Category Archives: Trade

Caribbean Citizenship/Residence by Investment Programmes among those deemed “high risk” by OECD

Alicia Nicholls

A new threat to Caribbean countries’ citizenship and residency by investment programmes (CBI/RBI programmes) has emerged. Today the Paris-based think tank, the Organisation for Economic Cooperation and Development (OECD) published a ‘black list’ of sorts of CBI and RBI programmes that “potentially pose a high-risk to the integrity of the Common Reporting Standard”.

What are CBI/RBI programmes?

Citizenship by investment programmes and residence by investment programmes provide citizenship (in the case of the former) or residency (in the case of the latter) to an investor (and often his or her dependents) in exchange for that investor making a significant investment in the host country, subject to that jurisdiction’s eligibility criteria.

St. Kitts & Nevis operates the oldest CBI programme in the world. As part of their efforts to diversify and attract much needed foreign direct investment, four other Caribbean countries (Antigua & Barbuda, Dominica Grenada and St. Lucia) have since adopted their own programmes.  The British Overseas Territory of Anguilla has also recently established an RBI programme. Outside of the Caribbean, there is now an ever-growing list of CBI or RBI programmes operated across the world.

OECD’s examination of CBI/RBI programmes

Earlier this year, the OECD announced that it would be examining the prevention of abuse of these programmes to circumvent the Common Reporting Standard (CRS).

Nicknamed Global FATCA because it was inspired by the US’ Foreign Account Tax Compliance Act (FATCA), the CRS is an information standard approved by the OECD Council in 2014 for the automatic exchange of information among tax authorities. CRS jurisdictions are required to obtain certain financial account information from their financial institutions and automatically share this information with other CRS jurisdictions on an annual basis.

The OECD has argued that CBI/RBI programmes are a risk to the CRS because they can be misused by persons to hide their assets offshore and because the documentation (such as ID cards) obtained through these programmes could be used to misrepresent an individual’s jurisdiction of tax residence.

The OECD used two vague criteria to determine whether a CBI/RBI programme was high risk to the CRS: (1) it gives access to a lower personal income tax rate on offshore financial assets and (2) it does not require an individual to spend a significant amount of time in the host jurisdiction.

Out of the 100 CBI/RBI programmes the OECD analysed, programmes from the following twenty-one jurisdictions were identified as high risk: Antigua & Barbuda, The Bahamas, Bahrain, Barbados, Colombia, Cyprus, Dominica, Grenada, Malaysia, Malta, Mauritius, Monaco, Montserrat, Panama, Qatar, Saint Kitts & Nevis, St. Lucia, Seychelles, Turks and Caicos, United Arab Emirates and Vanautu.

Caribbean Programmes Identified as ‘High Risk’

The following Caribbean CBI and RBI programmes were identified:

OECDCaribbeanCBIRBI

As a result, the OECD requires that financial institutions “take the outcome of the OECD’s analysis of high-risk CBI/RBI schemes into account when performing their CRS due diligence obligations”.

Why is this development of concern to the Caribbean?

This development is of concern to Caribbean countries which operate these programmes for several reasons. Firstly, it adds to the reputational backlash which Caribbean CBI  programmes have been facing, with implications for these programmes’ attractiveness to investors.  Caribbean CBI programmes are already facing competition not only inter se, but with other programmes around the world, including those in Europe which offer the prospect of free movement within the EU.

Secondly, this seeming blacklist, which is based on vague criteria, casts an unfair shadow on those countries which operate these programmes and may affect their attractiveness as jurisdictions for international business. Moreover, those countries which operate only RBI programmes , which have much less reputational risk, have also been painted with the same brush.

Thirdly, a reduction in CIP revenues would have an adverse economic impact on those countries which have come to depend on these revenues for their macroeconomic stability.

The results of the OECD’s analysis may be found here.

Alicia Nicholls, B.Sc., M.Sc., LL.B., is an international trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

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If you take away multilateralism, who will hear us?

Alicia Nicholls

The title of this week’s article is borrowed from the impromptu but impassioned appeal made by Prime Minister of Barbados, the Hon. Mia Amor Mottley, QC, MP, in her maiden address on September 28th during the General Debate of the 73rd Session of the United Nations General Assembly (UNGA). With only one notable exception, support for multilateralism was a common thread linking the speeches given by world leaders during the General Debate.

Perhaps the most compelling case for multilateralism was that made by Foreign Minister of Singapore, Dr. Vivian Balakrishnan. While warning that multilateralism was at a crossroads and was facing a crisis of confidence, Foreign Minister Balakrishnan made an articulate case for the indispensability of multilateralism to the global community, especially to small states.

Indeed, multilateralism affords small states a microphone that they would otherwise lack on the international stage. Despite the successes of the rules-based multilateral system, there are widening cracks in the system. These require immediate remedial action to enhance the system’s structural integrity to withstand the threat of creeping unilateralism, and to more effectively serve the needs of the global community in a changing geopolitical and economic world.

What is multilateralism?

Multilateralism, in the most rudimentary sense, refers to cooperation among three or more nation states to achieve a common goal. In contrast to the current isolationist US government stance, previous US governments were central to the establishment of the present-day multilateral system, which bears their footprint.

The modern day multilateral system was fashioned in the wake of the Second World War (1939-1945) with the aim of promoting global peace and stability. It was based on the liberal theory of international relations which posited, inter alia, that states which cooperate would not resort to war. It was in that immediate post-war era that the United Nations, the progeny of the League of Nations (1920-1946), was formed in 1945. The Bretton Woods institutions (the International Monetary Fund and the World Bank), the watchdogs of the global economic order, were established at a conference held in Brettons Woods, New Hampshire, US in 1944.

Multilateralism recognizes that no one Government alone can handle the growing plethora of challenges confronting the global community, and that by pooling resources, wisdom and ideas through shared institutions, optimum solutions could be found. In the years that followed, a spaghetti bowl of multilateral organisations has flourished in areas as diverse as health, telecommunications, the environment, migration, international transportation, labour, among others.

With respect to trade governance, an attempt was made by a US-led group of countries to establish an International Trade Organisation (ITO) in the mid 1940s but failed after the US Congress repeatedly declined to approve the ITO Charter. As such, an informal organization known as the General Agreement on Tariffs and Trade (GATT) governed world trade from 1945 until January 1995 when the World Trade Organisation (WTO) came into being.

