Caribbean Trade Law and Development

Category: CARICOM

  • Caribbean Trade and Development News Digest – January 23-30, 2022

    Caribbean Trade and Development News Digest – January 23-30, 2022

    Happy New Year to all readers! Welcome to our first Caribbean Trade and Development News Digest for the year, covering the week of January 23-30, 2022! We’re back from our much needed and restful extended holiday hiatus and 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.

    The year has started amidst much uncertainty with escalating geopolitical tensions (e.g: US/Russia over Ukraine) and the spread of the Omicron variant of COVID-19, global supply chain disruptions, worsening climate concerns, lingering Brexit issues and longstanding issues to be resolved in the WTO among the issues we’ll be following this year.

    We do hope you enjoy this week’s edition!

    THIS WEEK’S HIGHLIGHTS

    The Second Colombia-CARICOM summit took place on January 28, 2022. The Declaration of Barranquilla coming out of the summit may be accessed here.

    A recently released joint study by the World Bank and the WTO highlighted the key role played by trade in reducing poverty but noting that further measures are needed to support developing countries’ use of trade as a tool for growth. Read more here.

    In its annual report entitled ‘Preliminary Overview of the Economies 2021’, ECLAC has called 2022 a year of major challenges for growth, job creation and tackling the pandemic’s social toll. Read more here.

    His Excellency Paul Kagame, President of the Republic of Rwanda, and Commonwealth Secretary-General, The Rt. Hon. Patricia Scotland, have today announced the week of 20 June 2022 as the new date agreed with member countries for the Commonwealth Heads of Government Meeting (CHOGM). Read more here.

    REGIONAL NEWS

    Brazil wants to team Guyana and Suriname oil and gas in a regional energy corridor

    Mercopress: Brazil is betting strongly to become the main player in the development of oil and gas production in its northeast corner, where the state of Amapá shares proximity with French Guiana, Suriname, and Guyana, these two of which are set to become significant players in the hydrocarbons business. Read more

    Belize co-chairs successful Colombia-CARICOM Ministerial Summit

    BBN: Оn Јаnuаrу 28, Міnіѕtеr оf Fоrеіgn Аffаіrѕ оf Веlіzе Еаmоn Соurtеnау аnd Соlоmbіаn соuntеrраrt Маrtа Luсíа Rаmírеz со-сhаіrеd thе ѕесоnd Соlоmbіа-САRІСОМ Міnіѕtеrіаl Ѕummіt іn Ваrrаnquіllа, Соlоmbіа. Read more

    Dominica’s remote work program named best in the Caribbean

    Loop News Caribbean: Dominica’s digital nomad programme ranked 28th in the world and first in the Caribbean. Read more

    Export Barbados assists breadfruit exporters

    Barbados Today: Export Barbados (BIDC) has come to the assistance of breadfruit exporters Shawn Holder of Holder’s Food & Exports and Erasmus Alfred of E&C Marketing. Read more

    Caribbean nation of Saint Vincent exports first cargo of medical cannabis

    Reuters: Saint Vincent and the Grenadines has exported a cargo of 110 pounds (49.8 kilos) of medical cannabis after receiving a license for export to Germany, according to official announcements and a local official familiar with the matter. Read more

    Jamaica to sign MOU on tourism development with Spain

    Travel Daily News: Jamaican Tourism Minister, Hon. Edmund Bartlett, has announced that Jamaica and Spain will craft a memorandum of understanding to collaborate on various aspects of tourism development and economic transformation. Read more

    Duque wants Caricom to be of help in cases of natural disasters

    Mercopress: Colombian President Iván Duque Friday announced his intention to create a Regional Solidarity Fund, in order to serve the population in terms of health and in case of natural disasters. He made those remarks at the II Ministerial Summit of the Caribbean Community in Barranquilla. Read more

    INTERNATIONAL NEWS

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Xinhua: Member states of the African Continental Free Trade Area (AfCFTA) concluded on Saturday their negotiations on rules of origin, a move expected to further reduce tariffs on original goods within the African continent. Read more

