by Welcome to the Caribbean Trade & Development Digest for the week of January 27 – February 2, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.
THIS WEEK’S HIGHLIGHTS
On the Brexit front, UK Prime Minister Theresa May won support from British MPs for a renegotiation of the Draft Withdrawal Agreement, in particular the removal of the ‘Irish Backstop’, the controversial ‘insurance policy’ to avoid a hard border between the Northern Ireland and Republic of Ireland in the event that the UK and EU are unable to reach a trade deal within the transition period.
However, the EU, including the Republic of Ireland, remains adamant that the current draft Withdrawal Agreement is not up for renegotiation and that the backstop cannot be removed. The UK is due to leave the EU on March 29, 2019.
Another major trade policy development is that the EU-Japan Economic Partnership Agreement has come into force. Additionally, the latest round of trade talks between the US and China have been hailed as a success.
Regionally, some CARICOM leaders initiated a visit to the United Nations (UN) on the situation in Venezuela.
REGIONAL
$10m Investor: We Can Defeat WTO ‘Concerns’
The Bahamas Tribune: A $10m poultry farming investor yesterday expressed confidence that The Bahamas could follow Jamaica’s self-sufficiency lead despite its “concerns” over WTO’s potential impact. Read more
JMEA head cites one-sided trading conditions affecting Jamaica
LoopJamaica: President of the Jamaica Manufacturers and Exporters’ A’ssociation (JMEA), Metry Seaga, has described the favourable trade conditions that Jamaica extends to its overseas trading partners as being one-sided, saying that too often the same treatment is not returned to the country’s manufacturers and exporters. Read more
Port Operator KFTL Boasts Record Container Moves In A Day
Jamaica Gleaner: Kingston Freeport Terminal Limited, KFTL, a subsidiary of the French-based shipping company CMA CGM, said that on January 24 it recorded the best performance ever in the history of the port of Kingston in terms of container moves. Read more
Statistical Institute of Belize: Belizeans paid an average of 30 cents more for goods and services in 2018
Breaking Belize News: For the year 2018, Belizeans paid an average of 30 cents more for goods and services, while for the month of December specifically, consumer prices were about 10 cents less when compared to the year before. Read more
Statement on second day of visit to the UN by Delegation of CARICOM Member States
CARICOM: On Tuesday, 30 January 2019, the delegation of the Caribbean Community (CARICOM) comprising Dr the Hon. Timothy Harris, Prime Minister of S.Kitts and Nevis (Chairman of CARICOM) and Dr the Hon. Keith Rowley, Prime Minister of Trinidad and Tobago, the Hon. Peter David, Foreign Minister of Grenada, H.E. Irwin LaRocque, CARICOM Secretary-General, as well as the Permanent Representatives of these countries continued its engagements at the United Nations and at the Trinidad and Tobago Permanent Mission in New York on the situation in the Bolivarian Republic of Venezuela and its implications for the Community. Read more
Belize exports first shipment of crude soybean oil to Jamaica
LoveFM: Belize has made its first shipment of crude soybean oil to Jamaica. The five containers were exported last week and were supplied by Bel-Car Exports and Imports located in Spanish Lookout, Cayo District and Northern Grains Cooperative located in Blue Creek, Orange Walk District. Read more
CARICOM Leaders To Meet With UN Secretary General On Venezuela
Jamaica Gleaner: Caribbean Community (CARICOM) leaders are to meet with the United Nations Secretary General Antonio Guterres on Monday to discuss the ongoing political situation in Venezuela where the government of President Nicolas Maduro is under international pressure to step down. Read more
Barbados hosting EU funded meetings
TV6: Barbados is hosting a two-day consultation aimed at continuing the development of a framework for an effective platform for structured and continuous dialogue between the Caribbean Forum (CARIFORUM) and French Caribbean Outermost Regions (FCORs) and British and Dutch Overseas Countries and Territories (OCTs). Read moreRead more
WTO lacks clout on dispute rulings
Bahamas Tribune: The failure to enforce its rulings on trade disputes is among the “biggest criticisms” that can be levelled against the World Trade Organisation (WTO), a Bahamian arbitrator has charged. Read more
INTERNATIONAL
1-in-3 UK firms have relocation plans due to Brexit
Euractiv: Brexit has prompted almost a third of British companies to move some operations abroad or at least consider it, a survey from an employers group showed on Friday (1 February). Read more
UAE initiates WTO proceedings against Qatar
Gulf News: The UAE Government announced on Tuesday that it has initiated World Trade Organisation, WTO, dispute-settlement proceedings against Qatar following its ban of the sale of UAE products in Qatari markets. Read more
China, U.S. make important progress in trade talks, paving way for further consultations
