December 2, 2022

Caribbean Trade and Development News Digest – June 19-25, 2022

Welcome to our Caribbean Trade and Development News Digest covering the week of June 19-25, 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

This week Commonwealth Heads of Government met for the first time physically in four years in Kigali, Rwanda under the theme “Delivering a Common Future: Connecting, Innovating, Transforming”. They voted, albeit by a narrow margin, in favour of a second term for incumbent Secretary General Baroness Patricia Scotland. The final communique, leaders’ statement and other declarations can be accessed here.

UNCTAD has released a study on COVID-19 and trade and development, as well as the lessons learnt. Have a read of the report here. An agreement in principle was reached on a modernised Energy Charter Treaty.

So what’s happening this coming week? Leaders of the Group of 7 (G7) countries are currently meeting in Germany and have so far announced a ban on the importation of Russian gold as part of a tightening of sanctions against Russian aggression in Ukraine. On June 29th, the Trade Facilitation Agreement, the first major multilateral trade agreement agreed by WTO members, celebrates its fifth year anniversary.

This week I had the pleasure and honour of being a speaker at the Institute of Chartered Accountants of the Caribbean (ICAC) 39th Annual Conference speaking on the topic “COVID-19 and Businesses: Reflections, Impact and Options“. Read my latest blog article based on my presentation here.

REGIONAL NEWS

Belize Chamber BCCI President says Trade License Bill in current form is flawed

LoveFM: The Government of Belize has put its plan for national trade license reform on hold. This came after several sectors of society, including artists and DJs, complained that the proposed legislation was unfair and badly timed. Read more

China-Guyana, Bilateral Trade Increased To US$710 Million Last Year

MENAFN: China’s Ambassador to Guyana, Guo Haiyan, said Monday, that bilateral trade between Guyana and China has grown steadily in recent years, increasing to some US $710 million in 2021 compared to US $500 million during the previous years. Read more

Guyana local agro-processors to engage Antiguan buyers

Newsroom: Between 40 to 50 small agro-processors are expected to travel to Antigua soon to engage buyers, Vice President of the Guyana Manufacturing and Services Association (GMSA) Ramsay Ali has told the News Room. Read more

Bajans spent millions on Guyanese products at Agrofest

Newsroom: There was an overwhelming interest in the locally-made products at the recently concluded agro-fest in Barbados and Head of the Guyana Manufacturing and Services Association (GMSA) Rafeek Khan said that there is now a revitalised interest in improving transportation between the two countries. Read more

Britain thanks Windrush Caribbean migrants for their contribution to the UK

Caribbean National Weekly: Britain Wednesday paid tribute to Windrush Caribbean immigrants by unveiling a national monument to celebrate their work in rebuilding the country after World War II. Read more

UN SG to attend CARICOM Conference

Prensa Latina: The UN Secretary General, António Guterres, will travel next Friday to Paramaribo, Suriname, to participate in the conference of heads of government of the Caribbean Community (Caricom), they announced the eve. Read more

Barbados opens CARICOM diplomatic mission in Kenya

Caribbean National Weekly: Barbados Foreign Affairs and Foreign Trade Minister, Dr. Jerome Walcott, has officially opened the Caribbean Community (CARICOM) diplomatic mission in Nairobi making it the first for the 15-member regional integration movement on the African continent. Read more

Jamaica Tourism Minister Suggests Single-Visa Regime For CARICOM

JIS: Tourism Minister, Hon. Edmund Bartlett, says a single-visa regime among CARICOM member countries should be the next critical consideration in rationalising entry protocols in the region. Read more

Beyond CARICOM, Guyana registers hemispheric support for threats to food security

Newsroom: Guyana is leading an aggressive food security agenda within the Caribbean Community (CARICOM)- a 15-member bloc of Caribbean states, but amid growing concerns of food shortages, the country has backed similar efforts in the wider Americas. Read more

Cayman Islands Minister contemplating trade with Costa Rica, Belize and Honduras

LoopCayman: This scenario could change, however, as the Minister for Agriculture, Jay Ebanks, now has his eyes set on trading with more neighbours in the region, in particular, Honduras, Belize, Costa Rica and possibly Cuba. Read more

INTERNATIONAL NEWS

EU, UK win carve-out in Energy Charter Deal

Euractiv: Investments in new fossil fuel projects will no longer enjoy legal protection on EU and UK territories under a deal reached on Friday (24 June) to reform the 1994 Energy Charter Treaty. Read more

Commission unveils new approach to trade agreements to promote green and just growth

European Commission: In its Communication on “The power of trade partnerships: together for green and just economic growth”, the Commission is putting forward how to further strengthen the implementation and enforcement of Trade and Sustainable Development (TSD) chapters of the EU’s trade agreements. Read more

Food security: EU to step up its support to African, Caribbean and Pacific countries in response to Russia’s invasion of Ukraine

European Commission: The European Commission adopted today a proposal to mobilise €600 million from the reserves of the European Development Fund to address the current food security crisis aggravated by Russia’s invasion of Ukraine. These funds will support African, Caribbean and Pacific (ACP) countries to cope with the dire situation, through humanitarian assistance (€150 million), sustainable production and resilience of food systems (€350 million) and macro-economic support (€100 million). Read more

India, European Union resume talks for free trade agreement after over eight years

The Hindu: India and the European Union (EU) finally restarted the negotiations for the long-pending trade and investment agreement on Friday after a gap of over eight years. Read more

UK PM announces major trade initiatives to capitalise on Commonwealth Advantage

Gov.uk: The Prime Minister will announce a raft of new trade and investment initiatives to create jobs, growth and shared prosperity across the Commonwealth. Read more

UK appoints new trade commissioner to lead UK-Africa trade and investment relationship

Gov.uk: International Trade Secretary Anne-Marie Trevelyan has appointed John Humphrey as Her Majesty’s Trade Commissioner (HMTC) to Africa. Read more

Intra-Commonwealth trade to grow to $20 trillion in five years

The New Times: British Prime Minister Boris Johnson has commended the benefits from existing ties between Commonwealth countries and pointed out that intra-trade within the community is expected to grow by 50% to $19.5 trillion in the next five years. Read more

Rwanda: SG Launches Digital Trade Hackathon

AllAfrica: The Commonwealth Digital Trade Hackathon was launched Tuesday, June 21, at the end of the Commonwealth Youth Forum (CYF) in Kigali. Read more

USTR Tai calls U.S. tariffs on Chinese goods ‘significant’ leverage

Reuters: U.S. Trade Representative Katherine Tai on Wednesday said that she views tariffs on Chinese goods as “a significant piece of leverage” in the U.S.-China trade relationship and removing them would likely have a limited effect on controlling short-term inflation. Read more

US Farmers Welcome Indo-Pacific Economic Framework

Voice of America: Before the 2016 presidential election, Illinois farmer Brian Duncan looked to the Trans-Pacific Partnership (TPP) trade agreement between the United States and Asian countries, to boost demand for his crops, and in particular, prices for the thousands of hogs he raises annually. Read more

Russia and China are brewing up a challenge to dollar dominance by creating a new reserve currency

Business Insider: Russia is ready to develop a new global reserve currency alongside China and other BRICS nations, in a potential challenge to the dominance of the US dollar. Read more

In unstable times, Jacinda Ardern hopes European powers can avert further crises

Stuff.co.nz: New Zealand Prime Minister Jacinda Ardern will look to lock in a free trade agreement and push Western leaders to reduce the impacts of climate change in the Pacific in a series of meetings across Europe this week. 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:

caribbeantradelaw

The Caribbean Trade Law and Development Blog is owned and was founded by Alicia Nicholls, B.Sc. (Hons), M.Sc. (Dist.), LL.B. (Hons), a Caribbean-based trade and development consultant. She writes and presents regularly on trade and development matters affecting the Caribbean and other small states. You can follow her on Twitter @LicyLaw. All views expressed on this Blog are Alicia's personal views and do NOT necessarily reflect the views of any institution or entity with which she may from time to time be affiliated.

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