Caribbean Trade Law and Development

Category: Trade

  • 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:

  • First UK-CARIFORUM EPA Trade and Development Committee Meeting – Communique

    First UK-CARIFORUM EPA Trade and Development Committee Meeting – Communique

    (CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana – Tuesday, 12 October 2021)   –   The first meeting of the CARIFORUM – United Kingdom Economic Partnership Agreement’s (EPA) Trade and Development Committee took place via videoconference on 7 October 2021. The meeting, chaired by CARIFORUM, was attended by representatives from Antigua and Barbuda; Barbados; Belize; The Commonwealth of the Bahamas; The Commonwealth of Dominica; The Dominican Republic; Grenada; The Republic of Guyana; Haiti, Jamaica; Saint Christopher and Nevis; Saint Lucia; Saint Vincent and the Grenadines; The Republic of Suriname; The Republic of Trinidad and Tobago; and the United Kingdom of Great Britain and Northern Ireland. 

    The parties noted with satisfaction that the EPA had secured continuity of a trading relationship worth £2.9 billion in 2020. The parties expressed their desire to further develop sustainable and inclusive trade, underpinned by the EPA.

    The United Kingdom and CARIFORUM States discussed matters of joint interest under the Agreement including tariff liberalisation, trade in goods and services, and Geographical Indications. Views were exchanged on the United Kingdom’s provision of development assistance under the EPA. The meeting was also an opportunity for both parties to provide updates on relevant trade policy developments in the United Kingdom and in the Caribbean region, and to reaffirm their desire for a prompt ratification of the EPA by all parties.

    In preparation for the Joint Council, the Trade and Development Committee reviewed Rules of Procedure for the Trade and Development Committee, the Joint Council, and the Special Committees under the EPA. 

    The parties agreed to continue to work towards the effective implementation and operation of the Agreement and agreed to hold further meetings of the Joint Institutions on mutually agreed dates. 

  • 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:

  • Caribbean Trade and Development News Digest – September 26-October 2, 2021

    Caribbean Trade and Development News Digest – September 26-October 2, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of September 26-October 2, 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

    The WTO’s Public Forum was held this week under the theme “Trade Beyond COVID-19: Building Resilience”. Read more here.

    On September 30, 2021, the USITC released its latest report on the operation of the CBERA programme. Haiti, Barbados and Grenada tied for being the countries with the highest rate of utilisation of the programme. Read about this and other findings in my article on it here.

    UNCTAD 15 is finally here!

    The biggest news this coming week is that from October 3-7, Barbados will be hosting the 15th session of the UNCTAD (UNCTAD-15), which was postponed from 2020 due to the COVID-19 pandemic. Barbados will make history as the first Caribbean nation and the smallest State to host the UNCTAD quadrennial. Ordinarily, such an event would have led to thousands of delegates physically coming to Barbados to engage in the meetings and various side events, which would have been an important boost to our economy. However, in light of the COVID-19 pandemic, the event will be held virtually with only a small number of delegates on island, most notably the United Nations Secretary-General, Antonio Guterres and UNCTAD Secretary-General, Rebeca Grynspan. You can follow the UNCTAD activities here and access the programme here.

    REGIONAL NEWS

    Cuba begins commercial exports of local vaccines

    Jamaica Observer: Cuba has begun commercial exports of its homegrown COVID-19 vaccines, sending shipments of the three-dose Abdala vaccine to Vietnam and Venezuela. Read more

    African, Caribbean nations press ahead with new partnership

    Barbados Today: Trade and investment links between the Caribbean Community (CARICOM) and the African Union are in line for major strengthening as officials of the African Import-Export Bank (Afreximbank) hold talks with officials in Bridgetown and the rest of the region. Read more

    Kenya’s president to visit Barbados

    Barbados Advocate: Just days after playing host to the President of the Africa Export-Import Bank, Barbados will be receiving a visit from another high-level African official as Kenya’s President Uhuru Kenyatta is expected on-island on Monday. Read more

    Belize Prime Minister John Briceño says meeting with Mexican Employers Association was fruitful for trade and investment

    BBN: Prime Minister John Briceño says meeting with Mexican Employers Association, la Confederación Patronal de la República Mexicana (Coparmex), on Tuesday during his State Visit to Mexico was fruitful. Read more

    Belize delegation discusses cross-border payment systems with Banco de Mexico officials

    BBN: A Belize Delegation met with officials of the Banco de México on Tuesday to discuss payment systems and banking relations between Belize and Mexico to support trade and investment with Mexico. Read more

    Jamaica Gov’t pushing for front-of-package labelling

    Jamaica Observer: Having easy access to information about nutritional facts and ingredients of packaged food items will enable consumers to make healthier food choices and potentially reduce the prevalence of noncommunicable diseases (NCDs) and obesity in Jamaica. Read more

    PAHO pushing for region to produce COVID vaccines

    Jamaica Observer: Pan American Health Organization (PAHO) is ramping up efforts to have COVID-19 vaccines manufactured within the Latin American and Caribbean region in order to accelerate vaccination coverage and reduce dependency on global supplies. Read more

    Gopee-Scoon: Trinidad and Tobago’s non-energy export market improving

    Newsday: Monthly revenue generated by Trinidad and Tobago’s non-energy exports is stabilising after the negative financial effects of the pandemic. Read more

    INTERNATIONAL NEWS

    EU court annuls Morocco trade agreement over Western Sahara

    DW: The EU Court ruled the North African country did not have the consent of the people of the Western Sahara required for the now-canceled fisheries and agricultural treaties. Read more

    Asean-EU free trade deal negotiations set to resume

    Bangkok Post: Asean is set to resume free trade agreement (FTA) talks with the EU after negotiations were suspended since 2009. Read more

    Taiwan questions China’s suitability for Pacific trade pact, fears ‘obstruction’

    Reuters: China’s restrictive practices present fundamental problems for its application to join a major pan-Pacific free trade pact, and if it joins before Taiwan there is a risk it could block their application, the island’s economy minister said. Read more

    U.S. trade chief Tai will reveal Biden’s China trade strategy on Monday

    CNBC: U.S. Trade Representative Katherine Tai will unveil the Biden administration’s long-awaited strategy for the troubled U.S.-China trade relationship in a speech on Monday at a Washington think tank, her office said. Read more

    Britain’s hopes of early post-Brexit trade deal with US appear dashed

    Guardian: Britain’s hopes of a post-Brexit trade deal with the US have all but evaporated barring a dramatic change of heart from Joe Biden, it emerged on Tuesday as Boris Johnson held face-to-face talks in the White House. Read more

    Liz Truss: A UK-US trade deal not ‘the be all and end all’

    City AM: The former international trade secretary told a fringe event at the Conservative conference in Manchester that there are many other trade agreements the UK can close post-Brexit, apart from the long coveted one with the US. Read more

    India, Australia agree to conclude free trade agreement by 2022-end

    Business Standard: India and Australia on Thursday agreed to conclude the long-pending free trade agreement by the end of 2022 and an early harvest trade deal by as early as December. Read more

    ‘A perfect storm’: supply chain crisis could blow world economy off course

    Guardian: It was all going so well. Successful vaccination programmes were driving the post-pandemic recovery of the global economy, stock markets were back at record highs, and prices were rising just enough to make deflation fears a thing of the past. Read more

    Britain will threaten to scrap some Northern Ireland Brexit terms

    Guardian: Britain will threaten on Monday to dispense with some of the terms of its agreement overseeing post-Brexit trade with Northern Ireland, saying they have become too damaging to retain. Read more

    Fishing rights row: French anger as UK rejects most permits

    BBC: Fresh tensions have surfaced between Britain and France over post-Brexit fishing rights. In the latest round of applications, the UK granted just 12 licences from 47 bids for smaller vessels to fish in its territorial waters. Read more

    EU postpones trade talks with Australia amid sub deal anger

    Reuters: Australia’s trade minister said on Friday talks with the European Union over a trade deal have been postponed, as a row over Canberra’s decision to cancel a $40 billion deal with France escalated. Read more

    Africa trade boss describes patent rules as “outdated”

    Africanews: The head of the world’s biggest free trade area, AfCFTA, has described the global intellectual property rights system as “outdated” saying it is constraining Africa’s industrialisation. 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: