Caribbean Trade & Development Digest – February 3-9, 2019
Welcome to the Caribbean Trade & Development Digest for the week of February 3-9, 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. We apologise for the delay in the publication of this edition.
THIS WEEK’S HIGHLIGHTS
A bi-partisan bill has been introduced in the US House of Representatives to reauthorize the US Caribbean Basin Trade Partnership Act (CBTPA) until 2030.
Trade was one of themes touched on by US President Donald J. Trump in his State of the Union Address. See write up here.
UNCTAD identified the winners and losers from the US-China trade tensions in a recently released report entitled The Trade Wars: The Pain and the Gain which may be viewed here.
Bipartisan Caribbean Trade Bill introduced in US congress
CaribbeanNewsNow: US Reps. Terri Sewell (D-AL) and Brad Wenstrup (R-OH) have introduced legislation to reauthorize the US Caribbean Basin Trade Partnership Act (CBTPA) until 2030. Since 2000, CBTPA has allowed for the duty- and quota-free import of goods made with US yarns, fabrics and threads from Caribbean countries. Read more
Efforts take shape to reduce OECS food import bill
St. Lucia News Online: Spurring domestic agricultural production to meet local and international demand while reducing the region’s food import bill is the focus of a powerful new data tool recently presented to agricultural decision-makers at the OECS Commission. Read more
Commercial Court ‘could boost’ Barbados economy
Barbados Today: The minister responsible for business is counting on the planned commercial law court to transform the way business is done and boost the flagging economy. Read more
Trinidad: PM wants technology to play greater role in energy sector; offers help to Caribbean countries
St Lucia News Online: The Trinidad and Tobago government Monday said it is prepared to assist its fellow Caribbean Community (CARICOM) countries develop their hydrocarbon sector as it placed much emphasis on the importance of technology in developing its own industry. Read more
Marshall and Brown launches Jamaican gourmet line in UK
Jamaica Observer: A new premium Jamaican product line, Marshall & Brown, has been launched in the United Kingdom (UK) to fill a gap in the market for authentic Jamaican food and cooking ingredients. Read more
High demand for Jamaican black castor oil in United States
Jamaica Observer: A new study on the local castor oil industry is showing significant potential for Jamaican black castor oil in the United States. The Complete Caribbean study indicates that the US market for the product stands at about US$28 million. Read more
CDB President calls for resilience, transformation to drive Regional economic growth
CARICOM Today: Although grappling with challenges related to climate change; wide fiscal deficits and high public debt; as well as high unemployment, the Caribbean Development Bank (CDB) today projected that the Region’s economy is expected to grow by 2% in 2019. Read more
Trinidadians seeking business opportunities in Jamaica
CARICOM Today:A business delegation from Trinidad and Tobago is in the island for a four-day trade mission from February 5 to 8. The team, being hosted by the Jamaica Chamber of Commerce, represents 10 companies involved in various sectors. These are construction, architectural services, food and beverage, agro-chemical, consumer and household products, software development, marketing and advertising. Read more
Consultations on CARICOM Gender Policy
CARICOM Today: The first of 15 national consultations on a draft Regional Gender Equality Strategy for CARICOM opened on Thursday, in St. John’s, Antigua and Barbuda. Read more
Japan seeking big concessions from Britain in trade talks
The Guardian: Japan is seeking tougher concessions from Britain in trade talks than it secured from the EU, while negotiations between London and Tokyo are also being slowed by the looming risk of no-deal. Read more
US-China trade war could slash almost 1 million jobs from the US economy, new study says
South China Morning Post: Research from the Washington-based consultancy Trade Partnership Worldwide, paid for by the pro-free trade lobbying group Tariffs Hurt the Heartlands, ominously predicts that more than 2 million American jobs could be on the line should US President Donald Trump push ahead with his threat of a 25 per cent tariff on all Chinese exports. Read more
WTO awards South Korea $85 million against U.S. over washing machine tariffs
Reuters: South Korea can impose annual trade sanctions of $84.81 million on the United States after challenging U.S. anti-dumping and anti-subsidy tariffs on washing machines, a World Trade Organization arbitration panel ruled on Friday. Read more
India, Peru to hold next round of free-trade agreement talks in March in Lima
ET Now: India and Peru will hold the next round of negotiations for a proposed free-trade agreement (FTA) in the South American nation next month, a move aimed at boosting two-way commerce between the countries, an official said. Read more
Uruguay Betting On Exports Of Medical Marijuana
Jamaica Gleaner: The country got a head start on competitors in December 2013 when it became the first in the world to regulate the cannabis market from growing to purchase, a move that has brought a wave of investment. Read more
No-deal Brexit: What does the WTO rules option actually mean and how would it work?
iNews: If the UK leaves the EU without a deal, which is still the default option if one cannot be agreed, it would automatically fall back to World Trade Organization (WTO) rules. But what would this actually mean? Read more
Brexit: May says she can get deal through with binding changes
BBC: Theresa May has told EU leaders she can get the Brexit deal through Parliament if they give her legally-binding changes to it. Read more
African Free Trade Zone deal may come into force in 2 months: Egypt’s FM
Egypt Today: The agreement of the African Continental Free trade Area (AfCFTA) for 55 member states of the African Union may come into force within six months, said Egyptian Foreign Minister Sameh Shoukry on the sidelines of the 32nd session of the African Union that will kick off on Sunday in Addis Ababa. Read more
Turkey, US ‘will reach $75 bln trade target with free trade agreement’
Hurriyet: Trade volume between Turkey and the United States may reach $75 billion through a free trade agreement and the removal of regulations and tariffs, the chairman of the American-Turkish Council has said, stressing that the bilateral potential has never been realized. Read more
A modernized WTO is far better than no WTO at all
The Hill: Last month, on the sidelines of the World Economic Forum in Davos, leading members of the World Trade Organization (WTO) met to discuss how to improve the organization. At the same time, more than 70 governments agreed to commence WTO negotiations on trade-related aspects of electronic commerce. Read more
China says US report on its WTO compliance lacks factual basis
CNBC: China opposes a report by the U.S. Trade Representative’s office on its World Trade Organization (WTO) compliance, the commerce ministry said, saying it is inconsistent with the facts. Read more
Arbitrator issues decision in dispute between Korea and US on large residential washers
WTO: On 8 February 2019, a WTO arbitrator issued a decision on the level of trade suspension Korea may request in its dispute with the United States regarding US anti-dumping and countervailing duty measures on large residential washers from Korea (DS464). 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.