continental Free Trade Area (AfCTFA) agreement, Trade and Industry Minister Rob Davies confirmed. Read more

Canada retaliatory tariffs on US come into force

BBC: Canada’s countermeasures against the Trump administration’s steel and aluminium levies have come into effect. On Sunday, the day the country celebrates its national holiday, Canada imposed a 25% tariff on assorted US metals products. Read more 

Japan PM Shinzo Abe says Asia-Pacific can fly flag for free trade  

Strait Times: Japanese Prime Minister Shinzo Abe, in an impassioned rallying cry for free trade, on Sunday (July 1) urged Asia-Pacific countries to take the lead to further the free, fair and rules-based economic order. Read more 

Japan passes bills to ratify Trans-Pacific deal

Nikkei Asian Review: Japan’s parliament passed bills ratifying a comprehensive trans-Pacific trade deal on Friday, paving the way for the pact to take effect, which its backers say will create a “trade deal for the 21st century.” Read more

Trade barriers: EU removes record number in response to surge in protectionism

EU: The annual report on Trade and Investment Barriers, released today, shows that the European Commission has eliminated the highest number ever of trade barriers faced by EU companies doing business abroad. European exporters reported a major increase in protectionism in 2017. Read more 

AU Summit focused on challenges, progresses

Prensa Latina: The African Union (AU) today highlighted the progress made this year on several fronts, when the continent seeks to achieve peace, development and unity. Read more 

WTO issues panel report on tobacco plain packaging 

WTO: On 28 June the WTO circulated the panel report in the cases brought by Honduras, the Dominican Republic, Cuba and Indonesia in “Australia — Certain Measures Concerning Trademarks, Geographical Indications and Other Plain Packaging Requirements Applicable to Tobacco Products and Packaging” (DS435, DS441, DS458 and DS467). Read more 

Hong Kong will pursue more free trade agreements, says official

Strait Times: Hong Kong will continue to pursue free trade agreements (FTAs) as trade is not a zero-sum game, said its secretary for commerce and economic development. Read more

Namibia signs Continental Free trade agreement

NBC (Namibia): Namibia has joined the Continental Free Trade Area (ACFTA) agreement worth over US$2 trillion. Read more

Turkey, EFTA expand free trade agreement

Hurriyet Daily News: Turkey and the European Free Trade Association (EFTA) countries—Iceland, Liechtenstein, Norway, and Switzerland—signed an agreement on June 25 to enlarge their free trade agreement (FTA). Read more

Experts applaud intra Africa trade

ENCA: Experts say intra-Africa trade has the greatest potential for building sustainable economic development and integration on the continent. Read more 

Trump reportedly wants the US to withdraw from the WTO

CNBC: President Donald Trump is not a fan of the World Trade Organization. Axios is reporting that Trump has told several top White House officials he wants to withdraw the United States from the WTO. Read more

Trump to delay signing NAFTA deal until after mid-term elections

The Guardian: Donald Trump intends to delay signing a revised version of the North American Free Trade Agreement (Nafta) until after the midterm elections, a move aimed at reaching a better deal with Canada and Mexico. Read more 

Mexico’s presidential forerunner could shake up NAFTA and Trump

CNBC: Mexicans will head to the polls Sunday in an election that’s set to bring a paradigm political shift to the country. Read more

EU withdrawal bill officially becomes law

BBC: The government’s flagship Brexit legislation has officially become law, Speaker John Bercow has announced. Read more 

NEW ON CTLD BLOG

5 things the UK’s EU (Withdrawal) Act of 2018 does

The Golding Report Adopted by Jamaica Government: What Next?

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.