Xinhua: Negotiators from China and the United States have made important progress in the latest round of high-level talks to resolve their economic and trade frictions, laying foundation for further consultations, according to the visiting Chinese delegation. Read more
Is WTO Article 24 the antidote to a No Deal Brexit? Euronews Answers
Euronews: Nigel Farage, one of the UK’s leading proponents of a ‘hard Brexit’ told Euronews yesterday that the negative impacts of Britain leaving the EU without a deal could be eliminated by the use of “Article 24 of the World Trade Organisation (WTO)”. Read more
Trump sends Congress list of planned USMCA trade policy changes
Washington Examiner: The Trump administration formally gave Congress a list of its proposed changes to trade policy, requests that will put the U.S.-Mexico-Canada Agreement on trade into effect. Read more
WTO chief is in denial over climate impact of trade
Climate Change News: When the head of the World Trade Organisation (WTO) says trade does not impact the environment, we should all be worried. Read more
US, China may cross swords on e-commerce at WTO
VoA: China has given up its long-held resistance to the World Trade Organization’s push for global standards for the $27 trillion e-commerce market. Some analysts say this is a direct result of the trade war with the United States, which is forcing China to seek wider cooperation with trading countries. Read more
Sturgeon to visit US and Canada for talks on trade links
BBC: First Minister Nicola Sturgeon is to visit the US and Canada next week. The trip is planned in a bid to build stronger trade links between Scotland and North America. Read more
Japan-EU free trade deal takes effect
NHK: A comprehensive free trade deal between Japan and the European Union has come into force. The pact will eventually remove tariffs on more than 90 percent of imports from both sides and liberalize rules in a broad spectrum of fields. Read more
Brexit: MPs back May’s bid to change deal
BBC: MPs have backed seeking “alternative arrangements” to replace the Irish backstop in Theresa May’s Brexit plan. Read more
Safeguards in free trade agreements: Council adopts horizontal framework for bilateral measures
EU: The EU will soon have in place an overall framework for ensuring consistency of safeguard measures included in free trade agreements. The Council today adopted a regulation streamlining the inclusion of safeguard measures in trade agreements so that they are applied effectively and consistently across the board. Read more
Iraq, Jordan sign free trade agreement
Middle East Monitor: Jordan has reached a new agreement on free trade with Iraq, the country’s Deputy Prime Minister, Rajai Muasher, said yesterday. Read more
UK cannot simply trade on WTO terms after no-deal Brexit, say experts
The Guardian: The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. Read more
WTO Launches Investigation Into Trump’s China Tariffs, Official Says
Bloomberg: The World Trade Organization launched an investigation into President Donald Trump’s tariffs on $250 billion of Chinese goods, ratcheting up tensions as the two nations are set to begin a new round of trade talks, according to an official with knowledge of the probe. Read more
EU to fight US tariffs on Spanish olives at WTO
Deutsche Welle: The European Comission will back Spain’s fight to defend its olive exporters, who were hit by Donald Trump’s tariffs in June 2018. Madrid considers the punitive measure to be “an evident prejudice” on olive producers. Read more
China accuses US of a ‘blatant breach’ of trade policy in WTO meeting
CNBC: Chinese representatives met with the World Trade Organization on Monday to begin the process of legally challenging United States tariffs on China’s exports, Reuters reported, citing a transcript of the meeting’s discussion. Read more
WTO NEWS
United Arab Emirates requests consultations with Qatar on goods restrictions
WTO: The United Arab Emirates has requested WTO dispute consultations with Qatar regarding certain measures restricting the import, distribution and sale of goods in Qatar from the UAE (DS576). The request was circulated to WTO members on 31 January. Read more
European Union initiates WTO dispute proceedings against US olive duties
WTO: The European Union has requested WTO dispute consultations with the United States concerning US anti-dumping and countervailing duties imposed on imported ripe olives from Spain. The request was circulated to WTO members on 31 January. Read more
Panels established to rule on US, Turkish tariff measures
WTO: At a meeting of the Dispute Settlement Body (DSB) on 28 January, WTO members agreed to establish a dispute panel to rule on additional duties imposed by the United States on certain imports from China. Members also agreed to establish a panel to rule on additional duties levied by Turkey on certain imports from the United States. Read more
The Caribbean Trade & Development Digest is a weekly trade news digest published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please follow our blog.
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