Welcome to the Caribbean Trade & Development News Digest for the weeks of October 13-19, 2019! 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.
THE WEEK’S HIGHLIGHTS
The EU and UK announced they had negotiated a new Brexit deal whose full text may be found here. The deal is yet to receive UK parliamentary approval and instead the UK House of Commons voted to delay Brexit again. PM Boris Johnson sent a letter to Brussels seeking a delay. However, the UK government will seek a meaningful vote on the deal tomorrow, Monday. Catch up on the latest Brexit developments here.
REGIONAL NEWS
Marriott Acquires Elegant Hotels in Barbados, Boosting All-Inclusive Offering
Travel Market Report: Marriott has agreed to buy Elegant Hotels Group in a $130.1 million deal, as it looks to grow its all-inclusive portfolio in the Caribbean. Read more
J’can Company B&D Gains From US-China Trade War – Grows Lobster Sales As Conch Ban Bites Into Income
Jamaica Gleaner: With US$185 billion worth of duties being slapped on American exports to China in retaliation for US imposition of US$550 billion in tariffs on Chinese goods, leading seafood exporter, Kingston-based B&D Trawling Limited is ramping up volumes of live and frozen lobster sales into that Asian market at a significantly lower tariff than its US competitors. Read more
Caribbean Export signs three MOUs to support the Caribbean’s export growth
Jamaica Observer: At the recently held 4th staging of the Cariforum-European Union (EU) Business Forum in Frankfurt, Germany; three memorandum of understandings (MOUs) were signed between the Caribbean Export Development Agency and key stakeholders in Europe. Read more
Trinidad Tourism Ltd: Tourism sector set to grow in 2020
LoopTT: For the new fiscal year 2019/2020, Tourism Trinidad Limited’s (TTL) is aiming to increase visitor arrivals to 380,000, a 7 percent increase on the previous year’s figures. Read more
TSTT raises over $2.7 b on US roadshow
Trinidad & Tobago Guardian: A US$400 million 10-year bond offered by the Telecommunications Services of Trinidad and Tobago (TSTT) has been “significantly over-subscribed” the T&T Guardian has learned. Read more
Facilitation of business improving in Barbados
Barbados Today: Following recent rounds of Social Partnership talks, the private sector says it is pleased with progress being made by Government to address the vexing issue of business facilitation. Read more
OECS/ITC workshop proving a success
Antigua Observer: Stakeholders involved in the ongoing regional business excellence seminar have voiced their pleasure with the developments, noting in particular, the shared business experiences and solutions. Read more
Mastercard Enters Jamaica, Targets Unbanked
Jamaica Gleaner: It’s been roughly a month since technology company Mastercard settled into its new office space in New Kingston, but discussions are already ongoing to have the company doubling users of electronic payment systems across Jamaica over the next three years. Read more
Former Diplomat Cites ‘Corruption Of EDF Resources In Saint Lucia’ In Open Letter
St Lucia Times: See full letter to the editor. Read more
Business, Consumer Confidence in Jamaica Dips In Third Quarter
Jamaica Gleaner: Business confidence dipped in the third quarter of 2019 as firms have second thoughts about their positive expectations for the economy over the next year. Read more
Jamaica Lobbies US On Correspondent Banking Relationships
Caribnews NY: Jamaica will continue to lobby the United States to take the lead in legitimizing licensed cannabis growers and processors in the correspondent banking relationships with US banks, Industry, Commerce, Agriculture, and Fisheries, Minister Audley Shaw, has said. Read more
Caribbean countries looking to take advantage of ACP-EU accord
Jamaica Observer: As the 79-member African, Caribbean and Pacific (ACP) countries negotiate a post-2020 relationship with the European Union (EU), culture is being presented as an untapped sector that can contribute to the further development of the region. Read more
INTERNATIONAL NEWS
China’s developing country status brings it few benefits in the WTO
East Asia Forum: Whether China is a ‘developing’ or ‘developed’ country for the purposes of the World Trade Organization (WTO) matters a lot to US President Donald Trump. Trump ignited a new front in the US–China trade war in July 2019 by tweeting that the world’s richest nations are masquerading as developing countries to get special treatment. Read more
UK’s independent seat at WTO to include Channel Islands
Gov.uk: The UK has today (Thursday 17 October) notified the World Trade Organization (WTO) that it will extend its WTO membership to include the Channel Islands. Read more
Growing the Fiji Australia trade
FBCNews: “For a small open economy like Fiji, our government agencies and policies aim to be pro-enterprise and pro-innovation. We are committed to working with our businesses to achieve these outcomes.” These were the remarks by the Minister for Industry, Trade and Tourism Premila Kumar, while speaking at the 25th Australia-Fiji Business Council Forum in Brisbane last week. Read more
RCEP explained: The 16-country free-trade agreement that India may sign
The News Minute: While countries have been negotiating since 2013, India has also been facing opposition from multiple domestic industries. Read more
What’s Really in the Trade Deal Trump Announced With China
New York Times: The partial trade deal hasn’t been signed and some details still have to be negotiated, but it could help some American firms. Read more
South Africa gets behind China’s defence of multilateral trade
South China Morning Post: Chinese Foreign Minister Wang Yi says the two countries should work together to oppose protectionism. Read more
Russia Steps Up Its Game in Africa
Moscow Times: The inaugural Russia-Africa summit shows Putin’s growing influence on the continent. Read more
STRAIGHT FROM THE WTO
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