by Welcome to the Caribbean Trade & Development Digest for the week of February 17-23, 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
The World Trade Organisation (WTO) has warned that “trade weakness is likely to extend into the first quarter of 2019”. This is based on its trade indicator whose reading is currently the weakest since March 2010. Read more here.
UNCTAD has released an article taking stock of the current level of ratification, implementation notifications, and transparency obligations of the Trade Facilitation Agreement and may be viewed here.
Regionally, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), Dr. Mukhisa Kituyi, presented a lecture in Barbados entitled “The Role of UNCTAD in Trade and Development in the Caribbean”. The lecture was a collaboration between the Shridath Ramphal Centre for International Trade Law, Policy and Services of the University of the West Indies’ Cave Hill Campus and the Ministry of Foreign Affairs and Foreign Trade of Barbados. The Secretary General touched, inter alia, on the current challenges facing the multilateral system, challenges facing small States and the current ACP-EU negotiations.
REGIONAL
Bahamas Must Benefit In WTO Sector Openings
Tribune242: The Bahamas will only open up industries to foreign competitors under the WTO if doing so generates “real economic opportunities” for this nation, its chief negotiator asserted yesterday. Read more
Trade arrangements with EU to remain in place for now
Barbados Today: As the date for the United Kingdom’s withdrawal from the European Union (EU), commonly referred to as Brexit, draws nearer, Barbados and other Commonwealth countries have been reassured that current trading arrangements with the EU will remain in place for the foreseeable future. Read more
Bahamas Urged To Target Fatf Escape
Tribune 242: The Bahamas has been urged to “prioritise” escaping the Financial Action Task Force’s (FATF) monitoring list as all its recent woes “flow” from this. Read more
Regional Transportation, CSME among matters for CARICOM Heads’ attention
CARICOM Today: Enhancing regional air and maritime transportation and further advancing the CARICOM Single Market and Economy (CSME) are among matters for deliberation when CARICOM Heads of Government hold their 30th Inter-Sessional Meeting in Basseterre, St. Kitts and Nevis, 26-27 February. Read more
Trade License Reform Coming in 2020 in Belize
Breaking Belize News: Businesses countrywide can look forward to more predictability with regards to paying their trade licenses thanks to a new regime coming next year, according to Belize City Mayor Bernard Wagner. Read more
INTERNATIONAL
New AU trade observatory to support implementation of AfCFTA
The New Times: The African Union Commission (AUC), the European Commission (EU), and the International Trade Centre have set up the ‘African Union Trade Observatory’ expected to accelerate the implementation of one of the continent’s flagship projects – the African Continental Free Trade Area (AfCFTA). Read more
Eswatini bids to host AfCFTA secretariat
African Daily Voice: The Kingdom of Eswatini government has made a bid to host the upcoming Africa Continental Free Trade Area (AfCFTA) secretariat. Read more
Pacific Trade Agreement Triggers IP Overhaul in Vietnam
Bloomberg: The Pacific trade pact is expected to give Vietnam a complete intellectual property makeover, covering everything from fast-food chains to patented inventions, even those owned by U.S. firms. Read more
India, EMs make case for special treatment at WTO
Livemint: India, along with China, South Africa and Venezuela, has insisted on continuing with the special and differential (S&D) treatment for developing countries at the World Trade Organization (WTO), countering efforts of the US, which is seeking equal treatment for all members at the multilateral trade body. Read more
India refuses to join e-commerce talks at WTO, says rules to hurt country
Business Standard: The government believes the push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties. Read more
Half of Canadian executives say old NAFTA better for our economy than USMCA
Financial Post: Half the executives surveyed for the inaugural FP500/Forum Research Business Barometer poll say they think the original North American Free Trade Agreement was better for the Canadian economy. Read more
UK and US agree post-Brexit derivatives trading deal
The Guardian: In a joint announcement heralded as a sign of the special relationship between the UK and the US, the two countries said they would take every step to ensure the continued trading of derivatives across the Atlantic under every Brexit eventuality. Read more
Brexit: UK-US agree to preserve trading arrangements
BBC: The UK has struck a deal with the US to preserve £12.8bn of trade after Brexit.The mutual recognition agreement replicates the current deal between the EU and US on technical standards for exported goods. Read more
WTO NEWS
WTO trade indicator points to slower trade growth into first quarter of 2019
WTO: Trade weakness is likely to extend into the first quarter of 2019, according to the WTO’s latest World Trade Outlook Indicator (WTOI) released on 19 February. The simultaneous decline of several trade-related indicators should put policy makers on guard for a sharper slowdown should the current trade tensions remain unresolved. 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.
