by Welcome to the Caribbean Trade & Development News Digest for the week of August 11-17, 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.
HIGHLIGHTS
ECLAC’s Foreign Direct Investment in the Latin America and Caribbean Report 2019 revealed that while FDI to the entire LAC region increased by 13.2% in 2018 versus 2017, in the Caribbean, inflows shrank by 11.4% due to lower investment in the Dominican Republic ($2.535 billion dollars, -29%). Read the report here.
The WTO has also reported that the growth of world merchandise trade volumes is likely to remain weak in the third quarter of 2019 according to that organization’s Goods Trade Barometer, released on 15 August. Read more
It was announced that the UN will be hosting its first ever Trade Forum on September 9-13, 2019 and will be entitled “SDGs and Climate Change”.
REGIONAL NEWS
New Customs Act (2019) to promote Jamaica’s socio-economic development
Jamaica Observer: Arising from a decision of Cabinet in 2017, the Jamaica Customs Agency (JCA) was tasked with the responsibility to develop a new legislative framework which would further promote business opportunities for Jamaica, particularly in the areas of shipping, logistics and international trade. Read more
Eel Export Tax Jumps from 42¢ to $16.00 per kg
Haiti Sentinel: A memorandum from the Ministry of Agriculture, Natural Resources and Rural Development (MARNDR) dated August 12, 2019 stated that “from now on, the export costs of the eels are set at 1,500 gourdes ($15.77 [USD]) per kilogram.” Read more
Haiti and Dominican Republic Teaming Up against Cocoa Cultivation Threat
Haiti Sentinel: Haiti and the Dominican Republic, together with representatives of the private sector of both countries, are working to define and apply a common strategy to prevent an eventual occurrence of moniliasis, a disease that attacks cocoa crops. Read more
Green welcomes mapping of Jamaica’s cultural, creative industries
Jamaica Observer: Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries, Floyd Green, says the Mapping of Cultural and Creative Industries in Jamaica will increase the awareness of the island’s resources and give an accurate valuation of the industries. Read more
Belize Minister of Investment leads delegation visit to Taiwan
Breaking Belize News: Minister of State for Investment, Tracy Panton, and an accompanying delegation visited the Republic of China (Taiwan) this week as one of several activities commemorating the 30th anniversary of Belize and Taiwan’s diplomatic relationship. Read more
Delays at the Port costing Barbados government
Barbados Today: Goods imported into Barbados take four times as long as they do in neighbouring St Lucia to be cleared, the head of the Port of the Bridgetown has revealed, complaining of the cost of the delay to Government. Read more
Belize and Republic of China (Taiwan) strengthening ties through new agreement
Breaking Belize News: Today, the Government of Belize (GOB) and the Government of the Republic of China (Taiwan) (RoC) signed a Letter of Intent (LOI) to engage in the negotiation of a Partial Scope Agreement (PSA) geared towards formalizing trade relations between the two countries. Read more
The Bahamas’ Ease of doing business committee satisfied with improvements
The Nassau Guardian: Chair of the National Ease of Doing Business Committee (EODB) Lynn Holowesko said the committee is very pleased with many of the policies introduced in the 2019/2020 budget aimed at improving the business climate in the country, particularly surrounding immigration, conveyance valuations and estate planning. Read more
Customs Fraud Fighting Initiative Launched in The Bahamas
The Bahama Journal: The Bahamas Customs Department and Deputy Prime Minister Peter Turnquest introduced the new online portal Click2 Clear, which is designed to protect against customs fraud. Read more
Guyana working closer with India to build solar energy capacity
Kaieteur News: The Head of State noted that the relations between the two countries continue to be enhanced by high-level engagements between officials of both states as Guyana would have signed and ratified the Framework Agreement of the International Solar Alliance in January 2018 under his tenure. Read more
Chastanet Meets With US Delegation
The Voice: St Lucia Prime Minister met with representatives of the US House of Representatives. Read more
CBU President calls for preservation of indigenous broadcasters
