by Welcome to the Caribbean Trade and Development News Digest for the week of August 8-14, 2021! We took a much-needed month-long vacation break and are pleased to once again bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.
We at the CTLD Blog extend our deepest sympathies to our brothers and sisters in Haiti following the devastation caused by the 7.2 magnitude earthquake on August 14 which was also felt in several other islands . As of the time of this article’s publication, the earthquake has led to the loss of over 300 innocent lives.
HIGHLIGHTS
This week the Inter-governmental Panel on Climate Change (IPCC) Working Group 1 Sixth Assessment Report issued a dire warning about the current levels of global warming. This article from The University of the West Indies provides 10 ‘urgent takeaways’ and this other article from the University of Melbourne gives a good breakdown of the 5 key takeaway points.
Registration for UNCTAD15 to be hosted virtually by Barbados is open. To register, please see link here.
Coming up this week, the first appointed female SG of CARICOM will take office.
REGIONAL NEWS
WTO Negotiations on Fisheries Subsidies Small states need special, differential treatment for ‘workable’ solution – CARICOM
SKNVibes: While Caribbean Community (CARICOM) Member States have welcomed the progress on the Fisheries Subsidies negotiations, they have signalled that further adjustments are required, underlining the necessity for special and differential treatment (SDT) for small developing states. Read more
Trade Ministry: Trinidad and Tobago exported $12.5b to US in 2020
TT Newsday: Trinidad and Tobago continued to be an important trading partner with the United States, having recorded $12.5 billion in exports for 2020, the Ministry of Trade and Industry said on Friday. Read more
Gopee-Scoon tells India: Trinidad and Tobago open for investment
TT Newsday: Trade and Industry Minister Paula Gopee-Scoon has said Trinidad and Tobago is open for investment. She expressed optimism that some of that investment could come from India, as efforts are being made to further strengthen economic ties between TT and India, on the journey towards a post-covid19 period. Read more
G’town Chamber in cooperation pact with Barbados and Suriname trade bodies
Stabroek: The Georgetown Chamber of Commerce and Industry (GCCI) recently entered into an agreement with the Barbados Chamber of Commerce and Industry (BCCI) and the Suriname Trade and Industry Association (STIA) in order to enhance trade and cooperation. Read more
National Trade Negotiating Commission holds first Regular Meeting
BBN: This week the National Trade Negotiating Commission (NTNC) held its First Regular Meeting at the Ministry of Foreign Affairs, Foreign Trade, and Immigration auditorium in Belmopan. Read more
JAMPRO Pivots to Assist Producers
JIS: Over the years, Jamaica Promotions Corporation (JAMPRO) has been assisting various companies, from different sectors, to gain access to overseas markets for their products. Read more
New JMEA president eyes Amazon to boost exports
Jamaica Observer: Newly appointed President of the Jamaica Manufacturers and Exporters Association (JMEA) John Mahfood is hoping to help small manufacturers to tap into a wider market by distributing their products through online channels. Read more
New duties for T&T exports to Dominica
Daily Express: SOME goods manufactured in Trinidad and Tobago and exported to Caricom member state Dominica will face new import duties from tomorrow, the Ministry of Trade and Industry (MTI) has confirmed. Read more
Oil finds propel Guyana to top of CARICOM FDI table
Stabroek: Guyana’s successive world class oil finds beginning back in May 2015 have propelled the country to the top of the list of Foreign Direct Investment recipients across the entire Caribbean Community (CARICOM) last year and second behind the Dominican Republic across the Caribbean and Latin America as a whole, according to a recently released assessment of FDI inflows into the region released earlier this month by the United Nations Conference on Trade and Development. Read more
INTERNATIONAL NEWS
Brexit has ‘significantly altered’ Irish-British freight traffic, report finds
Reuters: Post-Brexit trade frictions have “significantly altered” freight traffic between Ireland and Britain and sparked a steep rise in volumes to and from Ireland and other European Union members, an Irish government agency report said on Thursday. Read more
UK-EU monthly exports again above pre-Brexit 2020 levels
City AM: The UK’s monthly exports to the EU were above 2020 levels for the second straight month in June, despite earlier concerns about Brexit disruption. Read more
EU implements first animal welfare-based condition in trade agreement
Euractiv: In an unprecedented move, the EU has included the first animal welfare-based condition in the Mercosur trade agreement, but stakeholders warned that this does not go far enough to save the controversial deal that is facing increasing opposition in Europe. Read more
UNCTAD, IATA Extend Partnership to Facilitate Global Trade
IATA: The International Air Transport Association (IATA) and UNCTAD have extended their collaboration to facilitate international trade, particularly e-commerce. Read more
US Joins Services Domestic Regulation Talks
IISD: The US announced that it will join the process on services domestic regulation at the World Trade Organization (WTO) and “support conclusion of the Initiative” by the 12th Ministerial Conference (MC12) in November. Read more
Top U.S., South Korean trade officials discuss supply chain resiliency -USTR
Reuters: U.S. Trade Representative Katherine Tai and South Korean Trade Minister Yeo Han-koo on Thursday discussed supply chain resiliency efforts, tackling climate change, and reform of the World Trade Organization, the USTR said in a statement. Read more
Europe’s carbon emissions plan risks more damage to global trade regime
East Asia Forum: The European Union (EU) recently announced its ‘Fit for 55’ plan to reduce carbon emissions by 55 per cent from 1990 levels by the end of this decade and to reach net zero carbon emissions by 2050. Read more
Argentina among top 15 countries with most import barriers, says WTO report
Buenos Aires: New WTO and UNCTAD technical report warns country is among those which slap the most levies on the entry of products, with Brazil next in 16th position. Read more
New report reveals ‘sobering’ impact of China trade war on Australian exports
6PR: A new report on the overall impact of the Beijing trade war shows the extent of the losses have been grossly understated, due to a boom in iron ore prices. Read more
China is still falling short of meeting an agreement to reduce its U.S. trade surplus
CNBC: China’s purchases of U.S. goods are still falling short of trade agreement levels, even as overall Chinese imports from the U.S. have surged. Read more
China’s export slowdown in July may signal more bumps ahead
Reuters: China’s export growth unexpectedly slowed in July following outbreaks of COVID-19 cases, while imports also lost momentum, pointing to a slowdown in the country’s industrial sector in the second half even as easing global lockdowns boost commerce. Read more
Biden revives Trump’s Africa business initiative; focus on energy, health
Reuters: The Biden administration on Tuesday announced a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent. Read more
Africa-Singapore trade on the up and up in the last five years
The Citizen: Trade between Singapore and Africa has been growing at a compound annual growth rate of over 7.6 percent over the past five years, a senior official said at the weekend. Read more
Lomé seeks firm to update its trade development policy
Togo First: To this end, the ministry of trade and industry issued a notice of interest to hire a firm that will handle the process. Read more
U.S. looks to leverage African diaspora in trade with Africa
Reuters: The Biden administration plans to tap the African diaspora in the United States to bolster trade with Africa, a U.S. official said on Wednesday, in a push to work with people who understand “social nuances” on the continent. Read more
Rwanda to host headquarters of AU backed e-commerce platform
The New Times: Rwanda will host the continental headquarters of Sokokuu, an e-commerce platform aimed at enhancing the role of Africa’s small and medium enterprises in inter and intra-African trade. Read more
STRAIGHT FROM THE WTO
NEW ON THE CTLD BLOG
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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