    Navigating Trade & Business One Year Post Brexit

    GT: The economic and social dislocation caused by the pandemic has made it difficult sometimes to distinguish between the impact of Brexit only versus that of COVID 19. However, this article seeks to describe, as far as possible, how Brexit has affected the business and regulatory environment across the full range of areas covered by Steptoe and Johnson practices so far, and to identify issues of potential future concern for companies. Read more

    Brexit, two years on – so far, so bad

    Investment Monitor: 31 January marks the two-year anniversary of the UK’s official withdrawal from the EU. Investment Monitor examines how hard Brexit has hit the UK economy so far. Read more

    OECD takes first step in accession discussions with Argentina, Brazil, Bulgaria, Croatia, Peru and Romania

    OECD: The OECD Council decided today to open accession discussions with six candidates to OECD Membership – Argentina, Brazil, Bulgaria, Croatia, Peru and Romania. This follows careful deliberation by OECD Members on the basis of its evidence based Framework for Consideration of Prospective Members and the progress made by the six countries since their first respective requests for OECD membership. Read more

    Charts: China promised Trump it would buy an additional $200 billion worth of US exports — but only met 60% of the trade deal target

    Business Insider: China failed to meet its side of the bargain in a trade deal it struck with former President Donald Trump in January 2020. Read more

    U.S. lawmakers urge USTR to expand tariff exclusions on Chinese goods

    Reuters: A bipartisan group of more than 140 U.S. lawmakers called on U.S. Trade Representative Katherine Tai to immediately revive and expand a tariff exclusion process on Chinese goods to help U.S. manufacturers. Read more

    The 5G-airlines crisis was mostly averted. Here’s what happened – and what we still don’t know

    CNN: Potentially abysmal air travel interruptions were narrowly avoided this week when wireless carriers made a last-minute change to their planned 5G rollout in response to fears that new cell service towers could interfere with a key component on passenger jets that allows them to safely land in low visibility conditions. Read more

    Taiwan, Canada to start talks on investment agreement

    Reuters: Taiwan and Canada have agreed to start talks on an investment protection agreement, both governments said on Monday, part of the Chinese-claimed island’s efforts to boost ties with fellow democracies in the face of growing pressure from Beijing. Read more

    Huge uncertainties still surround US trade policy

    East Asia Forum: Donald Trump’s presidency signalled a decisive US retreat from free and open trade and leadership of the multilateral trading system that had fostered unprecedented trade and economic growth for over 70 years. Read more

    EU initiates WTO dispute complaint regarding Chinese restrictions on trade with Lithuania

    WTO: The European Union has requested WTO dispute consultations with China concerning alleged Chinese restrictions on the import and export of goods, and the supply of services, to and from Lithuania or with a link to Lithuania. The request was circulated to WTO members on 31 January. Read more

    A New Trust to Help Countries Build Resilience and Sustainability

    IMF: A proposed $50-billion trust fund could help low-income and vulnerable middle-income countries build resilience to balance of payments shocks and ensure a sustainable recovery. Read more

    Global Shipping Costs Are Moderating, But Pressures Remain

    IMF: Shipping costs soared over the past year as consumers unleashed pent-up savings to buy new merchandise while the pandemic continued to snarl the world’s supply chains. Container rates have more than quadrupled since the start of the pandemic, with some of the biggest gains concentrated in the first three quarters of last year. Read more

    Canada joins Mexico’s official complaint arguing U.S. violating trade pact over auto parts provision

    CBC: Canada is joining Mexico’s official complaint today requesting a dispute settlement panel to resolve a claim that the U.S. is violating the new NAFTA by insisting on a stricter interpretation of a key provision on auto parts. Read more

    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:

  • Caribbean Trade and Development News Digest – October 31 – November 6, 2021

    Caribbean Trade and Development News Digest – October 31 – November 6, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of October 31-November 6, 2021! 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.

    THIS WEEK’S HIGHLIGHTS

    The United Nations Framework Convention on Climate Change (UNFCCC) Twenty-sixth Conference of the Parties (COP26) is underway in Glasgow, Scotland, UK. Read this round-up report by The Guardian on what (little) has been achieved so far.

    European Commission President von der Leyen and United States President Biden agreed on October 31 to start discussions on a Global Arrangement on Sustainable Steel and Aluminium. Read more

    The Caribbean Court of Justice this week began hearing claims by Belize that Trinidad & Tobago failed to apply the common external tariff (CET) duty of 40% on brown sugar imported from outside of the Caribbean Community (CARICOM) from November 2018-June 2020 in breach of the Revised Treaty of Chaguaramas, a claim which Trinidad & Tobago denies. The hearing was live streamed and the recording may be watched here.

    This week it was my pleasure and honour to be one of the key note speakers at the 2nd Annual Caribbean Future Summit 2021 organised by Global Startup EcoSystem where I spoke on “Disruptive Human Capital Development and Trade in a Post-Pandemic Era”. Other key note speakers included Jamaican Minister Hon. Audley Shaw, Barbadian Minister Hon. Dwight Sutherland, as well as CEOs, entrepreneurs and influencers from across the Caribbean. I thank the organisers for the kind invitation and for a very well-organised and interesting conference.

    REGIONAL NEWS

    Belize no longer seeking compensation from Trinidad and Tobago over sugar imports tiff

    Newsday: Belize will no longer seek compensation from Trinidad and Tobago for allegedly failing to apply the common external tariff (CET) tax on brown sugar imported from outside the region from November 2018-June 2020. Read more

    Belize Resumes Shipment of Corn to Guatemala Under Revitalized PSA

    Channel 5 News: A consignment of grain destined for Guatemala City departed from the Cayo District this morning, signaling the resumption of trade in corn between Belize and Guatemala. Read more

    Jamaican pineapple farmers gain access to Barbados

    Jamaican Observer: A release from the Ministry of Agriculture and Fisheries outlined that “With effect from October 29, 2021, Jamaica now has access to export pineapples (fruit) commercially to Barbados.” Read more

    Diaspora making strong contribution to Jamaica’s recovery

    JIS: Minister of Industry, Commerce, Agriculture and Fisheries, the Hon. Audley Shaw says Jamaica has started to show strong signs of recovery due to relations with the diaspora and retrievals in the services of goods-producing industries. Read more

    Barbados may trade in building materials with Guyana – Duguid

    Barbados Today: Barbados is seeking assistance from Guyana in the provision of certain types of construction materials to build houses here, Minister of Housing Dr William Duguid said on Monday. Read more

    Barbados still top choice for Canadian investors

    Barbados Today: Barbados continues to be a top choice jurisdiction for investment by Canadians. This assurance has come from High Commissioner to Barbados and the Eastern Caribbean, Lilian Chatterjee. During her recent address to the Global Business Week 2021 Conference, hosted by BIBA, the Association for Global Business in Barbados and its strategic partners, High Commissioner Chatterjee noted that the island was still within the top 5 jurisdictions in the world for Canadian investment. Read more

    Trade has role in assisting with climate change solutions

    Barbados Today: Trade has to be part of the climate change solution and countries need to cooperate on how to achieve adaptation and mitigation instead of working in silos. Read more

    CDB Proposes a Resilience-Adjusted GNI Measure for Small Island Developing Economies to Access Concessional Finance

    CDB: The Caribbean Development Bank (CDB) has proposed a resilience-adjusted Gross National Income (GNI) measure for Small Island Developing States (SIDS) to access concessional finance. Read more

    INTERNATIONAL NEWS

    Key Takeaways from COP26 Week 1

    CTV: All eyes have been on Glasgow, Scotland as the first week of the UN climate conference known as COP26 draws to a close. The conference was delayed by a year because of the coronavirus pandemic, and is set to run until Nov. 12. Read more

    China’s trade with world surges ninefold after 20 years in WTO

    Nikkei Asia: In the 20 years since joining the World Trade Organization, China has increased its foreign trade by ninefold, vaulting ahead of the U.S. to become the top player, but little progress has been made on reforming entrenched state-owned enterprises. Read more

    USTR Tai and Commerce Minister Goyal to take ‘comprehensive look’ at bilateral trade ties

