Caribbean Trade Law and Development

Category: Trade

  • Caribbean Trade and Development News Digest – August 15-21, 2021

    Caribbean Trade and Development News Digest – August 15-21, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of August 15-21, 2021! We are pleased to once again 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 last week, as well as Tropical Storm Grace. The death toll at the time of this Digest’s publication was over 1900 innocent lives lost. Please donate if you can to reputable charities and organisations.

    HIGHLIGHTS

    According to the World Trade Organization’s latest Goods Trade Barometer, global merchandise trade is “continuing its robust recovery” from the shock of the COVID-19 pandemic and hit a record high in its latest reading issued on August 18. Read more here.

    ECLAC’s latest Foreign Direct Investment in Latin America and the Caribbean Report (2021) found that only five LAC countries received more foreign capital in 2020 than in 2019: Bahamas and Barbados in the Caribbean, Ecuador and Paraguay in South America, and Mexico. Access the full report here.

    Dr. Carla Barnett, the first appointed female Secretary-General of the Caribbean Community (CARICOM), took office this week following a virtual ceremony marking the occasion and in which she outlined her vision and priorities for her term. Read more here.

    UNCTAD has issued an open call for photo submissions for UNCTAD15 which will be hosted virtually by Barbados October 3-7. See the call for submissions.

    REGIONAL NEWS

    ‘Demerara Rum’ gets geographical indication recognition in EU

    Stabroek: Demerara Distillers Limited has succeeded in having its Demerara Rum geographical indication (GI) recognised and protected in the European Union (EU), a move the company’s Chairman, Komal Samaroo has described as a “major development”. Read more

    CARICOM Secretary-General donates books to University of Belize

    Breaking Belize News: As she leaves Belize’s shores for Guyana to become Secretary-General of the Caribbean Community (CARICOM), Dr. Carla Barnett is leaving behind a gift – a donation of books from her personal collection to the University of Belize Library. Read more

    July arrivals set new record for Barbados for 2021

    Barbados Today: Barbados recorded over 10,000 air passenger arrivals after months of being hard-hit by a global pandemic. For the first time since December 2020, the local tourism industry has recorded a major tourism milestone with the latest statistics from the Barbados Tourism Marketing Inc. (BTMI) suggesting a positive turn for the industry ahead of the 2021/2022 winter season. Read more

    T&T and Chile commence negotiations to expand trade

    Trinidad Guardian: Trade and Industry Minister, Senator the Honourable Paula Gopee-Scoon has expressed anticipation that the Agreement will support Trinidad and Tobago’s trade policy and eliminate non-tariff barriers. The following is a press release from the Ministry of Trade and Industry. Read more

    TTMA meets Cuba ambassador to talk trade

    Trinidad Guardian: President of the T&T Manufacturers’ Association (TTMA) Tricia Coosal has met with Cuban Ambassador Tania Diego Olite to discuss trade and other related matters. Read more

    Belize doesn’t have enough coconuts, Ministry of Agriculture looking at ways to increase production

    Breaking Belize News: If we walk around town, that is in any of the cities and towns, we see a lot of coconuts. Going by that, one would think that we have excess production. However, we don’t have enough says the Minister of Agriculture, Food Security, and Enterprise, Jose Abelardo Mai. Read more

    Belize Cabinet news: Decisions on trade licenses, medical waste, and national census

    Breaking Belize News: While COVID-19 dominated this week’s meeting of the National Executive as it has for so long, other decisions were made and announced. Read more

    More Belize trade talks with Guatemala

    Amandala: For two days last week, a delegation from the Guatemalan Republic held trade talks with the Chief Executive Officer in the Ministry of Foreign Affairs and Foreign Trade, Ambassador Amalia Mai. Read more

    JMEA wants more Caricom dollars

    Jamaica Observer: The Jamaica Manufacturers and Exporters Association (JMEA) is looking to increase its receipts from Caricom as it believes there are still opportunities within the bloc for local companies to grow while also advancing the Jamaican economy. Read more

    Communique issued after agreements between Guyana, Suriname

    Newsroom: Joint communique issued on the official visit by Guyanese President to Suriname. Read here.

