Welcome to the Caribbean Trade & Development News Digest for the week of July 27-August 2, 2020! 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.
I wish to start on a personal note and express condolences to the family of former Barbados Prime Minister, Prof. The Rt. Hon. Owen S. Arthur, who passed away last week. Barbados, the Caribbean and the world have lost a great statesman, economist, a committed regionalist and visionary. This Blog has lost one of its most avid readers. Though I only knew Prof. Arthur in person for a short time, I will forever remember and cherish our conversations on trade, the economy and global affairs and the unselfish way in which he so freely shared his knowledge and experiences. You can have a read of my full tribute to Prof. Arthur here.
Among the developments in trade this week, the WTO’s General Council agreed on the guidelines for the final stage of the selection process for the next WTO Director-General. Read here. Meanwhile, Members failed to agree on an Interim WTO DG. Read the full scoop from Bloomberg here.
On the regional front, a winner has finally been declared in the months-long Guyana elections saga. His Excellency Irfaan Ali has been declared president. Read the full statement by the Caribbean Community (CARICOM) here.
The CTLD Blog will be on vacation hiatus for the month of August but we look forward to returning in September!
Bahamas Bids To Secure $9m In Uk Exports Trade
Tribune242: The government yesterday said it was aiming to secure almost $9m worth of annual Bahamian exports to the United Kingdom (UK) by ratifying a trade deal before year end. Read more
Trade talks begin on economic partnership agreement with the UK
EyeWitness News: The government met with the British High Commission in Nassau this week to discuss increasing trade between the UK and The Bahamas, primarily through the domestic ratification of the CARIFORUM-UK Economic Partnership Agreement (EPA) signed in London last year. Read more
Ice cream brand started in T&T expands across Canada
LoopTT: An ice cream brand that was started in Trinidad and Tobago in the 1940s is now giving Canadians a taste of the Caribbean with its tropical flavours. Read more
Belize Imports way down, exports way up in June 2020 – SIB
Amandala: The report of the Statistical Institute of Belize (SIB) on external trade for June 2020 shows that in June 2020 we imported 38.4% less goods and exported 41.1% more goods, than we did in June 2019. Read more
Belize government launches Micro, Small and Medium Enterprise program
Breaking Belize News: Тhе Gоvеrnmеnt оf Веlіzе, thrоugh а соllаbоrаtіvе еffоrt lеd bу thе Міnіѕtrу оf Іnvеѕtmеnt, Тrаdе аnd Соmmеrсе, thе Міnіѕtrу оf Lаbоur, Lосаl Gоvеrnmеnt аnd Rurаl Dеvеlорmеnt, аnd ВЕLТRАІDЕ аnnоunсеd thе lаunсh оf рhаѕе twо оf Gоvеrnmеnt’ѕ СОVІD-19 Unеmрlоуmеnt Rеlіеf Рrоgrаm, іnсоrроrаtіng thе рrеvіоuѕlу аnnоunсеd Місrо, Ѕmаll аnd Меdіum Еntеrрrіѕе Ѕuрроrt Рrоgrаm. Read more
Online Application Software Making It Easier To Do Business At Ports
JIS: A new online application software is making it easier for truckers and others using the Kingston ports to do business.The Truck Appointment System (TAS) has been implemented to manage the flow of cargo and trucking companies doing business at the two terminals, the Kingston Freeport Terminal Limited and Kingston Wharves Limited. Read more
Jamaica’s import spend declines, export also down for January to April 2020
Jamaica Observer: Jamaica’s imports for January to April 2020 were valued at US$1,680.6 million, a 23.1 per cent decline when compared to the US$2,186.7 million spent for the same period in 2019. Read more
EXIM Bank, Jampro Form Export Club
Jamaica Gleaner: Jamaica’s export-import bank is lending support to the export initiative out of investment promotion agency Jampro, which helps entrepreneurs with market access. Read more
Exim Bank commits more than $5 million to Export Max III
LoopJamaica: The National Export-Import Bank of Jamaica (Exim Bank) has officially committed sponsorship valued at more than $5 million to the Jampro, JBDC, and JMEA export development programme, Export Max III. Read more
Exclusive: WTO unlikely to get interim leader as U.S. insists on its candidate, causes impasse
Reuters: The World Trade Organization will likely not appoint an interim chief to succeed outgoing Director-General Roberto Azevedo in late August, three sources following the process said on Wednesday, after Washington’s insistence on a U.S. candidate caused a deadlock. Read more
Govt allows export of made-in-India ventilators
BusinessToday: Following the approval, the decision was communicated to the Director General of Foreign Trade (DGFT), which then issued a notification allowing the export of indigenously manufactured ventilators. Read more
With eye on China, India looks to increase barriers on imports from Asia
Economic Times: New Delhi is considering measures to prevent trade partners mainly in Southeast Asia from re-routing Chinese goods to India with little added value, two government sources said, amid strained ties with Beijing and a push for self-reliance. Read more
RCEP signing expected to proceed in November, says Azmin
StarOnline: The Regional Comprehensive Economic Partnership (RCEP) participating countries (RPCs), including Malaysia, are expected to proceed with the signing of the agreement in November, according to International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali. Read more
Thailand to support farmers, entrepreneurs in tapping RCEP potential
XinhuaNet: Thailand’s Ministry of Commerce said on Tuesday that it will begin to train farmers and entrepreneurs on how to tap into the benefits of the Regional Comprehensive Economic Partnership (RCEP) this year. Read more
Brazil optimistic about a Mercosur free trade accord with Canada
Mercopress: An estimate by Brazil´s Confederation of Agriculture and Livestock (CNA) points out that the conclusion of a free trade agreement between Mercosur and Canada has the potential to increase Brazilian export revenues of agricultural products by US$7.8 billion. Read more
AfCFTA: Nigeria not ready for restrictive rules of origin
Nairametrics: Adopting a Restrictive Rule of Origin will not allow the Nigerian manufacturing industry enjoy the full benefits of the African Continental Free Trade Area (AfCFTA). This is according to Peter Lunenborg, the Senior Program Officer at South Centre. Read more
How AfCFTA will help continent address Covid-19 challenges
The New Times: A successful implementation of the African Continental Free Trade Area (AfCFTA) agreement would be crucial in helping the continent address challenges posed by the ongoing Covid-19 pandemic, a new World Bank report states. Read more
EU-Vietnam trade agreement enters into force
EU: EU exports to Vietnam will be taxed less as of tomorrow, 1 August. This is the immediate effect of the entry into force of the EU-Vietnam trade agreement that will ultimately scrap duties on 99% of all goods traded between the two sides. Read more
EU and China discuss trade and economic relations
EU: The European Union and China held today their 8th High-Level Trade and Economic Dialogue (HED). Executive Vice-President Valdis Dombrovskis, accompanied by Commissioner for Trade Phil Hogan, held the meeting via videoconference with Chinese Vice-Premier Liu He accompanied by several Vice-Ministers. Read more
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The Caribbean Trade & Development Digest is a weekly trade news digest produced and 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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