Why Multilateralism Matters to Small States

The majority of today’s developing countries were still colonies when many of these multilateral institutions were birthed. However, upon attaining independence, acceding to these institutions was viewed as a requisite rite of passage. This is particularly true for the world’s small states which have overwhelmingly been supporters of multilateralism.

But why is that? Small states, with their diminutive economies and populations, weak political leverage and inherent vulnerabilities, would be the “bullied kids” in an anarchic global system where “might is right”. The rules-based multilateral system provides a buffer of stability and predictability for small states. Its norms-based system, undergirded by international law, helps to constrain and contain great power aggression. In a general sense, multilateral institutions provide some semblance of accountability for those States which contravene global norms. I say in a general sense as history has proven that this has not always been the case with big countries. In the area of trade, the WTO’s dispute settlement system gives small states the opportunity, at least in theory, to hold hegemons to account.

Multilateral engagement gives small states, which would otherwise be Liliputians in the international system, a voice. Whereas by itself a small states’ voice is a little more than a squeak, by building coalitions small states have managed to achieve a roar on some issues. One of the most notable cases was the success of the Alliance of Small Island States (AOSIS) in the UNFCCC negotiations leading up to the signature of the Paris Climate Agreement during the COP21 in 2015. Though not perfect, that agreement is an important milestone in the fight against anthropogenic global warming.

Small states have also been able to benefit from capacity building and technical assistance from multilateral institutions. An example is the research done by multilateral financial institutions on the issue of de-risking which has led to the loss of correspondent banking relations, with implications for these states’ financial sectors and commercial relations. In the wake of the financial crisis, several Caribbean countries, and most recently Barbados, have had to enter IMF structural adjustment programmes.

Some small states have also played a key role in the establishment of multilateral institutions. Trinidad & Tobago was instrumental in pushing for the establishment of the International Criminal Court (ICC), and small states helped to push for the United Nations Convention on the Law of the Sea (UNCLOS). Moreover, small states have had some success in attaining high positions in international organisations.

Why is Multilateralism Under Threat?

Why is a system which has given the world relative peace and prosperity for some seventy years now facing what Singapore Foreign Minister Balakrishnan called a “crisis of confidence”? Questions about the efficacy and legitimacy of multilateral institutions have long been raised, but rising populism and anti-globalisation sentiment, in the wake of uneven recovery from the financial crisis has led to rising nationalism, xenophobia and unilateralism. Indeed, the recently published UNCTAD Trade and Development Report 2018 noted that trade tensions were a “symptom of a greater problem”, that is, failure to address rising global inequality and imbalances caused by “hyper-globalisation”.

But many of the problems are not the fault of multilateralism but due to inappropriate policy responses by Governments and by disruptive technologies which have replaced labour with machines. As such, as noted by Foreign Minister Balakrishnan in his UNGA speech, it is up to governments to address this through retooling workers and reformulating their education systems to equip the next generation with the tools to exploit these technologies.

Small states in their successive UNGA addresses have often expressed frustration at the slow pace of action on some fronts of concern to them, including financing for climate change. Antigua & Barbuda’s Prime Minister, Gaston Browne, voiced disappointment with his country’s inability to receive compensation from the US after the WTO dispute settlement body ruled in Antigua & Barbuda’s favour in the US Gambling dispute. Moreover, Caribbean leaders have frequently bemoaned the lack of support for discontinuing the use of GDP per capita as a basis against which to measure development status. This criterion has excluded middle and high income Caribbean countries from most concessional loans and official development assistance.

Making Multilateralism Work Better

The question is not whether multilateralism works, but how can it work better. There are legitimate concerns about whether today’s multilateral institutions, many of which were forged during different economic and geopolitical times, remain “fit for purpose” for today’s global realities and challenges. Former UN Secretary General, Kofi Annan recognised this when he asserted in 2002 that “the United Nations exists not as a static memorial to the aspirations of an earlier age but as a work in progress – imperfect as all human endeavours must be capable of adaptation and improvement.”

On the trade front, for example, there have been increased calls for reform of the WTO. Several members, including the US, Canada and the EU, have made proposals for reform. As it stands, the WTO’s negotiation function remains in a state of paralysis, while the US blocking of the appointment of judges to its Appellate Body over the US government’s dissatisfaction with the dispute settlement system risks creating a crisis in that body’s ability to be an arbiter of trade disputes between WTO members. The renewed appetite for WTO reform provides a window of opportunity for small states to redouble their advocacy efforts for their own reform proposals, while making sure they are not excluded from having a seat at the table.

There is the need to address democratic and transparency deficits within multilateral institutions. The configuration and operation of the UN Security Council, for example, stills reflects a geopolitical reality that no longer exists. Decisions made by the Paris-based Organisation for Economic Cooperation and Development (OECD), where developing states do not have a seat at the table, have had devastating consequences for the offshore financial services sectors of Caribbean states.

Institutional reform would require, where feasible, strengthening the secretariats of these organisations to better serve the needs of member states, especially the most vulnerable. In addition to fostering a greater space for civil society to be heard in multilateral organizations, there should also be greater emphasis on building the capacity of small states to effectively participate in meetings and the day-to-day operations of these organisations.

The challenges which face the world call for more multilateralism, not less. Multilateralism is important for achieving Agenda 2030, including the seventeen UN Sustainable Development Goals (SDGs). Multilateral institutions also have a pertinent role to play in developing rules to address emerging global issues. Singapore Foreign Minister Balakrishnan, for example, called for the UN to develop norms and rules for cybersecurity.

In the past week alone, several events have further reiterated why multilateralism is needed now more than ever. One of which is the IPCC Special Report on Global Warming of 1.5ºC which showed that the world was already experiencing the effects of warming of 1.0 degrees Celsius above pre-industrial levels. The devastation caused by Hurricane Michael to the Florida Panhandle in the US this week reiterates the urgency of the need for redoubled climate action. Rising global trade tensions, protectionism and unilateralism have made trade top of mind for global economic leaders. In their communique released following the Annual Meetings of the Boards of the IMF and World Bank, it was specifically noted that the IMF would facilitate multilateral solutions for global challenges.

Carrying on the multilateralism baton

Prime Minister Mottley concluded her UNGA speech by asking “Will we carry and hand over to future generations, the baton left us by those who dreamed of a world of united nations or will we drop it?” For small states, it is important that we do not allow this baton to be dropped.

Alicia Nicholls, B.Sc., M.Sc., LL.B., is an international trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

CARIBBEAN TRADE & DEVELOPMENT DIGEST – OCTOBER 7 – 13, 2018

Welcome to the Caribbean Trade & Development Digest for the week of October 7-13, 2018! We are happy to bring you the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

Trade issues topped the minds of global economic leaders at the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Bali, Indonesia last week (October 8-14, 2018).  The communique may be read here. The IPCC Special Report on Global Warming of 1.5ºC, which was released last week, showed that the world was already seeing the consequences of 1ºC  warming and calling for urgent action to limit the effects of global warming. A summary of the report may be viewed here.

Please see further headlines below:

REGIONAL

Guyana seeks export growth in rice, other commodities to Cuba

Demerara Waves: Guyana is moving to increase trade with Cuba to which millions of dollars in goods have been exported, the Ministry of Foreign Affairs said Friday. Read more 

CARICOM needs three shipping hubs for agriproduce

Demerara Waves: The Caribbean Community (CARICOM) needs three regional shipping hubs and slackening paperwork bottlenecks to improve transportation, even as Barbados’ Prime Minister, Mia Mottley  said producing large amounts of food in Guyana and Suriname would be senseless if the constraint of regional transportation is not removed. Read more 

WTO to impact 20% of (Bahamas) Economy

Bahamas Tribune: The Government will forego $40m in revenue under its first World Trade Organisation (WTO) offer, its chief negotiator suggesting that accession will impact just 20 percent of the economy. Read more 

CARIFORUM DG urges training participants to use what they have learnt in their jobs

CARICOM: Director General of CARIFORUM Mr. Percival Marie has urged participants on a training course that was conducted for implementers of EDF funded projects to utilize the training they have received in their everyday jobs. Read more

St Vincent and the Grenadines on the brink of making medicinal cannabis a legal reality

Caribbean News Now: Since the government of St Vincent and the Grenadines (SVG) took a step toward the establishment of a modern medical cannabis industry, through the tabling of three draft Bills on September 6, 2018, there has been a flurry of legal activity. Read more 

INTERNATIONAL 

Developing nations wary of WTO reform proposals

Livemint: Several developing countries are concerned over a set of sweeping reforms advocated by the World Trade Organization Secretariat, along with the World Bank and the International Monetary Fund, which seeks to terminate the principle of consensus-based multilateral rule-making for pursuing plurilateral negotiations in new issues, said four people familiar with the development. Read more 

Madagascar launches two safeguard investigations: on pasta and on blankets

WTO: On 8 October 2018, Madagascar notified the WTO’s Committee on Safeguards that it initiated on 20 September 2018 two safeguard investigations: one on pasta and another on blankets. Read more 

Market Access Committee sees considerable increase in activity

WTO: The Committee on Market Access saw a considerable increase inactivity at the meeting held on 10 October. The committee noted the substantial progress made on the updating of WTO members’ schedules, examined a number of notifications on quantitative restrictions (QRs), and considered ten specific trade concerns raised by delegations. Read more 

China Won’t Use Yuan as Tool to Deal with Trade War, Yi Says

Bloomberg: China won’t use its currency as a tool to deal with trade conflicts, central bank Governor Yi Gang said, as a tariff war between the U.S. and the world’s No. 2 economy intensifies. Read more 

BOJ’s Kuroda warns of darkening global prospects as trade tensions weigh

CNBC: Escalating trade tension, emerging market turbulence and huge debt piling up in some countries pose risks to the world economy, Bank of Japan Governor Haruhiko Kuroda said on Sunday, his strongest warning to date over a darkening global outlook. Read more 

Indonesia considering “safeguard” tariff on aluminium foil – WTO filing

Reuters: Indonesia is examining the case for an emergency “safeguard” measure to restrict imports of aluminium foil, it said in a regulatory filing published by the World Trade Organization on Friday. Read more

Saving the WTO’s appeals process

CATO: The continued intransigence of the Trump Administration in blackballing the appointment of new judges to the highest tribunal of world trade compels the 163 other countries that are members of the World Trade Organization to unite by resolving their international disputes in a way that cannot be stopped by the United States. Read more

RCEP talks make little headway

Nikkei Asian Review: The 16 members of the proposed Regional Comprehensive Economic Partnership trade pact on Saturday made some progress in the area of market access at a ministerial meeting in Singapore. But the ministers said further improvements are needed to reach a deal by the end of the year. Read more

No deal Brexit could result in UK losing free trade agreements with more than 70 non-EU countries 

ITV News: The warning came as the government released the last batch of technical papers outlining scenarios and preparations in the event of a no deal Brexit agreement. Read more 

NAFTA talks forced Canada to pick a side in U.S.-China trade war

CBC (Canada): When the Trudeau government agreed to a revised North American free trade deal, the Americans said Canada also agreed to something else: joining Donald Trump’s trade war on China. Read more 

WTO not equipped to deal with China and its industrial policies: US says

Economic Times: China’s economic system is not compatible with the norms of the WTO, the Trump administration has said, asserting that the international trade body is not equipped to deal with Beijing and its industrial policies. Read more

WTO, six others partner to boost trade finance

Ghanaweb: The global trade regulator World Trade Organisation (WTO) has joined six other international organisations – including the International Finance Corporation (IFC) and Africa Export-Import Bank – to work collectively on closing the gaps in global trade finance. Read more

Trudeau’s next trade challenge: free trade at home

Maclean’s: A push to break down trade barriers between provinces is on the official agenda for Prime Minister Justin Trudeau and the premiers later this fall, and a new poll for Maclean’s shows a solid majority of Canadians wants to see those impediments to the free flow of goods and services inside the country eliminated. Read more

Post-Brexit trade deals unlikely to help UK economy much – OBR

Reuters: Britain’s plan to strike trade deals around the world, a key plank of the government’s strategy for life outside the European Union, is unlikely to help the economy much, the country’s official budget forecaster said on Thursday. Read more

Impasse on WTO dispute judges risks ‘fundamental blow’: Azevedo

France24: A bitter impasse over appointing new judges to the World Trade Organization’s appeals court threatens to deliver a “fundamental blow” to its key role in arbitrating trade disputes, the global body’s chief said Wednesday. Read more

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Caribbean Trade & Development Digest – September 30 – October 6, 2018

Welcome to the Caribbean Trade & Development Digest for the week of September 30 – October 6, 2018! We are happy to bring you the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

Undoubtedly, the biggest trade news of the week is that after a year of negotiations, we now have the agreed text of an updated North American Free Trade Agreement (NAFTA), or what it is now officially called, the United States-Mexico-Canada Agreement (USMCA). The Agreement’s text may be found here.

On the multilateral front, the World Trade Organisation this week concluded another successful Public Forum, with this year’s theme being “Trade 2030”. During the Public Forum, the WTO also released its flagship World Trade Report 2018, which focused on the transformative impacts which new digital technologies, such as 3D printing, blockchain and the like, will have on trade, and the challenges they could also bring.

Please see further headlines below:

REGIONAL NEWS

EU Provides Funding to Develop Jamaica’s Forest Sector

Jamaica Information Service: Some 14 million Euros will be spent by the Forestry Department to implement a National Forest Management and Conservation Plan, which is a 10-year blueprint for the building of a vibrant, sustainable and climate-resilient forest sector. Read more 

New energy information portal to boost investments and improve decision-making within the Caribbean’s energy sector

St Lucia News Online: News of an impending natural gas price hike across Europe, and deepening volatility surrounding Middle Eastern Oil, has within the past week been met with a more promising refrain from a region traditionally viewed as a pawn amongst kings and rooks within the global energy sector. Read more 

Businesses equipped with tools to access the European Market

LoveFM: Beltraide aims at tackling the problem of poverty by promoting business growth.  Beltraide in collaboration with the CARIFORUM-EU Economic Partnership Agreement (EPA) held a workshop to sensitize potential exporters as to the requirements of the European Union market. Read more 

“Belizean products have global competitiveness,” says Caribbean Export 

Breaking Belize NewsAccording to the Caribbean Export Development Agency (CEDA), Belizean businesses can hold a competitive space in the world market if greater care is taken in making businesses export ready.  Read more

Central American Agriculture Council Meeting Held in Belize 

Breaking Belize News: On Thursday, October 4, 2018, the Ministry of Agriculture in collaboration with the Central American Agriculture Council hosted a one-day National Consultation Workshop for the Central American Agriculture Council Regional Agriculture Policy.  Read more 

Mixed Bag for Caribbean tourism

Jamaica Gleaner: With marked reduction from its main source market, the United States, and only a marginal increase out of Europe, tourist arrivals into the region in the last six months has been a mixed bag. Read more 

More Value Added Products Need to be Exported to the EU, says JAMPRO head

Caribbean360: Jamaica Promotions Corporation (JAMPRO) President Diane Edwards says more value-added products need to be exported to the European Union (EU), to reverse the decline in trade with the bloc. Read more

JAMPRO Partners with EU and Caribbean Export on CARIFORUM-EU EPA Workshop

South Florida Caribbean News: The European Union (EU) in Jamaica in collaboration with the Jamaica Promotions Corporation (JAMPRO), and the Caribbean Export Development Agency (Caribbean Export) hosted a workshop on the CARIFORUM-EU Economic Partnership Agreement (EPA) on October 2, 2018, at the Knutsford Court Hotel. Read more

INTERNATIONAL NEWS

USMCA, Trump’s new NAFTA deal, explained in 500 words

Vox: The US, Canada, and Mexico struck a new trade deal to replace NAFTA on Sunday. It’s known as the United States-Mexico-Canada Agreement, or USMCA. Read more

WTO issues compliance panel reports regarding Colombian measures on textiles, apparel, footwear

WTO: On 5 October the WTO circulated compliance reports in the dispute “Colombia — Measures Relating to the Importation of Textiles, Apparel and Footwear — Recourse to Article 21.5 of the DSU by Panama and Recourse to Article 21.5 of the DSU by Colombia” (DS461). Read more 

Isolate Trump at WTO, says former top trade judge Bacchus

Reuters: Countries belonging to the World Trade Organization should unite against the bullying of U.S. President Donald Trump, former WTO chief judge James Bacchus said on Wednesday. Read more 

WTO sees technology adding one third to annual trade by 2030

CNBC: Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday. Read more 

US says its cannot support some of the EU’s ideas on WTO reform

Euractiv: The United States gave the first hint on Thursday (4 October) of its view of attempts to reform the World Trade Organization, rejecting some proposals put forward by the European Union to resolve a crisis at the home of world trade in Geneva. Read more 

Australia questions India’s sugar subsidy bilaterally and at WTO

Economic Times: Australia has raised concerns over India’s sugar subsidy dole out and questioned how the host of financial assistance measures announced this year are within the rules of the World Trade Organisation (WTO).  Read more 

Canada agrees to join U.S. and Mexico in new trade deal to replace NAFTA, say US and Canadian officials

USA Today: Canada has agreed to join the United States and Mexico in a trade deal that will replace the North American Free Trade Agreement, U.S. and Canadian officials said Sunday night. Read more 

ACP-EU negotiations: Taking the road to prosperity together

EURACTIV: Talks on a new agreement between the ACP and the EU will only bear fruit if both parties take the road to prosperity together, writes the ACP’s chief negotiator. Read more 

EU to hit Cambodia with trade sanctions, says Myanmar may follow

Channel News Asia: The European Union told Cambodia on Friday (Oct 5) it will lose its special access to the world’s largest trading bloc, and said it was considering similar trade sanctions for Myanmar in a toughening of EU policy on human rights in Southeast Asia. Read more 

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Human Rights in the context of the International Climate Change Agenda

Stefan Newton, Guest Contributor

snewton

Stefan Newton

In her address to the 73rd Session of the United Nations General Assembly (UNGA), Prime Minister of Barbados, the Hon. Mia Mottley, abandoned a scripted speech and made a passionate appeal to United Nations (UN) Member states to make good on their commitments to climate change under the United Nations Framework on Climate Change (UNFCCC). She urged States to accelerate mobilizing the necessary funding for climate adaptation and mitigation under The Green Climate Fund.

In thinly veiled remarks, she criticized the current position of the United States of America (USA) by refusing to acknowledge the reality of climate change, noting “For us it is about saving lives. For others it is about saving profits”. It is well known by now that the USA has regrettably withdrawn from the Paris Climate Agreement: which builds upon the UNFCCC and for the first time brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects, with enhanced support to assist developing countries to do so.

Moreover, the Prime Minister pointed to the need for UN Member States to recognize that “mighty or small we must protect each other in this world”. In closing her speech, she appealed to the international community to exercise empathy and care for those States and their citizens who are most vulnerable to the effects of climate change. I humbly submit that this is perhaps the most significant speech given by a Barbadian leader to the United Nations, as it impinges on Barbados’ very survival as a nation State. Indeed, if climate change ambitions are not met, Barbados and its citizens will face very certain demise due to the effects of climate change.

Climate Change is a Human Rights Problem

While climate change is most often viewed as an environmental problem, it is also very much a human rights problem. Mary Robinson, the former president of Ireland and former High Commissioner for Human Rights, has described climate change as “probably the greatest human rights challenge of the 21st century”.

Explicit mention of human rights is now being made in international climate agreements. The Preamble to the Paris Agreement to the UNFCCC calls for all States, when acting to address climate change, to “respect, promote and consider their respective obligations on human rights”. The World Bank Report on Human Rights and Climate Change highlights the relevancy of international human rights law to climate change by linking particular social and human impacts of climate change to special human rights standards under international human rights treaties, thereby confirming human rights impacts. For example, the right to life is the most fundamental human right and well enshrined in the Universal Declaration on Human Rights and International Covenant on Civil and Political Rights.

A number of observed and projected effects of climate change will pose direct and indirect threats to the human right to life. The Intergovernmental Panel on Climate Change (IPCC) projects with high confidence an increase in people suffering from death, disease and injury from heat waves, floods, storms etc. Equally, climate change will affect the right to life through an increase in malnutrition, cardio- respiratory morbidity and mortality related climate change effects.

Despite the clear human rights implications of failure to act to combat climate change, the international community is not “grasping the baton firmly” enough through decisive policy actions to reach the ambitions of the climate change agenda. The USA- Trump led administration seems to be a lost cause with its view that climate change is a fiction. Heeding Prime Minister Mottley’s call to climate action will most likely be viewed by them as a mere courtesy, not an obligation. However, it can be soundly argued that Prime Minister Mottley’s urging of States to protect each other from the effects of climate change, are not merely aspirational or appeals to international consciousness, but are linked to and grounded in legally binding international human rights principles.

Legal Link between Human Rights and Climate Change

The Office of the High Commissioner for Human Rights (OHCHR) has set out the essentials of the legal dimensions link between Human Rights and Climate Change. International Human Rights principles to respect, protect and fulfill the human rights of all people without discrimination gives rise to a wide range of duties for State in acting on climate change. I will touch on three.

First, under these principles is the duty to mitigate climate change and to prevent its negative human rights impacts. Failure to take affirmative action to prevent human rights harms caused by climate change, including foreseeable long-term harms, breaches this obligation. Second is the duty to ensure that all persons have the necessary capacity to adapt to climate change. Falling under this duty States must ensure that appropriate adaptation measures are taken to protect and fulfil the rights of all persons, particularly those most endangered by the negative impacts of climate change e.g. small islands, riparian and low-lying coastal zones. Third, under core human rights treaties, States acting individually or collectively are obliged to mobilize and allocate the maximum available resources for the progressive realization of economic, social and cultural rights, as well as the advancement of civil and political rights and the right to development. The failure to adopt reasonable measures to mobilize available resources to prevent foreseeable climate change harm breaches this obligation.

Incorporating Human Rights into Climate Change Policy Discussions

Besides recognizing the legal implications of international human rights law as it pertains to climate change, Caribbean policy makers should also recognize the value added of incorporating human rights into discussions around climate change policy.

Among other things, a focus on human rights law may serve to locate policy within the framework of internationally agreed obligations and acceptance of certain goods, interests or goals as rights. This has the effect of establishing a hierarchy of importance among policy goals, helping to ensure that human rights are not traded off among interests lacking that status. Simply put, human rights place people before profits. This is critical as more firms and investors enter the Caribbean market whose activities may have climate and environmental impacts.

Additionally, human rights offer a normative and institutional framework for strengthened accountability and international co-operation for those responsible for adverse impacts of climate change. It may be argued that states should be encouraged to take climate action on this basis and do more in their capacity to assist and contribute to the financing of climate adaptation programs. This might be a useful bargaining chip in the realm of international relations and negotiations. For small developing states, such accountability can be used as a tool of moral suasion against large carbon emitting States like the USA which have retreated from global actions on climate change, or to spur States who are already implementing climate action targets to redouble their efforts.

Diagonal Environmental Rights

Further to policy, human rights law has an incredible potential to fill in a missing legal gap present in the international legal framework addressing climate change. The carbon emissions from large industrial States have a disproportionate impact on small lesser emitting States. Citizens of small developing States are thus marginalized and face aggravated vulnerability to human rights impacts from climate change. Yet currently there exists no formal legal mechanism for citizens to claim climate justice against large states responsible for impacting on and violating their human rights. This is referred to a Diagonal Environmental Rights; a term coined by John Knox the United Nations Independent on Human Rights relating to a safe, healthy and sustainable environment. Without going into the theory of a State’s extra-territorial human rights obligations, and proving causation, I submit that the ability to claim climate justice is well founded in the principles of international law.

As previously stated, no formal international diagonal environmental rights legal mechanism exists. Given the state of geo- political madness that has taken hold of multilateralism, I also do not see one being created and implemented by UN Member States. As the experience of the Paris Agreement has shown, it is a challenge just to get a critical mass of countries- let alone all countries- to participate in an international environmental agreement.

Therefore, the greatest hope is that existing international human rights mechanisms, such as the Inter-American Court on Human Rights (IACHR), and domestic courts are flexible enough to accommodate climate change litigation. There has been jurisprudence emerging from domestic courts that successfully incorporates rights-based arguments to climate change e.g. Pakistan in the case of Leghari v Federation of Pakistan.

Albeit these claims were made in the context of litigation by citizens against their own State for failing to respond to climate change. Nevertheless, such cases do much to add shape and contour to this emerging body of climate justice jurisprudence. They set precedents on which international, and broader litigation may find success.