    Latin America and Caribbean FDI in 2020 was the lowest since 2010, ECLAC annual report

    Mercopress: Latin America and the Caribbean received US$105.48 billion in Foreign Direct Investment, FDI, in 2020 – 34.7% less than in 2019, 51% less than the record high achieved in 2012, and the lowest since 2010, the Economic Commission for Latin America and the Caribbean (ECLAC) indicated during the presentation of the annual “Foreign Direct Investment in Latin America and the Caribbean, 2021”. Read more

    INTERNATIONAL NEWS

    UK becomes Dialogue Partner of the Association of Southeast Asian Nations

    Gov.uk: The UK has agreed a new partnership with the Association of Southeast Asian Nations (ASEAN). Read more

    Exclusive: UK eyes quick ‘interim’ trade deal with India as negotiations set to start this year

    City AM: The UK government is looking at wrapping up a quick “interim” trade deal with India, which could see tariffs slashed on products like Scotch whisky before a full agreement is in place. Read more

    Why the EU Sides with Southeast Asia in the South China Sea Dispute

    VoA: European Union members will step up their advocacy of open access to the disputed South China Sea, a key world trade route, despite Chinese claims to nearly all of it as they discuss the issue with Southeast Asian countries, analysts believe. Read more

    Economic Commission for Africa Director seeks ways to boost AfCFTA’s implementation as MSMEs consultation opens

    Africa News: The Economic Commission for Africa (ECA) and communication consultancy AUNIQUEI, with funding from the European Union (EU) today in Dakar opened a consultation with African micro, small and medium enterprises (MSMEs) on the implementation of the African Continental Free Trade Area (AfCFTA). Read more

    AfCFTA will promote made in Africa Goods — Perm Secretary

    The Guardian (Nigeria): Inauguration of the Technical Working Group of the African Continental Free Trade Area ( AfCFTA) for Agriculture and Agribusiness work stream will promote made in Africa Goods and Services. Read more

    Afreximbank restates commitment to AfCFTA implementation

    The Guardian (Nigeria): The Regional Chief Operating Officer of the African Export-Import Bank (Afreximbank), Eric Monchu Intong, has reiterated the bank’s commitment to the full implementation of the African Continental Free Trade Area [AfCFTA] as it remains the guaranteed strategy for the continent to propel economic recovery. Read more

    Swiss paper faulted for sexist headline about WTO chief

    Expatica: A media regulator faulted a Swiss newspaper on Tuesday for sexism over a headline earlier this year describing the World Trade Organization’s highly qualified new chief merely as a “grandmother”. Read more

    Toyota production cut highlights ASEAN supply chain vulnerability

    Nikkei Asia: Toyota Motor’s announcement that it will slash production next month has sparked concerns over vulnerabilities in Southeast Asia’s auto supply chain as the region grapples with new variants of the coronavirus. Read more

    Cheaper wine in the offing as Government close in on New Zealand trade deal

    Evening Standard: The Department for International Trade said imported wine, apples and honey could all see their prices slashed in a post-Brexit agreement. Read more

    GM workers in Mexico reject union in win for US free trade pact

    Al Jazeera: Workers at a General Motors Co. truck plant in Mexico voted to cancel their union contract after the U.S. initiated a dispute against conditions at the factory, a historic victory for the North American free trade agreement. 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 – August 8-14, 2021

    Caribbean Trade and Development News Digest – August 8-14, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of August 8-14, 2021! We took a much-needed month-long vacation break and are pleased to once again bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

    We at the CTLD Blog extend our deepest sympathies to our brothers and sisters in Haiti following the devastation caused by the 7.2 magnitude earthquake on August 14 which was also felt in several other islands . As of the time of this article’s publication, the earthquake has led to the loss of over 300 innocent lives.

    HIGHLIGHTS

    This week the Inter-governmental Panel on Climate Change (IPCC) Working Group 1 Sixth Assessment Report issued a dire warning about the current levels of global warming. This article from The University of the West Indies provides 10 ‘urgent takeaways’ and this other article from the University of Melbourne gives a good breakdown of the 5 key takeaway points.

    Registration for UNCTAD15 to be hosted virtually by Barbados is open. To register, please see link here.

    Coming up this week, the first appointed female SG of CARICOM will take office.

    REGIONAL NEWS

    WTO Negotiations on Fisheries Subsidies Small states need special, differential treatment for ‘workable’ solution – CARICOM

    SKNVibes: While Caribbean Community (CARICOM) Member States have welcomed the progress on the Fisheries Subsidies negotiations, they have signalled that further adjustments are required, underlining the necessity for special and differential treatment (SDT) for small developing states. Read more

    Trade Ministry: Trinidad and Tobago exported $12.5b to US in 2020

    TT Newsday: Trinidad and Tobago continued to be an important trading partner with the United States, having recorded $12.5 billion in exports for 2020, the Ministry of Trade and Industry said on Friday. Read more

    Gopee-Scoon tells India: Trinidad and Tobago open for investment

    TT Newsday: Trade and Industry Minister Paula Gopee-Scoon has said Trinidad and Tobago is open for investment. She expressed optimism that some of that investment could come from India, as efforts are being made to further strengthen economic ties between TT and India, on the journey towards a post-covid19 period. Read more

    G’town Chamber in cooperation pact with Barbados and Suriname trade bodies

    Stabroek: The Georgetown Chamber of Commerce and Industry (GCCI) recently entered into an agreement with the Barbados Chamber of Commerce and Industry (BCCI) and the Suriname Trade and Industry Association (STIA) in order to enhance trade and cooperation. Read more

    National Trade Negotiating Commission holds first Regular Meeting

    BBN: This week the National Trade Negotiating Commission (NTNC) held its First Regular Meeting at the Ministry of Foreign Affairs, Foreign Trade, and Immigration auditorium in Belmopan. Read more

    JAMPRO Pivots to Assist Producers

    JIS: Over the years, Jamaica Promotions Corporation (JAMPRO) has been assisting various companies, from different sectors, to gain access to overseas markets for their products. Read more

    New JMEA president eyes Amazon to boost exports

    Jamaica Observer: Newly appointed President of the Jamaica Manufacturers and Exporters Association (JMEA) John Mahfood is hoping to help small manufacturers to tap into a wider market by distributing their products through online channels. Read more

    New duties for T&T exports to Dominica

    Daily Express: SOME goods manufactured in Trinidad and Tobago and exported to Caricom member state Dominica will face new import duties from tomorrow, the Ministry of Trade and Industry (MTI) has confirmed. Read more

    Oil finds propel Guyana to top of CARICOM FDI table

    Stabroek: Guyana’s successive world class oil finds beginning back in May 2015 have propelled the country to the top of the list of Foreign Direct Investment recipients across the entire Caribbean Community (CARICOM) last year and second behind the Dominican Republic across the Caribbean and Latin America as a whole, according to a recently released assessment of FDI inflows into the region released earlier this month by the United Nations Conference on Trade and Development. Read more

    INTERNATIONAL NEWS

    Brexit has ‘significantly altered’ Irish-British freight traffic, report finds

    Reuters: Post-Brexit trade frictions have “significantly altered” freight traffic between Ireland and Britain and sparked a steep rise in volumes to and from Ireland and other European Union members, an Irish government agency report said on Thursday. Read more

    UK-EU monthly exports again above pre-Brexit 2020 levels

    City AM: The UK’s monthly exports to the EU were above 2020 levels for the second straight month in June, despite earlier concerns about Brexit disruption. Read more

    EU implements first animal welfare-based condition in trade agreement

    Euractiv: In an unprecedented move, the EU has included the first animal welfare-based condition in the Mercosur trade agreement, but stakeholders warned that this does not go far enough to save the controversial deal that is facing increasing opposition in Europe. Read more

    UNCTAD, IATA Extend Partnership to Facilitate Global Trade

    IATA: The International Air Transport Association (IATA) and UNCTAD have extended their collaboration to facilitate international trade, particularly e-commerce. Read more

    US Joins Services Domestic Regulation Talks

    IISD: The US announced that it will join the process on services domestic regulation at the World Trade Organization (WTO) and “support conclusion of the Initiative” by the 12th Ministerial Conference (MC12) in November. Read more

    Top U.S., South Korean trade officials discuss supply chain resiliency -USTR

    Reuters: U.S. Trade Representative Katherine Tai and South Korean Trade Minister Yeo Han-koo on Thursday discussed supply chain resiliency efforts, tackling climate change, and reform of the World Trade Organization, the USTR said in a statement. Read more

    Europe’s carbon emissions plan risks more damage to global trade regime

    East Asia Forum: The European Union (EU) recently announced its ‘Fit for 55’ plan to reduce carbon emissions by 55 per cent from 1990 levels by the end of this decade and to reach net zero carbon emissions by 2050. Read more

    Argentina among top 15 countries with most import barriers, says WTO report

    Buenos Aires: New WTO and UNCTAD technical report warns country is among those which slap the most levies on the entry of products, with Brazil next in 16th position. Read more

    New report reveals ‘sobering’ impact of China trade war on Australian exports

    6PR: A new report on the overall impact of the Beijing trade war shows the extent of the losses have been grossly understated, due to a boom in iron ore prices. Read more

    China is still falling short of meeting an agreement to reduce its U.S. trade surplus

    CNBC: China’s purchases of U.S. goods are still falling short of trade agreement levels, even as overall Chinese imports from the U.S. have surged. Read more

    China’s export slowdown in July may signal more bumps ahead

    Reuters: China’s export growth unexpectedly slowed in July following outbreaks of COVID-19 cases, while imports also lost momentum, pointing to a slowdown in the country’s industrial sector in the second half even as easing global lockdowns boost commerce. Read more

    Biden revives Trump’s Africa business initiative; focus on energy, health

    Reuters: The Biden administration on Tuesday announced a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent. Read more

    Africa-Singapore trade on the up and up in the last five years

    The Citizen: Trade between Singapore and Africa has been growing at a compound annual growth rate of over 7.6 percent over the past five years, a senior official said at the weekend. Read more

    Lomé seeks firm to update its trade development policy

    Togo First: To this end, the ministry of trade and industry issued a notice of interest to hire a firm that will handle the process. Read more

    U.S. looks to leverage African diaspora in trade with Africa

    Reuters: The Biden administration plans to tap the African diaspora in the United States to bolster trade with Africa, a U.S. official said on Wednesday, in a push to work with people who understand “social nuances” on the continent. Read more

    Rwanda to host headquarters of AU backed e-commerce platform

    The New Times: Rwanda will host the continental headquarters of Sokokuu, an e-commerce platform aimed at enhancing the role of Africa’s small and medium enterprises in inter and intra-African trade. 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:

  • New CARICOM SG to take office Monday

    New CARICOM SG to take office Monday

    CARICOM Secretariat: An Installation Ceremony for the new Secretary-General of the Caribbean Community (CARICOM), Dr Carla Barnett, will be held on Monday 16 August 2021, from 10:00 a.m. ECT.

    The Chairman of CARICOM, Prime Minister Hon Gaston Browne of Antigua and Barbuda, will welcome the new Secretary-General and bring greetings from the Conference of CARICOM Heads of Government.

    Dr Barnett will address the Ceremony and is expected to outline her vision and indicate some matters that will occupy her immediate attention.

    Read the full release from CARICOM here.

  • Caribbean Trade and Development News Digest – July 4-10, 2021

    Caribbean Trade and Development News Digest – July 4-10, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of July 4-10, 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.

    The Caribbean Trade Law & Development Blog expresses our profound sadness to hear of the assassination of the President of Haiti, Jovenel Moise. We pray for the swift recovery of First Lady Madame Martine Moise who is currently hospitalised. We also express our solidarity with all who have been affected by Hurricane Elsa, which first made landfall in Barbados on Friday, July 2 and continued to affect other countries in the region and parts of the US. I personally wish to thank those readers who reached out to enquire about my well-being following reports of the passage of Hurricane Elsa last Friday and to confirm that I am doing well.

    Please see below some of the week’s highlights!

    THIS WEEK’S HIGHLIGHTS

    G20 finance ministers this week endorsed the proposal for a global minimum corporate income tax of at least 15%.

    The UK disputes the Brexit ‘divorce’ bill estimated by the EU. Read more here.

    The WTO appears to be on the ‘cusp’ of its first multilateral agreement since the Trade Facilitation Agreement. This week, July 15, ministers will meet virtually to advance negotiations on curbing harmful fisheries subsidies. Read more here.

    CARICOM Heads of Government held their 42nd Regular Meeting. Prime Minister of Antigua & Barbuda Gaston Browne assumed chairmanship of CARICOM as of July 1. The communique emanating from the meeting may be read here.

    On Thursday, July 2, I was a guest on the DeBrief TV Show interviewed by the host Kemar Stuart on the “G7 and the Global Minimum CIT”. The conversation also explored other current geopolitical and political economy issues germane to the Caribbean.

    REGIONAL NEWS

    “The EPA has failed us,” says Prime Minister

    Antigua News Room: Prime Minister of Antigua and Barbuda and Chairman of the Caribbean Community, (CARICOM) the Hon. Gaston Browne has spoken out against the constant targeting of the financial services sectors of the region by developed nations through blacklisting. Read more

    Straughn: Small States need policy space

    Nation News: If small states like Barbados are to achieve and meet the Sustainable Development Goals (SDGs), they need to be given the appropriate policy space to operate globally. Read more

    MSMEs to tap into grant funding

    Barbados Today: Micro, small and medium-sized enterprises in Barbados and the rest of the region have just over a week to apply for grants of up to US$15,000 to be used on various technical projects to enhance their operation. Read more

    Gopee-Scoon: $78m spent on luxury foods in three years

    Newsday: Trade and Industry Minister Paula Gopee-Scoon has said Trinidad and Tobago spent approximately $78 million a year over the last three years on the importation of luxury food items. She was responding to a question in the Senate on Tuesday. Read more

    Indian envoy aims for more trade with Trinidad and Tobago post-covid19

    Newsday: High Commissioner of India to Trinidad and Tobago Arun Kumar Sahu said since his appointment,, he has pushed for Indian businesses to do more trade with Caribbean countries, especially TT. Read more

    Minister wants more bilateral relationship between T&T, Dominican Republic

    Guardian: Trade Minister Paula Gopee-Scoon has expressed keen interest to further develop the bilateral relationship between T&T and the Dominican Republic in the areas of trade and economic relations. Read more

    TTMA calls for greater accountability in Free Trade Zones

    Trinidad Express: The Trinidad and Tobago Manufacturers Association (TTMA) Illicit Trade Desk is calling for greater accountability in Free Trade Zones to prevent illicit trade and money laundering. Read more

    Trinidad and Tobago moves to improve investor confidence

    Newsday: Applying rule of law is important in order to strengthen investor confidence and legitimate trade. And by the US Chamber of Commerce’s accounts, TT is making positive movements in that regard, advancing two points from a 2019 report, indicating an above-average performance within the hemisphere. Read more

    Trade Ministry publishing monthly reports

    Newsday: THE Ministry of Trade and Industry has started the publication of monthly reports on the operations of various border agencies as part of its trade facilitation agenda and to improve trade and customs border transparency. Read more

    US to mount trade mission to the Caribbean

    Jamaica Observer: The United States is planning a Caribbean Region Trade Mission and Business Conference for October, a senior US official has announced. Read more

    Bahamas government signs $12M economic and technical agreement with China

    EyeWitness: The government signed a $12 million economic and technical agreement with the People’s Republic of China during a signing ceremony held at the Ministry of Foreign Affairs on Wednesday, July 7, 2021. Read more

    INTERNATIONAL NEWS

    Investment Facilitation Negotiators Review Proposals, Share Views on Implementation

    IISD: World Trade Organization (WTO) members participating in the discussions on investment facilitation for development (IFD) heard back from the facilitators of discussion groups, and considered implementation, technical assistance, and capacity building in a dedicated session. Read more

    New study makes the case for more US free trade deals

    The Hill: Do free trade deals work? A new study by the International Trade Commission (ITC) says the ones the U.S. has signed have had a small, positive effect on the economy. Protectionists will insist that this means free trade deals do little. That’s wrong. Read more

    Fisheries Talks Chair Presents Revised Text Ahead of July Ministerial

    IISD: The Chair of the World Trade Organization (WTO) fisheries subsidies negotiations, Ambassador Santiago Wills of Colombia, introduced a revised draft text that he said aims to serve as the basis for the July 2021 ministerial-level meeting. Ministers are expected to negotiate a final agreement on 15 July. Read more

    USTR says WTO fisheries deal ‘within reach’ but improvements needed

    Reuters: A fisheries deal at the World Trade Organization is “within reach”, although improvements to the draft agreement are required in order to change the status quo, the U.S. Trade Representative’s Office said on Friday. Read more

    Liz Truss aims to tackle threats to free trade on five-day US visit

    Independent: The International Trade Secretary will meet Katherine Tai, the US trade representative, during her visit from Sunday to Thursday. Read more

    Trump is long gone, but trade

    Washington Post: President Biden routinely praises his Canadian counterpart in the warmest manner, as American chief executives — with one recent exception — have done for decades. And U.S. officials go out of their way to stress the shared vision that unites the two trading partners. Read more

    Canadian exporter confidence rebounds to 20-year high – EDC index

    Reuters: Confidence among Canadian exporters has surged to its highest level in more than 20 years, amid mounting optimism that a sustained global economic recovery is underway, a survey by Export Development Canada (EDC) showed on Thursday. Read more

    Shipping Turmoil Threatens Coffee From World’s Biggest Grower Brazil

    Bloomberg: Getting food where it needs to be around the world is never easy, and it’s been made all the harder this year with the twin forces of pandemic disruptions and climate change. Read more

    UK housing boom may derail post-Brexit trade dreams

    Reuters: History suggests Britain’s house price surge could threaten hopes of post-Brexit export-powered growth, if finance minister Rishi Sunak uses the housing market to fuel the economy like his predecessors did. Read more

    WTO report: Trade policy restraint prevented destructive acceleration of protectionism

    Trade policy restraint by G20 economies, as well as WTO members more broadly, prevented a destructive acceleration of protectionist trade measures that would have further hurt the world economy, according to the WTO’s latest Trade Monitoring Report. Read more

    Mexico to try former negotiator of USMCA trade pact

    AP: A judge in Mexico ordered the country’s former economy secretary, who served as one of the lead negotiators of the U.S.-Mexico-Canada free trade agreement, to stand trial on illicit enrichment charge. 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: