December 3, 2022

Caribbean Trade and Development News Digest – October 9-14, 2022

Welcome to our Caribbean Trade and Development News Digest covering the week of October 9-14, 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

The Annual Meetings of the International Monetary Fund (IMF) and the World Bank took place this past week (October 10-16, 2022) with both Washington-based entities warning that the world economy could be in recession in 2023. Among the many things highlighted in UNCTAD’s recently released Trade and Development Report 2022 is that “with 60% of low-income countries and 30% of emerging market economies in or near debt distress, the possibility of a global debt crisis is high”. Barbados took the opportunity to present the Bridgetown Initiative on the reform of the global financial architecture which can be accessed here.

What are we watching this week? The situation in Haiti has taken a turn for the worse. CARICOM countries participated in an important United Nations (UN) Security Council Meeting to address the situation in sister CARICOM member State Haiti where it is estimated by that organisation that 4.7 million Haitians face acute hunger. This Blog extends its heartfelt support for the people of Haiti. This week the FATF’s October Plenary takes place and we will also be watching this.

What have I been up to these past few weeks? It’s been a while so I have lots to share! I was pleased to have moderated a session in September at the inaugural Africa-Caribbean Trade and Investment Forum (ACTIF) and also a session with Canadian fintech company Paystone’s CEO Tarique Al-Ansari at the inaugural Fintech Islands Conference held in Barbados, October 5-7, 2022. My latest piece for IFC Review on Barbados’ Regulatory Resilience in the Face of COVID-19 was recently published. Feel free to also check out my latest piece on what the volatility of the UK pound might mean for Caribbean tourism and trade here.

REGIONAL NEWS

Guyana World Trade Center aims to build bridges between local small businesses, foreign partners

Stabroek: Chairman of Demerara Distillers Ltd., Komal Samaroo, says that “connecting Guyanese businesses with potential partners around the world” and accessing relevant information to support market access for local products ought to be the highest priority for business owners here. Read more

Guyana signs air agreement with China

CWN Weekly: The Government of Guyana has signed an air service agreement with the People’s Republic of China. Read more

Guyana opens tender for its first oil refinery

Economic Times: Guyana has called for proposals to design, finance and build its first oil refinery. Read more

Belize’s SIB reports 13.5% GDP growth, tripling of rum production

Amandala: The Statistical Institute of Belize reported that for the second quarter of 2022, the economy grew by 13.5%, due to increases in beverage production, fruit deliveries, and electricity generation. Read more

Suriname eyeing economic citizenship

Caribbean Life: Suriname, considered as one or the more developed nations in CARICOM, dropped a political bombshell in the past week, indicating that it is considering joining its neighbors in the Organization of Eastern Caribbean States (OECS) in running a passport for money and citizenship scheme. Read more

Gopee-Scoon: Businesses booming in Trinidad and Tobago

Newsday: Exports are at record levels, the country’s figures are great, and exciting new businesses abound in TT, effused Trade Minister Paula Gopee-Scoon, in her budget contribution on Tuesday in the House of Representatives. Read more

INTERNATIONAL NEWS

WTO anticipates sharp slowdown in world trade growth in 2023

UN: Trade growth is expected to lose momentum in the second half of this year and remain subdued in 2023, as the global economy sustains multiple shocks, such as ripple effects from the war in Ukraine, the latest forecast from the World Trade Organization (WTO) has revealed. Read more

Trade and Sustainability Discussions at WTO Approaching Next Milestone

IISD: On October 4 and 5, the 74 members currently co-sponsoring the Trade and Environmental Sustainability Structured Discussions (TESSD) at the World Trade Organization (WTO) met to further their work and discuss preparations for a high-level stocktaking event in December. Read more

How Countries Should Respond to the Strong Dollar

IMFBlog: Policy responses to currency depreciation pressures should focus on the drivers of the exchange-rate moves and signs of market disruptions. Read more

Policymakers Need Steady Hand as Storm Clouds Gather Over Global Economy

IMFBlog: One-third of the world economy will likely contract this year or next amid shrinking real incomes and rising prices. Read more

UK government unveils bill for digitisation of trade documents through blockchain

Financial Express: According to Cointelegraph, MP Michelle Donelan and UK Department of Digital, Culture, Media and Sport stated that the Electronic Trade Documents Bill had been introduced to the Parliament. Read more

UK Government asked to reconsider on trade agreements

UK Parliament: The Environment Food and Rural Affairs (EFRA) Committee has asked the new government to re-consider a “disappointing” response to its report on the impact of the Australian free trade agreement (FTA) on the UK food and agriculture sector. Read more

GOP Members Call for U.S.-UK Free Trade Agreement in Letter to Newly Appointed UK Trade Secretary Kemi Badenoch

US House: Ways and Means Republican Leader Rep. Kevin Brady (R-TX) and Republican Leader of the Ways and Means Subcommittee on Trade, Rep. Adrian Smith (R-NE), joined by all Ways & Means Republicans, today sent a letter to UK Secretary for International Trade Kemi Badenoch conveying this message. Read more

No consensus yet on China joining regional trade pact – Singapore PM

Reuters: Singapore’s Prime Minister Lee Hsien Loong said on Tuesday there is no consensus yet for China to join a trans-Pacific trade pact, although Singapore believed it would be possible for Beijing to meet the trade bloc’s conditions. Read more

Taiwan, U.S. hope to come up with ‘early harvest’ list on trade deal by year-end

FocusTaiwan: Taiwan hopes to reach consensus with the United States to come up with an “early harvest list” on a bilateral trade deal before the end of this year, the nation’s deputy trade negotiator told lawmakers on Monday. 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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