Stefan Newton is a graduate of the University of the West Indies Faculty of Law.  The views reflected here are entirely his own.

The Sino-American Challenge to Multilateralism

Rasheed J. Griffith, Guest Contributor

Nations don’t trade. Metaphors can both clarify and deceive. Trade is no exception. The current commentary on trade relationships between nations has elevated the commercial profit-loss mechanisms of international trade to an abstract state level apparatus. When we say states trade what we really mean is the firms in different states have commercial relationships. Firms have a singular motive: to make profit. Similarly to making the individual-firm distinction, we must always remember to make the state-firm distinction. This distinction is further amplified when we are discussing large economy states. They too have a singular motive: geopolitical dominance.

The persistent US trade deficit with China implies that US consumers are able to buy cheaper goods from China. But it is also a signal of the erosion of the US global geopolitical dominance caused by economic decline. In the US economy financial goods are replacing physical goods. The chart below shows the increase in the financial component of US GDP relative to manufacturing.

Americasfireeconomy

Stock market capitalization of the US relative to GDP is 153%. For China it is 65% and Germany 54%. I am familiar with arguments that claim this is not problematic because countries trust the US markets most.

The 2008 financial crisis gave a glimpse of what could happen to the US economy if the financial sector collapsed.

The US government was barely able to patch up the financial markets by using excessive money creation and debt redistribution (i.e quantitative easing) in 2008. This was a necessary move but it means the Federal Reserve System balance sheet is now bloated. In another crisis, quantitative easing will likely not be effective. At that point, the money and capital markets of the US will no longer be as attractive in the long term, resulting in the dollar losing its global reserve currency status. At this point, the geopolitical dominance of US will weaken. And the main adversary (which is now China) will strive to make sure the US remains in a weakened position.

Very few people seem to understand this. But the Communist Party of China (CCP) understands. In 1999, two colonels of the People’s Liberation Army published Unrestricted Warfare[1]. The book gave strategies for defeating the USA without direct conventional military engagement. One of the core strategies was the use economic policies to eat away at the US economy. Having China being the core manufacturing hub of the world was one such strategy. This was made explicit with the ‘Made in China 2025’ policy recently launched by the CCP[2].

China did not achieve its spectacular growth through free trade. All of China’s trade is managed by the CCP. When discussing the USA-China trade relationship we must always acknowledge that China has an authoritarian government that will create and implement policies that they believe will benefit China irrespective of what the Chinese citizens think or what multilateral organizations demand. When China ascended to the WTO in 2001 it was naively expected that China would conform to the rules of that organization. Authoritarian governments, however, do not follow neoliberal rules.

Starting around 1978 under Deng Xiaoping, the CCP began their reforms from Soviet style system wide planning to state capitalism directed by large and powerful state owned enterprises (SOEs)[3]. Although China ascended to the WTO in 2001, this model never changed. On the Fortune 500 list of largest global companies, China comes in a close second (120) behind the US (126). Japan (52) is quite far behind. But what is shocking is that 93% of the Chinese firms on the list are SOEs. The CCP heavily subsidies their SOEs, and creates rules specifically favorable to them; to the detriment of foreign entities.

The USTR Section 301 report identified several instances where China has violated the WTO rules to which it signed in 2001. These concern trading rights, import regulations, export regulations, intellectual property rights, technology transfer, foreign investment, and so on[4]. The US has complained to the WTO about China on 22 occasions and China has still persisted in violating the rules. The White House Office of Trade and Manufacturing report goes on the dissect the persistent economic aggressions of China[5].

What choice does the US have if it is not able to deal with China through WTO processes? Multilateral processes only work if everyone agrees to adhere to the same rules. Of course , though, these rules were largely set by the US. In dealing with China, the WTO is absolutely ineffective. There is no democratic fallout if China refuses to acknowledge multilateral rules (as seen explicitly in China’s absolute refusal to acknowledge the Philippine’s win in the Hague in matter of the West Philippines Sea/South China Sea). It is likely that any strong ruling in the WTO against China will similarly fall on deaf ears. (Similarly the US has substantially disregarded a WTO ruling after losing a case to Antigua).

In any case, it has gotten to a point where countries cannot simply halt or significantly decrease trade with China in the form of sanctions. The US, then, is forced to use geoeconomics – the use of economic instruments to further geopolitical goals.

As the President of the United States, Trump is right to engage China directly. His strategy is clever: robe a geostrategic containment engagement in bland terms of trade rhetoric. And this is by no means outside the modus operandi of the US. During the Cold War period the US actively practised a strategy of containment against the Soviet Union. In fact, China has accused the US of trying to economically contain China[6]. But of course, China has been engaging in geoeconomics as well recently.

For example, in 2012 China allowed farmers from the Phillipines to export their bananas to China but when the bananas arrived they were left to rot on the dock. This left the Philippines banana planters with neither stock nor payment (30% of Philippines banana exports go to China). This was used as a tactic to weaken the Philippines position when the tensions over the South China Sea were rising[7]. Another example is when China blocked rare earth metals to Japan almost crippling Japanese tech manufacturing, until Japan finally conceded, over another maritime dispute[8]. In both cases, the WTO was impotent.

What Trump gets wrong is that tariffs are not sufficient. And he failed to properly define a long term strategy to deal with China. Without such a strategy the US will continue ad hoc aggressions.

China has been shown to disregard all multilateral rules if it wants to. But even so, it is difficult being upset with China. China has succeeded in the most comprehensive and rapid poverty alleviation program in all of human history. China was able to lift over 600 million people out of poverty in less than 30 years[9]. Following along this path, it should be expected that the CCP is mounting a restoration of China to compensate for its decline after the late 1850s: the “century of humiliation[10]”. Few commentators remember that for 18 of the last 20 centuries China commanded a greater share of world GDP that any other country. Henry Kissinger reminds us that as recent as 1820 China “produced over 30% of world GDP – an amount exceeding the GDP of Western Europe, Eastern Europe, and the United States combines.”[11]

Wang Yi, however, recently attempted to assure the UN that China has no ambition of hegemonic dominance[12]. I believe that is an empty statement given Xi Jinping’s expansive Belt and Road Initiative (BRI) which has been added to the Party constitution of the CCP[13]. From the perspective of CCP, as Lee Kuan Yew frames it, China is not looking to become dominant; rather, it is looking to restore dominance. It is a different geopolitical mindset.

This to me is the crux of the Sino-American challenge. The US is right that China is not properly following WTO rules because it has disregarded many of those rules to accelerate its economic growth. And it has been exceedingly effective. But if China were to conform to the WTO rules, it would not match the model that has been so successful.

Multilateral trade rules were not designed by China to fit China’s model (authoritarian government, state capitalism). They were primarily designed by liberal democracies – the US in particular. Both of these nations have fundamentally different economic models and justifiable geopolitical reasons for disregarding WTO rules to protect (or increase) their geopolitical dominance.

We are living in a time of multilateralism. But this time is anomalous. Dani Rodrik has explained in detail why “free trade agreements” have little to do with free trade[14]. Those agreements are primarily political documents. In fact, “76 percent of existing preferential trade agreements covered at least some aspect of investment (such as free capital mobility) by 2011; 61 percent covered intellectual property rights protection; and 46 percent covered environmental regulations”[15]. These are political documents that attempt to alter a nation’s domestic policies with the preferences of international actors.

This is not possible with a powerful authoritarian government. It is a grave error to treat China as just another Western country; like how you would treat Japan. China is an ideological adversary to the US that has now become an economic adversary. When at odds with geopolitical motives multilateralism always fails. Geoeconomic escalation is not only justified but it is inevitable.

Rasheed Griffith’s professional interests include Southeast Asian Monetary Policy and AML Compliance. He may be contacted at rasheed.j.griffith AT gmail.com. You can also follow him on Twitter at @RasheedGriffith

[1] http://www.c4i.org/unrestricted.pdf

[2] https://supchina.com/2018/06/28/made-in-china-2025/

[3] https://orca.cf.ac.uk/99467/1/Publication_2016_IJEMSc.pdf

[4] https://ustr.gov/sites/default/files/Section%20301%20FINAL.PDF

[5] https://www.whitehouse.gov/wp-content/uploads/2018/06/FINAL-China-Technology-Report-6.18.18-PDF.pdf

[6] http://www.atimes.com/article/us-tariffs-are-containment-beijings-message-fed-by-the-white-house/

[7] https://www.asiasentinel.com/society/the-china-philippine-banana-war/

[8] https://www.nytimes.com/2010/09/23/business/global/23rare.html

[9] https://en.wikipedia.org/wiki/Poverty_in_China#Poverty_reduction

[10] https://www.theatlantic.com/china/archive/2013/10/how-humiliation-drove-modern-chinese-history/280878/

[11] https://www.amazon.com/China-Henry-Kissinger/dp/0143121316

[12] http://usa.chinadaily.com.cn/a/201809/30/WS5bafb647a310eff303280520.html

[13] https://idsa.in/idsacomments/what-the-inclusion-of-bri-in-the-chinese-constitution-implies_jpanda_071117

[14]https://drodrik.scholar.harvard.edu/files/dani-rodrik/files/what_do_trade_agreements_really_do.pdf

[15] Limão, Nuno. 2016. “Preferential Trade Agreements.” NBER Working Paper 22138, March

Caribbean Trade & Development Digest – September 23-29, 2018

Welcome to the Caribbean Trade & Development Digest for the week of September 22-29, 2018! We are happy to bring you the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

World leaders gathered for the 73rd Session of the United Nations’ General Assembly this week where issues of trade and wider multilateralism featured prominently. Economic releases by the Organisation for Economic Cooperation and Development (OECD) and World Trade Organisation (WTO), respectively, have warned of the risks posed by escalating trade tensions to global economic and trade growth. In its flagship Trade and Development Report 2018 released this week, UNCTAD highlighted that the current trade tensions were a symptom of excessive financialisation and imbalances in trade and economic power. This week, the US also blocked the reappointment of a fourth WTO Appellate Body judge, which will reduce that body’s roster of judges to three, the bare minimum needed to hear a dispute.

On the NAFTA front, the promised release of the renewal text agreed to by the US and Mexico has been delayed with hopes that the impasse between the US and Canada will be surmounted as the Sunday (today) deadline for agreement on the updated NAFTA looms.

REGIONAL

Tourism investments under the microscope

The Gleaner: Jamaica Minister of Tourism Edmund Bartlett has put a cork on new approvals of tour businesses, while his Tourism Working Group (TWG) examines the degree to which large hotel groups may be crowding out local destination management companies and tour operators from the market. Read more 

No significant return (on Carnival), says (Trinidad tourism minister)

Trinidad Express: More than $500 million was spent on promoting Carnival over the last ten years and Trinidad and Tobago failed to get a significant return in terms of its investment, says Tourism Minister Randall Mitchell. Read more 

Guyana to sign economic cooperation agreement with Barbados

Caribbean360:  President David Granger has announced that Guyana will soon sign a framework agreement for economic cooperation with Barbados. The announcement came 24 hours after a memorandum of understanding (MOU) was signed between Guyana and Trinidad and Tobago for energy cooperation. Read more 

Producers Seek CET Protection To Launch White Sugar Market

The Gleaner: The sugar sector in the Caribbean is protected from outside competition by a 40 per cent tariff on brown sugar imports, and producers want that protection extended to refined sugar as a predicate to developing a market internally. Read more 

Guyana should be pressing Trinidad & Tobago over artificial trade barriers -Ramkarran

Stabroek: With opportunities now opening up due to Guyana’s advantageous position in the emerging oil and gas sector, it should begin pressing Trinidad and Tobago to remove its artificial barriers to trade, says commentator Ralph Ramkarran. Read more 

T&T to continue restricting trade in honey produced in other CARICOM countries

CNC3: The Government of Trinidad and Tobago has vowed to continue restricting the trade in honey being produced by CARICOM countries to prevent the spread of diseases. Read more 

Caribbean region is the top destination for investors looking for second citizenship

Global Trade Magazine: The 2018 CBI Index—a special report published by the Financial Times’ Professional Wealth Management magazine—has revealed that Caribbean nations remain the top destinations in the world to apply for second citizenship. Read more 

Study: Post-Maria Contracts Go To Mainland, Not Puerto Rico

The Gleaner: A study published last Wednesday found that the bulk of federal funds slated for post-hurricane reconstruction efforts in Puerto Rico are going to mainland companies despite a federal provision that states that local companies should receive priority. Read more 

INTERNATIONAL

World trade’s top court close to breakdown as U.S. blocks another judge

Reuters: The supreme court of world trade is close to breakdown after the United States turned down a last-ditch petition to reappoint one of the four remaining judges at the World Trade Organization. Read more

WTO downgrades outlook for global trade as risks accumulate

WTO: Escalating trade tensions and tighter credit market conditions in important markets will slow trade growth for the rest of this year and in 2019, WTO economists expect. Read more

Trade Deals, Multilateralism in the Spotlight as UN General Assembly Gets Underway

ICTSD: Trade has been a high-profile topic both at this week’s UN General Assembly (UNGA), featuring during leaders’ speeches and at meetings in the margins, as officials lay out their visions on trade and multilateralism while also working to advance different negotiating processes at the political level.  Read more

Sustainable Financing, Climate Action Take Centre Stage During New York, Halifax Meetings

ICTSD: Boosting the political momentum for climate action has taken centre stage in multiple high-level meetings across North America this month, including at this week’s UN General Assembly (UNGA) in New York. Read more 

Members conclude first review of Nairobi Decision on export competition, seek details on US farm aid package

WTO: WTO Members approved by consensus the first triennial review of the 2015 Nairobi Decision on export competition during a meeting of the WTO’s agriculture committee on 25-26 September. Read more 

Panels established to rule on US safeguards, Canadian wine measures

WTO: At a meeting of the WTO’s Dispute Settlement Body (DSB) on 26 September, WTO members agreed to requests from Korea for the establishment of two panels to determine whether safeguards imposed by the United States on imports of solar cells and washers are compatible with WTO rules. Read more 

Canada unveils plan to strengthen WTO in face of U.S. protectionism

Bloomberg: The proposal, called “Strengthening and Modernizing the WTO,” seeks to forge an alliance of like-minded countries to “restore confidence in the multilateral trading system and discourage protectionist measures and countermeasures,” according to a copy of the eight-page document obtained by Bloomberg. Read more 

Commissioner Malmström visits Canada to take stock of progress with EU-Canada trade agreement

EU: On Wednesday 26 September, the Commissioner met with the Canadian Minister of International Trade Diversification, James Gordon Carr. Together, they attended the first EU-Canada Joint Committee, which is the highest body for the two partners to discuss issues of interest related to the agreement. Read more

Trade conflicts to dampen growth in Asia

Deutsche Welle: Rising debt, US interest rate hikes, but above all simmering trade conflicts will take their toll on Asia’s growth prospects next year, the Asian Development Bank (ADB) has said in an update of its regional outlook. Read more 

NYTimes: President Trump signed a revised free trade agreement with South Korea on Monday in New York, cementing the first bilateral trade deal of his administration and suggesting the United States could soon win similar agreements with other trading partners. Read more 

EU, Japan and US met at Ministerial level

EU: The three met as a continuation of the trilateral talks launched last year, to address issues such as trade-distortive practices. Read more 

India-South Asia trade has potential to triple to $62 billion, says World Bank 

Economic Times: Deeper regional trade and connectivity has the potential to more than triple India’s trade with its South Asian neighbors, World Bank said in a report on Monday. Read more 

EU, China to meet on WTO reform in October

Reuters: European Union trade officials will travel to Beijing next month for talks with Chinese counterparts on ideas for reform of the World Trade Organization, EU ambassador to the WTO Marc Vanheukelen said on Wednesday. Read more

US, Japan agree to negotiate a free trade agreement

Washington Post: The United States and Japan announced Wednesday they will open negotiations on a bilateral trade agreement between the world’s first- and third-largest economies. Read more 

India sees opportunity in escalating US-China trade war

Livemint: India has spotted an opportunity to boost its exports with the second round of tariff hikes by the Donald Trump administration on $200 billion of Chinese imports putting the US at a disadvantage. Read more 

Courting Canada, U.S. and Mexico cancel plans to publish NAFTA texts: sources

Reuters: The United States and Mexico abruptly canceled plans to publish NAFTA texts on Friday, sources said, as signs of renewed efforts by Canada and Washington to settle differences raised hopes a breakthrough could be made to keep the deal trilateral. Read more 

Brexit costings 500M a week, study says

Politico: The British economy is 2.5 percent smaller today than if the U.K. had voted to remain in the European Union, according to the Center for European Reform, a think tank. Read more 

The closer we get to Brexit, the more polls show Britain wants to remain in Europe

Business Insider: The closer we get to the Brexit deadline in March 2019, the more British people tell pollsters they think their decision to leave the European Union was wrong. Read more 

Economists are severely underestimating the amount of trade between African countries

Quartz Africa: The share of internal trade in Africa remains low, as reflected by official statistics. This is despite numerous regional trade agreements that have led to tariffs removal within the trading blocs. At least in principle. Read more 

UNCTAD releases Trade and Development Report 2018

UNCTAD: The world economy is again under stress. The immediate pressures are building around escalating tariffs and volatile financial flows but behind these threats to global stability is a wider failure, since 2008, to address the inequities and imbalances of our hyperglobalized world. Read more 

African Development Bank Launches first Africa-to-Africa (A2A) Investment Report

AfDB: The report unearths the realities African companies face when investing in the continent, the emerging trends in A2A investment and the steps African policymakers can take to accelerate intra-African investment. Read more 

Africa: Kagame – CFTA Will Help the World Better Relate to Africa

All Africa: The African Continental Free Trade Area (CFTA) Agreement is a bold framework that stands to define the future of relations between the continent and the rest of the world, President Paul Kagame has said. Read more 

ECA emphasizes holistic approach to realize Africa’s ambitions in trade

Xinhua: The UN Economic Commission for Africa (ECA) on Wednesday called for greater all-rounded involvement in Africa’s trade policy processes, with due emphasis given to the success of Africa’s flagship trade agreements and policies. Read more 

Commonwealth countries back rules-based global trade

Commonwealth Secretariat: Commonwealth members in the World Trade Organisation (WTO) agreed that despite their rich diversity, including in levels of development, they are united in recognising the importance of the rules-based multilateral system as a common good. Read more

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US-China Trade Tensions: What may these mean for the Caribbean?

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