by Welcome to the Caribbean Trade & Development News Digest for the week of May 26 – June 1, 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 TRADE HIGHLIGHTS
The Africa Continental Free Trade Area (AfCFTA) went into effect on May 30, 2019! Read more here.
The Trump Administration has threatened to impose tariffs on goods imports coming from Mexico unless the latter stops illegal immigration through its border. Read more
The US also removed Turkey and India from eligibility from the US Generalised System of Preferences (US GSP) which accords non-reciprocal preferential access to the US market for certain goods imports from eligible developing countries.
REGIONAL NEWS
New catfish export regulations for discussion with US officials
Stabroek News: The Fisheries Department of the Ministry of Agriculture is to discuss new regulations to enable Guyana to resume exporting catfish, with the US Food Safety and Inspection Service (FSIS) this week. Read more
‘Unknown’ forces siphoning gold out of Guyana
Stabroek: Activities in the mining sector and the corresponding production levels do not match the amount of gold being declared to the Guyana Gold Board (GGB) and the entity has begun to go into the mining districts to buy the precious metal while also tightening up security measures for exports. Read more
Imports down by a little, exports up by a lot, says Statistical Institute of Belize
Breaking Belize News: Belize’s imports were down while exports were up by 80% for the month of April, according to the latest data released by the Statistical Institute of Belize (SIB). Read more
Government to assess the economic impact of Vincy mas
OECS Business News: The government of St. Vincent and the Grenadines will assess the economic impact of Vincy Mas, the nation’s annual festival in now in progress. Read more
CARICOM chairman speaks out on corresponding banking
Jamaica Observer: The chairman of the Caribbean Community (CARICOM), Prime Minister Dr Timothy Harris says one the biggest economic and financial challenges facing the 15-member grouping is the practice engaged by the large global commercial banks to terminate their corresponding banking services. Read more
As exports decrease and imports increase, Holness urges investors not to give up on Caricom
Jamaica Observer: The Jamaican Government has said it would support investors in their quest to penetrate the Caribbean Community (Caricom) market, which it said “sometimes can be a more difficult market than exporting to Nigeria and Mauritius”. Read more
PM Urges CARICOM Pushback – Says Jamaican Businesses Shafted By Trade Partners
Jamaica Gleaner: Seeking to bolster the confidence of Jamaican businesses eager to deepen their export footprint across the Caribbean, Prime Minister Andrew Holness urged investors to push back at perceived structural or cultural barriers to trade by regional partners. Read more
Labour reform: Foreign companies must give locals top positions to operate in BVI
BVI News: Investors who establish new businesses in the British Virgin Islands will soon be required to grant their company’s senior management positions to BVIslanders/Belongers. Read more
CARICHAM requests Extension of CBERA
Dominica Vibes: The Network of Caribbean Chambers of Commerce (CARICHAM) is pleased to announce that we have submitted a letter to the United States International Trade Commission (USITC) on 28 May 2019, requesting an extension of the Caribbean Basin Economic Recovery Act (CBERA) and Caribbean Basin Trade Partnership Act (CBTPA). Read more
Divisions in CARICOM ‘suicidal’
Barbados Today: A prominent champion of regional integration has waded into the debate over the Caribbean Community’s position on the political unrest in Venezuela, with a warning to regional leaders that “fragmentation is suicidal”. Read more
Caricom sugar producers want less extra-regional imports
Jamaica Observer: Regional sugar producers are making an urgent appeal for policy changes to address the large amounts of extra-regional sugar being consumed in Caribbean Community (Caricom) member countries. Read more
INTERNATIONAL NEWS
Canada begins process to ratify USMCA trade deal
Washington Examiner: Canadian Prime Minister Justin Trudeau formally introduced legislation to his country’s parliament Wednesday to ratify the U.S.-Mexico-Canada Agreement on trade. Read more
U.S. President Donald Trump terminates preferential trade status for India under GSP
The Hindu: A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences (GSP) was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5. Read more
‘The US has backtracked’: China releases official document blaming America for the trade war
CNBC: China took a firm official stance against the United States on trade on Sunday, issuing a white paper that illustrates a widening gap between the two sides. Read more
US ends special trade treatment for India amid tariff dispute
BBC: The US will end preferential trade status for India next week, President Donald Trump has confirmed amid a deepening row over protectionism. Read more
Trump Defends Trade Moves, Says Tariff Is ‘a Beautiful Word’
Bloomberg: Self-professed “Tariff Man” President Donald Trump on Saturday defended his decisions to impose or raise levies against imports from Mexico and China, respectively, saying “companies are moving to the U.S.” to avoid paying the levies, and that “TARIFF is a beautiful word indeed!” Read more
China to release blacklist of US firms as trade war intensifies
Al Jazeera: On Saturday, China raised tariffs up to 25 percent on $60bn of US imports. Read more
WTO NEWS
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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 subscribe to our Blog below:
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