    Economic Times: US Trade Representative Katherine Tai and Union Commerce and Industry Minister Piyush Goyal have agreed to take a “comprehensive look” at ways to expand the bilateral trade ties and also shared perspectives on how to reach “meaningful outcomes” at the upcoming WTO Ministerial Conference. Read more

    EU could shelve Brexit trade deal if UK triggers article 16, Irish minister warns

    The Guardian: Simon Coveney accuses British government of ‘deliberately forcing breakdown’ in negotiations over Northern Ireland. Read more

    Biden eyes Western front to China in EU tariff agreement

    The Hill: President Biden has ramped up efforts to repair the U.S.-European Union trade relationship and form a united Western front against China with a recent deal to ease Trump-era steel and aluminum tariffs. Read more

    China’s Oct trade surplus with the United States at $40.75 bln

    Reuters: China’s trade surplus with the United States was $40.75 billion in October, Reuters calculations based on customs data showed on Sunday, down from $42 billion in September. 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:

  •  CARICOM Declaration on Climate Change leading up to COP26 (re-issued)

     CARICOM Declaration on Climate Change leading up to COP26 (re-issued)

    CARICOM Secretariat:



    “1.5: Ambition to Defend the Most Vulnerable”
    Underscoring that Small Island and low-lying coastal Developing States (SIDS) are particularly vulnerable to climate change, and have been internationally recognized as a special case for sustainable development,
     
    Recalling the Special Report of the IPCC on 1.5°C and the recent IPCC Report which confirms that the current decade is the final opportunity to keep 1.5°C within reach,
     
    Gravely concerned that global average warming has already reached 1.2°C, and the prospect of exceeding 1.5°C in the 2030s is imminent, noting in this regard that the IPCC projects that global warming could rise to 2.7°C by the end of the century,
     
    Alarmed that even at 1.5°C SIDS will continue to experience the worsening of slow onset events and extreme events including more intense storms, along with heavy or continuous rainfall events, ocean acidification, increased marine heatwaves, rising sea levels together with storm surges resulting in coastal inundation, saltwater intrusion into aquifers and shoreline retreat, as well as the continued overall decline in rainfall, increased aridity, and more severe agricultural and ecological droughts,
     
    Recognizing that these impacts threaten both human and natural systems, and that the already steep social, economic and environmental costs have already exceeded the Region’s overall capacity to adapt,
     
    Underscoring thus the limits to the region’s adaptive capacity, the increasing evidence and the growing toll of loss and damage, with cataclysmic and existential implications for the Caribbean,
     
    Emphasizing with consternation that while the Region emits roughly 0.2% of global greenhouse gases, it is disproportionately bearing the costs of a climate crisis it did not create,
     
    Further emphasizing that the ineligibility of CARICOM Members to access grant or concessionary support has contributed to increasing unsustainable debt burdens that are grossly exacerbated by the economic fallout from the continuing COVID-19 pandemic as well as other shocks including extreme weather events,
     
    Noting that developed countries have failed to deliver on the long-term climate finance goal of providing at least USD100 billion per annum by 2020, and continue to channel most resources to mitigation, with adaptation making up merely 20 percent of climate finance thus far, Noting also that the scale of the current finance goal and the rate of disbursement of financing is incommensurate with the scale of the needs of developing countries to implement their climate plans which is estimated to be in the range of trillions of dollars,
     
    Noting that despite the climate crisis not being of their making, SIDS have had to use their own resources, constrained by COVID, debt, a lack of policy and fiscal space wrought by global financial norms and inflexible rules, an absence of support, and, for some, the millstone of being classified as middle-income countries, to finance the climate crisis, jeopardizing progress towards the attainment of the Sustainable Development Goals.
     
    Highlighting thus the need for a new collective quantified goal on climate finance that shifts from billions to trillions and adequately as well as predictably addresses the needs of developing countries in a timely fashion,
     
    Taking note of the UNFCCC Synthesis Report which concludes that current NDCs fall far short of the mitigation ambition to maintain global temperatures below 1.5°C, and highlighting in particular that the major emitters especially those with historic responsibility have not submitted NDCs consistent with 1.5°C,
     
    Underscoring that members of the Group of 20, who account for 75 percent of global greenhouse gas emissions, have the greatest mitigation potential to curb emissions and keep 1.5°C within reach,
     
    Recognizing that the Conferences of the Parties to the Convention, the Kyoto Protocol and the Paris Agreement are meeting for the first time since the COVID-19 pandemic, and that it is expected to complete the Paris Agreement Work Programme in order to strengthen accountability, transparency and ensure environmental integrity, in line with the Paris Agreement and its subsequent Work Programme,
     
    Recognizing also that this COP marks the first five-year cycle since the adoption of the Paris Agreement and therefore it is a first opportunity to examine Nationally Determined Contributions in light of the goals of the Paris Agreement,
     
    Convinced that, in light of the foregoing, COP26 is the last best chance to keep 1.5°C within reach,
     
    Resolved to engage across all of society to amplify a robust regional response to climate change, and motivated to do so to secure a safe climate future for our young people,
     
    We, the CARICOM Ministers with responsibility for Climate Change, hereby declare that the Region faces a climate emergency and unavoidable loss and damage. We call urgently for unswerving global solidarity to deliver ambition, timely action, and support, for a just transition this decade with the aim of limiting global warming to well below 1.5°C. We demand climate justice and the assurance that our survival will not be compromised. We call upon leaders at COP26 to close the emissions gap, scale up finance particularly for the most vulnerable, and agree on rules to guide parties to progressively increase and demonstrate highest ambition.
     
    To close the emissions gap, we call on leaders of the Group of 20 to commit by COP26 to:
     Urgently close the emissions gap in order to maintain global warming to well below 1.5°C; Deliver, well before the global stocktake in 2023, new NDCs with 2030 targets that are consistent with the 1.5°C temperature goal and credible net zero by 2050 long-term strategies; Support efforts to encourage the aviation and shipping sectors to align with the Paris goals; and, Provide fair and just compensation for ecosystem services provided by forests regarding climate and atmospheric regulation; Support efforts to conserve and enhance reservoirs and sinks of greenhouse gases, including forests. Ensure a green and sustainable approach to the recovery from the COVID-19 pandemic. 
    We resolve to continue to do our part to contribute ambitious climate plans and in this regard:
     Commend fellow Member States who have already submitted ambitious targets and note encouragingly the efforts of others to finalize their submissions; and Commit to marshal all efforts to present low emission development strategies in line with a net zero by 2050 commitment and adaptation communications or adaptation plans, as appropriate. 
    We also underscore the need to optimize synergies between climate action and COVID-19 responses to ensure a green and sustainable approach to the recovery and plea for the international community to urgently support:
     CARICOM Members rapid access to grants and other sustainable and affordable financial instruments, Improved modalities of access for the Region to climate finance including at the sub- national and local levels, direct access modalities as well as direct financing mechanisms, simplified approval procedures, innovative financial arrangements such as debt for climate swaps Regional efforts to develop capacity, and access fit for purpose, state of the art technology, to improve and accelerate responses to climate change, and to strengthen monitoring and reporting, Dedicated funds for adaptation and for loss and damage for SIDS; and,Debt forgiveness, debt relief, and increased liquidity for the region. 
    To close the finance gap, we call on developed countries to:
     Deliver on their goal of at least USD100 billion per annum by 2020, aiming for a balance between mitigation and adaptation, and to progressively scale up finance from the floor of USD100 billion p.a.; Submit a credible plan for the period 2020 through to 2025, on delivering and going beyond the floor of USD100 billion p.a., that includes a specific target to significantly increase finance for SIDSin accordance with our needs, and modalities for fast-track financing in keeping with the emergency we face; Ensure that all CARICOM Member States are able to access climate finance as grants and other concessionary instruments on affordable terms bearing in mind the lender’s responsibility not to undermine a country’s debt sustainability; Provide dedicated funds additional to the USD100 billion p.a. floor to support the Caribbean and other SIDS in proactively responding to loss and damage already being incurred; Support the establishment of a formal replenishment process for the Adaptation Fund; Agree to a process for the new climate finance goal to be disaggregated to address: adaptation; mitigation; loss and damage response; just transition; transparency; readiness and enabling activities; and mechanisms supporting capacity building, technology transfer and providing technical assistance to developing countries; a sub-goal for non-state actors; specific attention to the needs and capabilities of Small Island and low-lying Developing States; and, transparency and consistency in reporting, linked to the enhance transparency framework and the implementation and compliance mechanism of the Paris Agreement; and At the regional level, to enhance capitalization of the Caribbean Catastrophe Risk Insurance Facility. 
    We also welcome the additional support of others in a position to do so.
     
