by Welcome to our Caribbean Trade and Development News Digest covering the week of January 31-February 5, 2022! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week. We do hope you enjoy this week’s edition!
THIS WEEK’S HIGHLIGHTS
According to the WTO, “world exports of intermediate goods (IGs) continued to rise in the third quarter of 2021, although at a slower pace than the previous quarter according to a WTO report released on 4 February”. Read more here
The WTO in another report released this week noted that “global services trade posted a 25% year-on-year increase in the third quarter of 2021”, but that this “has yet to represent a full recovery from pre-pandemic levels, as services trade remains 5% below levels recorded in the third quarter of 2019”. Read more here
In its Annual Review, the Caribbean Development Bank (CDB) has projected GDP growth of 9.1% across its 19 Borrowing Member Countries (BMCs) in 2022, accelerating the region’s economic recovery which started in 2021. Read more here.
This week the Caribbean Court of Justice (CCJ) dismissed Belize’s claim against Trinidad & Tobago citing a severe shortage of evidence. Read more here.
This week I had the pleasure of being a speaker on panel 3 at the IIED/UNCTAD Webinar on International Investment Agreements and Climate Action.
REGIONAL NEWS
Dominica to develop national trade policy
Loop News: Dominica says it is developing a national trade policy to replace the ad hoc situation now existing here. Read more
Dominica, Martinique hold talks on geothermal energy
Loop News: Martinique is to send a technical team to Dominica as the two islands seek to further enhance cooperation in the area of geothermal energy, according to a statement issued by the Office of the Prime Minister. Read more
SVG Medicinal Marijuana lab receives inquiries from local and regional entities
Searchlight: The laboratory that facilitates this country’s Medicinal Marijuana Industry is said to have begun to receive inquiries from local and regional entities for the testing of medicinal cannabis as well as other agricultural and industrial commodities. Read more
More banana woes for farmers
St Lucia Voice: Turning bananas into a cash crop has not been easy for banana farmers over the past few years. Read more
Jamaica coffee export to get boost
Barbados Today: An initiative designed to help boost coffee export from Jamaica to the European Union (EU) has been launched. Read more
Jamaica records increase in revenue from trade
Jamaica Observer: Jamaica received US$115 billion in export earnings over nine months last year, representing a 26.3 per cent increase over the US$910.7 million recorded for the corresponding period in 2020. Read more
China/Guyana Bilateral Trade stood at US$710 million in 2021
Newsroom Guyana: China says Guyana’s economic boom, fuelled by its nascent oil and gas sector, has resulted in a doubling of bilateral trade in the last two years. Read more
Guyana- Suriname private sector council in the works
Newsroom Guyana: A new Guyana-Suriname Private Sector Business Council will be created as part of efforts to strengthen bilateral business relations between the private sectors in Guyana and Suriname. Read more
Guyana set to export 120 pre-built houses to Ghana this year
New York Carib News: The Guyana government is set to export some 120 pre-built houses to Ghana this year. The idea put forth by President Irfaan Ali last year has come to fruition as Dr. Ashni Singh, Senior Minister with responsibility for Finance, made the announcement on Wednesday. Read more
Caricom preparing position on gender development in context of climate change
Jamaica Observer: As Caricom prepares its position ahead of the next conference of the Commission on the Status of Women (CSW 66), stakeholders in gender development in the region are examining women and girls’ empowerment in the context of climate change, the environment and in disaster risk reduction, the Caricom Secretariat has announced. Read more
Caricom launches consumer food choice survey
Jamaica Observer: The Caricom Private Sector Organization (CPSO), along with the Caribbean Community (Caricom) Secretariat, and the Caribbean Agricultural Health and Food Safety Agency (CAHFSA), launched the Caricom Consumer Food Choice Survey on February 2, 2022. Read more
Standard for nutrition labels ‘imminent’
Barbados Today: Dr Patrick Antoine, interim head of the CARICOM Private Sector Organisation (CPSO), disclosed that his organisation was now tasked with completing a CARICOM Impact Assessment Study that will help inform what kind of standard will be introduced. Read more
INTERNATIONAL NEWS
U.S. to reduce levies on most Canadian softwood producers
The Globe and Mail: The U.S. Department of Commerce plans to decrease tariffs for most Canadian softwood producers but raise them for West Fraser Timber Co. Ltd. WFG-T , Canada’s largest lumber company. Read more
Canada’s closed dairy market keeps prices high for consumers, exporters say
Global News: Canadian consumers are paying artificially high prices for milk and cheese because U.S. exporters are being deliberately shut out of the market, despite promises made to let them in, an ongoing trade dispute alleges. Read more
EU, U.S. agree to resume trade in mussels, clams and oysters
Reuters: The European Union and the United States have agreed to resume trade in mussels, clams and oysters from the end of February after they were halted more than a decade ago, marking another step in improved transatlantic relations. Read more
Prospects for the United Kingdom’s CPTPP accession
East Asia Forum: The United Kingdom is in discussions to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with UK trade officials stating that rapid progress on talks could see London acceding to the 11-member trade bloc in 2022. Read more
Africa welcomes China’s help to bolster exports: AfCFTA chief
CGTN: Africa welcomes the “generous offer” China is set to provide members of the African Union (AU) to help augment exports in the coming years, a senior official has said. Read more
Out of the starting blocks: One year of the AfCFTA
African Business: The AfCFTA is the most ambitious trade zone on the planet, but after a year of trading, is it living up to its enormous potential? Read more
Australia seeks to join WTO talks on China-EU trade row
Reuters: Australia will seek to be included in consultations about a trade dispute between the European Union and China launched by the EU at the World Trade Organisation, the Australian trade minister said on Saturday. 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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