RJR: President of the Caribbean Broadcasting Union (CBU), Gary Allen has expressed the need for a sincere commitment to the preservation of indigenous broadcasters in recognition of the integral role they play in social and economic development. Read more
Sugar Association of the Caribbean wants governments to tax sugar coming outside of CARICOM
Breaking Belize News: The Sugar Association of the Caribbean (SAC) is calling for Caribbean Community (CARICOM) nations to place Common External Tariffs (CETs) on white sugar imported from outside the region to strengthen the regional market. Read more
EU releases food for Haiti in response to food crisis
Jamaica Observer: The European Union (EU) has released €9 million in humanitarian aid to Haiti, in response to the deteriorating food and nutrition situation in the French-speaking Caribbean Community (Caricom) member state. Read more
T&T Prime Minister envisions one border for region as Carifesta begins
LoopTT: Carifesta XIV opened on Friday night with Trinidad and Tobago Prime Minister Dr Keith Rowley calling for regional unity. Read more
Time to Fully Implement CSME
Trinidad Guardian: If ever there was opportunity and necessity for Caricom countries to fully implement the 30-year old Caricom Single Market and Economy, the “subdued global economic activity and global trade” of the present makes it the right “Time for Action.” Read more
Caricom’s Assistant Secretary General, CSME is not a dream
Trinidad Guardian: The CARICOM single market and economy (CSME) and CARICOM is not a fantasy but a concrete situation that is moving forward. This is according to CARICOM’s Assistant Secretary-General in the Directorate for Trade and Economic Integration, Joseph Cox. Read more
Water Scarcity May Be New Way of Life for Caribbean, St. Kitts and Nevis Minister warns
CARICOM: Minister of Public Infrastructure, Honourable Ian “Patches” Liburd, says that climate change related challenges such as floods, sea level rise, drought and extreme weather conditions are the new norm for the Caribbean. Read more
INTERNATIONAL NEWS
Ottawa announces $1.75-billion compensation for dairy farmers to offset impact of trade deals
Financial Post: Agriculture minister says Liberals are committed to no longer cede market share in the dairy sector in future international free trade negotiations. Read more
Australian Government releases list of items the EU wants protected in free trade deal
News.au: Australian cheesemakers could be dealt a major blow as the European Union targets the naming rights to some of the most popular products. Read more
Cambodia-European Union trade deal is on the chopping block
Al Jazeera: Accusations of human rights abuse by the Cambodian government may force the end of a preferential trade agreement. Read more
Brazil’s Guedes threatens to quit Mercosur if populist opposition wins Argentina election
Reuters: Brazil will pull out of the Mercosur trade bloc if the opposition party wins Argentina’s presidential elections later this year and closes the economy with protectionist policies, Brazil’s Economy Minister Paulo Guedes said on Thursday. Read more
US retailers to rely on Vietnam amidst exits from China’s textile industry
Singapore Business Review: Vietnam’s textile sourcing rose 13% YoY in Q1 2019.Vietnam is expected to benefit the most from plans by US retailers to diversify production to other manufacturing hubs and reduce reliance on China for their textile needs, according to a Fitch Solutions report. Read more
India’s export basket skews towards services, pulls down trade deficit
Livemint: India’s export basket is undergoing a silent transformation, a trend that explains why the services sector, which accounts for about half of India’s gross domestic product (GDP), is doing better than other segments of the economy. Read more
US-China trade war hits Africa’s cobalt and copper mines with 4,400 jobs expected to vanish
South China Morning Post: The US-China trade war is partly to blame for Anglo-Swiss mining giant Glencore’s move to shut a cobalt mine in the Democratic Republic of Congo and copper mining shafts in Zambia, with the probable loss of about 4,400 jobs, analysts say. Read more
China Makes Up US Trade War Deficit by Buying from ASEAN, Belt and Road Countries
China Briefing: China is balancing the US trade slowdown with more bilateral trade with ASEAN and Belt and Road Initiative countries. Read more
US-UK trade pact ‘won’t pass Congress if Good Friday deal undermined’
Euronews: There is no chance that a trade agreement between the United States and Britain will pass Congress if Brexit undermines the Good Friday peace accord between Ireland and Northern Ireland, US House Speaker Nancy Pelosi said on Wednesday. Read more
UK ‘first in line’ for US trade deal, says John Bolton
BBC: The UK is “first in line” for a trade deal with the US, President Trump’s national security adviser has said. John Bolton said the US supported a no-deal Brexit and added Washington would propose an accelerated series of trade deals. Read more
Norway Freezes Support For Amazon Fund: EU/Brazil Trade Deal At Risk? – Analysis
Eurasia Review: Ola Elvestrun, Norway’s environment minister, announced Thursday that it is freezing its contributions to the Amazon Fund, and will no longer be transferring 300 million Norwegian Krone (US$33.2 million) to Brazil. Read more
Nigerian Traders Seek National Assembly’s Ratification of AfCFTA Agreement
AllAfrica: The National Association of Nigerian Traders (NANTS) has advised the National Assembly to urgently ratify the African Continental Free Trade Area (AfCFTA) agreement to ensure its speedy implementation. Read more
Ghana is best entry point for foreign investors to Africa – Trade Minister
Ghanaweb: Alan Kyerematen, Minister of Trade and Industry, has said that Ghana is the best entry point for foreign investors to do business in Africa because of its investor-friendly policies. Read more
Sadc launches Business Council
The Chronicle: Southern African Development Community (Sadc) has officially launched a new Business Council, an over-arching regional private sector platform aimed at increasing collaboration with the public sector and accelerating regional economic development and industrialisation. Read more
Brexit: judge fast-tracks challenge to stop Johnson forcing no deal
The Guardian: Hearing in Edinburgh to block suspension of parliament backed by more than 70 MPs. Read more
EU’s Juncker tells Britain: no-deal Brexit will hurt you the most
EURACTIV: A no-deal Brexit would hurt Britain more than the rest of Europe no matter how much Prime Minister Boris Johnson’s government pretends otherwise, outgoing European Commission President Jean-Claude Juncker said in remarks published on Saturday (10 August). Read more
US and Britain discuss trade deal that could take effect on 1 November
EURACTIV: Britain and the United States are discussing a partial trade accord that could take effect on 1 November, the day after Britain is due to leave the European Union, a senior Trump administration official said on Tuesday (13 August). Read more
Trump threatens to pull out of WTO
WTO: At the site of an under-construction petrochemicals plant in Monaco, Pa., for a speech Tuesday that was to be about energy policy, Trump said that the United States has been taken advantage of by WTO member states, especially China, for too long — and it was about to stop. Read more
‘India, China No Longer Developing Nations, Will Not Let Them Take Advantage’: Trump Flays WTO Status
News 18: Earlier in July, Trump asked the WTO to define how it designates developing-country status, a move apparently aimed at singling out countries like China, Turkey and India which are getting lenient treatment under the global trade rules. Read more
India’s seafood exports to EU to be hit after Vietnam-EU free trade pact
Hindu Business Line: India’s seafood exports to the European Union is set to drop sharply this year after its biggest competitor Vietnam signed a free trade agreement (FTA) with the European Bloc in July that helps it export products to the EU without any customs duty, according to the Maharashtra region head of the seafood exporters body. Read more
US-China trade war — The unlikely European winners
Deutsche Welle: The imminent US tariffs on Chinese goods are expected to throw up some unexpected winners in Europe, a study shows. The gains for the European countries are only likely to increase if China chooses to retaliate. Read more
European Commission proposes adjustments to the existing safeguards for steel
EU: The Commission today presented a proposal for adjustments to the existing safeguard measures for steel. Read more
South Korea hits back at Japan in WW2 dispute
BBC: South Korea has said it will take Japan off its favoured trade partners’ list. Read more
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