    To finalize the Paris Agreement Work Programme, we commit to work with all delegations:
     Guided by the objective of enabling the highest possible ambition so as to maintain global warming to well below 1.5°C and to keep all Paris goals within reach, to elaborate article 6 rules and guidance emphasizing the need to address the core issues of: environmental integrity, A substantial discount rate on carbon credits in order to accelerate reduction of greenhouse gas emissions for the overall mitigation of global emissions in line with the 1.5°C temperature goal, corresponding adjustments, avoidance of double counting and carryover of Kyoto Protocol units, a defined share of proceeds that provides a significant predictable and sustainable source of finance contributing to the scaling up of adaptation finance that can be channeled to the Adaptation Fund; and capacity building and technology transfer for developing countries to participate in the range of available article 6 approaches; To ensure that in the operationalization of the rules and guidance of article 6 that developing countries are able to fully and effectively participate in, contribute to and benefit from market and non-market approaches; Finalise the arrangements for the implementation of the enhanced transparency framework in line with the modalities, and guidelines agreed under the Paris Agreement Work Programme and in accordance with the principles of transparency, accuracy, consistency, completeness and comparability; and, expand capacity building support for SIDS and LDCs especially for generating data, and for reporting on support needed and received; Synchronize nationally determined contributions (NDCs) preferably on a five-year timeframe with the aim of enabling progressive increase of ambition to limit global warming to well below 1.5°C; Establish a process utilizing the best available science, to support the implementation, and assessment of progress of activities towards achieving the global goal on adaptation; and, Agree on a time bound process for the full operationalization of the Santiago Network on Loss and Damage that will ensure that the Network can deliver on its mandate to developing countries, with adequate support, both institutional and financial.
    Finally, we recall that thirty years ago, SIDS raised the issue of loss and damage and the need therefore for international cooperation to prevent dangerous anthropogenic climate change. Thirty years later we are facing dangerous climate change and the SIDS are dangerously on its frontline. Clearly the models have not worked and there must now be renewed effort, renewed commitment and a different way of thinking.
     
    We urge all leaders at COP26 to finally confront the reality of loss and damage in SIDS and to identify robust options on a way forward for the UNFCCC to deliver action and support that responds to this reality and ensures our survival. We emphasize that there is no more time for equivocation and no more time for delay.
  • Caribbean Trade and Development News Digest – October 3-9, 2021

    Caribbean Trade and Development News Digest – October 3-9, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of October 3-9, 2021! 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 continue to express our solidarity with our brothers and sisters in Haiti who were affected by a 7.2 magnitude earthquake on August 14, and then by Tropical Storm Grace just days later. Even though the international media has largely moved on from the ‘story’, our Haitian brothers and sisters still need your help. Please assist by reaching out to reputable charities/aid agencies if you are so able.

    THE WEEK’S HIGHLIGHTS

    This week October 3-7, Barbados made history by hosting the 15th session of the UNCTAD (UNCTAD-15), and becoming the smallest State and first Caribbean country to do so. ALthough primarily a virtual event, some high level delegates attended in person, including UN SG Antonio Guterres, UNCTAD SG Rebeca Gynspan, Commonwealth SG Dame Patricia Scotland and Caribbean Comunity (CARICOM) SG Dr. Carla Barnett.

    Barbados’ Prime Minister the Hon. Mia A. Mottley has assumed the presidency of UNCTAD for the next three years, taking over from Kenya which was the chair of the UNCTAD 14. The main outcome documents – the Bridgetown Covenant and the Spirit of Speightstown– adopted by the Conference at the closing plenary, as well as the other outcome documents may be accessed here.

    Global deal on tax reform reached

    On October 8, 136 jurisdictions (out of the 140 members of the OECD/G20 Inclusive Framework on BEPS) joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy which updates and finalises a July political agreement by members of the Inclusive Framework to fundamentally reform international tax rules. Read more here

    REGIONAL NEWS

    Barbados and Guyana seek common ground in bilateral talks

    Nation News: Barbados and Guyana held bilateral talks on several issues on the sidelines of the 15th session of the United Nations Conference on Trade and Development (UNCTAD 15) at the Lloyd Erskine Sandiford Centre. Read more

    Barbados Reiterates Call For Concessional Financing

    Barbados Govt: Concessional financing is necessary for Barbados and other small island developing states (SIDS) to adapt to the economic and environmental shocks brought about by climate change and the COVID-19 pandemic. Read more

    Nigeria exploring business opportunities with Jamaica

    JIS: Nigeria is exploring opportunities for greater trade and business linkages with Jamaica, says Nigerian High Commissioner, Dr. Maureen Tamuno. Read more

    Afreximbank and Government of Barbados enter milestone understanding for Africa diaspora trade ties

    Barbados Today: African Export-Import Bank (Afreximbank) and the Government of Barbados have signed a Memorandum of Understanding (MoU) to expand trade and investment links between Africa and the Caribbean island state. Read more

    Kenya, Barbados sign bilateral agreements on aviation, trade

    Star (Kenya): Kenya and Barbados have signed three key bilateral agreements for cooperation in aviation, environmental conservation, trade and investment. Read more

    ESW to ease business facilitation in Barbados

    Barbados Today: Barbadians involved in the business of imports and exports will find it easier in the coming months to do business across the public sector when over two dozen government departments are merged into an Electronic Single Window (ESW). Read more

    Mottley: Revamp ‘outdated, unfair’ global trade system

    Barbados Today: Presiding over UNCTAD15, Prime Minister Mia Mottley has advocated a complete revamp in the way in which the global trade system is run. Read more

    Plans to trade in local dollars within the region

    Barbados Today: If all goes according to plan, Barbados and other Caribbean Community (CARICOM) states could soon be trading with each other in their own local currency instead of US dollars. Read more

    PM Mottley outlines way forward following UNCTAD 15

    LoopBarbados: Prime Minister Mia Amor Mottley has identified a number of initiatives to be worked on after the staging of UNCTAD 15 in Barbados, including three upcoming fora on trade logistics, investment and the creative industries. Read more

    PM Briceno Returns from an Official Trip to Mexico

    LoveFM: Prime Minister John Briceno returned home over the weekend after heading a delegation in Mexico where he engaged in a series of bilateral meetings. During the five-day visit, PM Briceno and his team met with several government ministers and representatives of Mexican bodies with the aim to expand trade and investment opportunities for the Belizean economy. Here is what he told the Government Press Office on Saturday. Read more

    Belize is 1 of 3 Caribbean countries that produces more than 50% of the food it consumes

    BBN: As the Caribbean Community (CARICOM) celebrates the annual 16TH Caribbean Week of Agriculture (WAG), it’s good to note that Belize is one of only three countries in the Caribbean that produces more than 50 percent of the food it consumes, according to New York Carib News. The other two are Guyana and Haiti said the Food and Agricultural Organization (FAO). Read more

    Caribbean warned vulnerability to food production is stark

    Jamaica Observer: A senior official of the Caricom Secretariat has warned that the current vulnerability of the food production in the region is stark, as collectively the Caribbean continues to be buffeted by the coronavirus (COVID-19) pandemic, the ravages of climate change, pests and plant-borne diseases and other associated maladies, however, he noted that there are indeed opportunities. Read more

    Guyana, Brazil closer to further develop local agri. sector

    Newsroom: Agriculture Minister, Zulfikar Mustapha on Saturday met with the Secretary of State for Agriculture, Livestock and Supply of Roraima, Brazil, Mr. Aluizio Nascimento da Silva to discuss collaboration between the two countries to further develop agriculture and trade. Read more

    Guyana will be aggressive on dismantling barriers to intra-regional agri trade – President

    Stabroek: Guyana’s President, Irfaan Ali has called for the removal of trade barriers which he says only serve to restrict regional agricultural trade and curtail food exports and the attainment of regional food security. Read more

    Guyana reiterates pledge to agricultural land for investment

    NYCaribNews: President Dr. Irfaan Ali, in a virtual address to the WAG, said that providing the land is part of his administration’s efforts to guarantee that the Caribbean has enough food to feed its population. Read more

    CARICOM SG wants debt reduction as part of post COVID-19 response

    Jamaica Gleaner: Secretary-General of the Caribbean Community (CARICOM), Dr Carla Barnett, says an effective response to the post coronavirus (COVID-19) economic situation must include significant and broad debt reduction for all developing countries. Read more

    INTERNATIONAL NEWS

    Trade war looms as UK set to spurn EU offer on Northern Ireland

    Guardian: EU leaders urged to push back against No 10’s brinkmanship over role of European Court of Justice. Read more

    Shipping crisis ‘to last until next summer’ as container vessels queue in the Channel for European ports

    iNews: Giant vessels are waiting up to a week to enter some ports, following a warning from a UK minister over ‘major concerns’ about shortages in the run-up to Christmas. Read more

    ‘Containergeddon’: Supply crisis drives Walmart and rivals to hire their own ships

    Reuters: The Flying Buttress once glided across the oceans carrying vital commodities like grain to all corners of the world. Read more

    Regional integration offers path to resilient future, UNCTAD15 hears

    UNCTAD: As multilateralism fails to provide many developing countries with the tools they need to respond to the COVID-19 pandemic, regional cooperation offers hope to building back better. Read more

    International trade is back, but not for all

    UNCTAD: International merchandise trade is booming. Exports of many countries are growing at double digit rates and global trade has already surpassed the pre-pandemic levels of 2019. However, the global trade recovery hides an important asymmetry: small economies and the poorest countries are falling behind. Their recovery is not yet in sight. Read more

    At UN trade meeting, Guterres urges ‘quantum leap in support’ for vulnerable nations

    UN: Recovery from the COVID-19 pandemic must be sustainable and inclusive, Secretary-General António Guterres said in remarks to a major UN trade conference which opened on Monday in Barbados, unveiling “an urgent four-point debt crisis action plan.” Read more

    UK prepares for trade deal with Gulf Cooperation Council

    Gov.uk:A fourteen-week consultation to seek views on a trade deal with the Gulf Cooperation Council begins. Read more

    Ecuador eyes trade deals with China, Russia in bid for investment

    Reuters: Ecuador is aiming to negotiate trade deals with China, Russia and South Korea in the next four years, the Andean nation’s Production and International Trade Minister said on Thursday, adding that closing a deal with the United States is a priority. Read more

    China presses U.S. to cancel tariffs in test of bilateral engagement

    CNBC: China said on Saturday it pressed the United States to eliminate tariffs in talks between the countries’ top trade officials that Washington saw as a test of bilateral engagement between the world’s biggest economies. Read more

    Free Trade Agreement Talks with UAE, Australia Going Full Steam Ahead: Piyush Goyal

    News18: Negotiations for the proposed free trade agreements (FTAs) with the UAE and Australia are “going full steam ahead” and officials of both the sides are working on the deadlines to conclude the talks, Commerce and Industry Minister Piyush Goyal said on Saturday. Read more

    Piyush Goyal pushes for ASEAN FTA renegotiation

    The Hindu: Commerce and Industry Minister Piyush Goyal called for a renegotiation of the India-ASEAN free trade agreement (FTA), to prevent its misuse by ‘third parties’ and remove trade restrictions as well as non-tariff barriers that he said have hurt Indian exports disproportionately since the pact was operationalised in 2010. Read more

    Australia sees trade deal with EU by end-2022 -minister

    Reuters: Australian Trade Minister Dan Tehan said on Friday he expected to finalise a free trade agreement with the European Union by the end of next year, despite the EU’s anger over Canberra’s cancellation of a submarine contract with France. 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: