Category Archives: trade digest

Caribbean Trade & Development Digest – November 25 – December 1, 2018

Welcome to the Caribbean Trade & Development Digest for the week of November 25-December 1, 2018! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

This week, leaders of the EU-27 at their summit in Brussels approved the draft Brexit deal struck between the UK and EU. Ahead of the UK parliamentary vote later this month, Prime Minister Theresa May has been trying to sell the deal to UK parliamentarians and the UK public alike, including in a public letter to the nation.

G20 leaders met in Buenos Aires from November 30-December 2 for the group’s thirteenth summit and its first held in a South American country. Specifically, the leaders noted the following at paragraph 27 of their declaration:

International trade and investment are important engines of growth, productivity, innovation, job creation and development. We recognize the contribution that the multilateral trading system has made to that end. The system is currently falling short of its objectives and there is room for improvement. We therefore support the necessary reform of the WTO to improve its functioning. We will review progress at our next Summit.

On the sidelines of the G20 Summit, the leaders of the US, Mexico and Canada signed the US-Mexico-Canada Agreement (USMCA), meant to replace NAFTA. The deal now needs domestic ratification.

In regional news, The Bank of Nova Scotia (Scotia Bank), announced its withdrawal from nine Caribbean countries. Its operations are being sold to the Trinidad-based financial services group, Republic Financial Holdings. This move has raised concern in several of the affected countries.

Some sad news is that the Geneva-based International Centre for Trade and Sustainable Development (ICTSD) closed its doors this week. Through its publications, the ICTSD was a reliable source for free, timely, high quality and cutting-edge trade reporting and analysis relied on by trade and development academics, practitioners and policymakers alike. Their presence will indeed be missed.

Please see below some of the other major headlines:

REGIONAL

T&T to host special CSME meeting in December

LoopTT: Trinidad and Tobago will host a Special Meeting of the Heads of Government of the Caribbean Community (CARICOM) from December 3 to 4 which will focus on the CARICOM Single Market and Economy (CSME).  Read more 

Takeover of Scotiabank likely to be raised in caucus at special CARICOM meeting

Stabroek: Republic Bank’s planned acquisition of Scotiabank’s operations in Guyana and eight Caribbean countries is not on the agenda of the upcoming special meeting of the Caribbean Community Heads of Government on the CARICOM Single Market and Economy (CSME) but Foreign Affairs Minister Carl Greenidge expects that it will be raised in caucus. Read more 

Republic Financial Holdings to acquire Scotiabank in nine Caribbean countries

Nation News: Republic Financial Holdings Limited (RFHL) announced today, that it has entered into an agreement to acquire Scotiabank’s banking operations in Guyana, St Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. Read more 

Josie Warns Of Potential For Dire Consequences From Scotiabank Sale

St Lucia Times: Former government minister, Peter Josie, has warned of potential dire consequences from a decision by Scotiabank to exit nine Caribbean countries, including Saint Lucia. Read more

 

CARICOM Sugar Industries prepared to supply total regional demand

RJR News: The Sugar Association of  the Caribbean has stated that for the 2017/18 crop, its members met 80 per cent of  the brown sugar needs of  Caribbean Community (CARICOM). Read more 

T&T can lose CARICOM market for fuel

Trinidad Guardian: T&T faces the pos­si­bil­i­ty of los­ing Cari­com mar­kets for the ex­port of fu­el as the price of fu­el com­ing out of T&T is like­ly to in­crease. Read more 

Cuba’s most valuable exports: its doctors

TRT World: Cuba over the last 50 years has honed in on its medical expertise to be able to punch above its weight in the international arena and garner soft power. Cuba has begun to withdraw more than 8,300 Cuban doctors from Brazil, potentially leaving millions of Brazilians, particularly its indigenous communities, without access to basic healthcare. Read more

CARICOM Leaders claim T&T has unfair advantage in manufacturing sector

Power 102 FM: Prime Minister, Dr Keith Rowley, says CARICOM leaders believe this country has an unfair advantage in the manufacturing sector because it benefits from lower electricity rates. Read more

CARICOM calls for seat on ICAO council

Stabroek: CARICOM is calling for a seat on the Council of the International Civil Aviation Organization (ICAO) as a means of having its concerns properly represented. Read more 

CARICOM highlights work against gender violence in the region

Prensa Latina: The Secretary General of the Caribbean Community (Caricom), Irwin LaRocque, highlighted on Sunday the important work being done in the region against gender violence. Read more 

CARICOM Secretary General describes new management system

CARICOM: A detailed update on the new Results-Based Management (RBM) System being pursued by the Caribbean Community (CARICOM) Secretariat was described by Deputy Secretary-General, Ambassador Dr. Manorma Soeknandan during a courtesy visit with Prime Minister Dr. the Honourable Timothy Harris. Read more 

US Government makes US$1 million computer equipment to CARICOM IMPACS

Bajan Reporter: U.S. Embassy Bridgetown, through its Office of International Narcotics and Law Enforcement Affairs (INL), participated in an official handover ceremony to commemorate the Government of the United States of America’s U.S. $1 million computer equipment donation to the CARICOM IMPACS/Joint Regional Communication Centre (JRCC). Read more 

INTERNATIONAL

G20 agreement backs ‘rules-based’ order but bows to Trump on trade reforms

The Guardian: World leaders have signed off on an agreement which reaffirms a basic commitment by the world’s biggest economies to multilateral trade and a “rules-based international order”, but bows to US demands for urgent reform of the World Trade Organisation (WTO). Read more 

G20: US and China agree to suspend new trade tariffs

BBC: US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says. Read more

WTO reform: EU proposes way forward on the functioning of the Appellate Body

EU: The EU together with other members of the World Trade Organisation (WTO) – Australia, Canada, China, Iceland, India, Korea, Mexico, New Zealand, Norway, Singapore and Switzerland – unveiled a proposal for concrete changes to overcome the current deadlock in the WTO Appellate Body. The proposal will be presented at the meeting of the WTO General Council on 12 December. Read more

USTR Statement on China’s Auto Tariffs

USTR: U.S. Trade Representative Robert Lighthizer released a statement regarding China’s tariffs on U.S.-produced automobiles. Read more

Brexit: Trump says May’s Brexit plan could hurt UK-US trade deal

BBC: Donald Trump has suggested Theresa May’s Brexit agreement could threaten a US-UK trade deal. The US president told reporters the withdrawal agreement “sounds like a great deal for the EU” and meant the UK might not be able to trade with the US. Read more

Argentina, India agree to increase trade flows

Prensa Latina: Argentine President Mauricio Macri and India”s Prime Minister Narendra Modi pledged on Saturday to increase trade flow on several fronts and delved into the possibility that Argentina exports lithium to India. Read more

EU leaders agree UK’s Brexit deal at Brussels summit

BBC: EU leaders have approved an agreement on the UK’s withdrawal and future relations – insisting it is the “best and only deal possible”. Read more 

U.S., Mexico and Canada ink new trade agreement, but final ratification remains big hurdle

USA Today: President Donald Trump and the leaders of Mexico and Canada signed a revised trade pact Friday that changes many of the rules governing the free flow of commercial goods across North America.  Read more 

After signing new North American trade pact at G-20, Trump turns sights to China

Washington Post: President Trump suggested his Saturday showdown with Chinese President Xi Jinping could produce a cease-fire in the tariff war, capping a day that saw the American leader reach a milestone in his populist economic crusade by signing a regional trade deal with Mexico and Canada. Read more

Parties to government procurement pact approve UK’s terms of participation post-Brexit

WTO: At a meeting of the WTO’s Committee on Government Procurement on 27 November 2018, parties to the Government Procurement Agreement (GPA) approved in principle the United Kingdom’s final market access offer to take part in the GPA, in its own right, following its departure from the European Union. Read more

New WTO publication analyses potential impact of Blockchain on international trade

WTO: Amid growing interest and debate on Blockchain, the WTO launched a new publication today (27 November) that seeks to demystify the technology and analyse its capacity to transform world trade. The publication entitled “Can Blockchain revolutionize international trade?” explores how the technology could enhance areas related to WTO work and examines challenges that will have to be tackled to unlock the technology’s potential. Read more 

World Trade Outlook Indicator signals further loss of momentum in trade growth into Q4

WTO: Trade growth is likely to slow further into the fourth quarter of 2018 according to the WTO’s latest World Trade Outlook Indicator (WTOI) released on 26 November. The most recent WTO reading of 98.6 is the lowest since October 2016 and reflects declines in all component indices. It is below the previous value of 100.3 and falls under the baseline value of 100 for the index, signalling that trade growth in the coming months is expected to be below-trend. Read more 

Unlocking Africa’s trade potential

Forbes Africa: The African Export-Import Bank (Afreximbank) has identified intra-African trade as a critical factor for unlocking Africa’s trade potential. Read more 

Study: Trade supports over 36 million jobs across the EU

EU: Two new studies published today by the European Commission highlight the increasing importance of EU exports for job opportunities in Europe and beyond. Read more 

The Caribbean Trade & Development Digest is a weekly trade news digest 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 follow our blog.

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Caribbean Trade and Development Digest – November 13 – 17, 2018

Welcome to the Caribbean Trade & Development Digest for the week of November 13-17, 2018! We do apologise for the delay in this week’s Caribbean Trade and Development Digest, but are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

Last week was quite a busy week in trade policy news on the regional and international fronts! There was the announcement and release of the draft Brexit withdrawal agreement between the UK and EU. The Asia Pacific Economic Cooperation (APEC) Summit in Port Moresby, Papua New Guinea, ended with no joint statement amidst disagreement between the US and China. On the regional front, the CARICOM Council for Trade and Economic Development (COTED) held its 47th meeting and released a statement  in support of the WTO.

REGIONAL

COTED Statement on WTO

CARICOM: CARICOM Trade Ministers, meeting in Georgetown, Guyana, on 15 and 16 November 2018, at the Forty-Seventh Meeting of the Council for Trade and Economic Development (COTED), re-iterated the Caribbean Community’s support for the rules-based, multilateral trading system embodied in the World Trade Organisation (WTO). Read more 

Dubai-Caribbean non-oil trade hits $273 million in 2017

Khaleej Times: The value of non-oil trade between Dubai and Caribbean countries totalled $273 million in 2017, according to new data released by the Dubai Chamber of Commerce and Industry ahead of the first UAE-Caribbean Cooperation Forum in Dubai. Read more

St Lucia set to launch import substitution programme

St Lucia Times: The Ministry of Agriculture, with the support of the government of Taiwan, will next year begin implementing an import substitution programme for a range of crops in an effort to reduce Saint Lucia’s food import bill. Read more

Guyana, EU to sign pact on forest governance

Stabroek: After around six years of engagements, Guyana and the European Union (EU) are to sign an agreement that will bolster forest governance and address issues such as illegal logging. Read more 

China eyes US$10 trillion in imports from Latin America, Caribbean

Stabroek: The Government of the People’s Republic of China is looking to import some US$10 trillion in goods and services from Latin America and the Caribbean over the next five years, China’s Ambassador to Jamaica Tian Qi has disclosed. Read more 

Advancing Single Market and Economy pivotal to CARICOM’s future – LaRocque

Stabroek: If CARICOM is to safeguard the region’s interests in the global arena and achieve the objective of improving the lives of its citizens, its most important immediate task is to advance the implementation of the Single Market and Economy (CSME), Secretary General Ambassador Irwin LaRocque says. Read more 

INTERNATIONAL

APEC summit wraps with no joint statement amid US-China discord

CNN: For the first time in its 25-year history, the Asia-Pacific Economic Cooperation summit ended Sunday with its leaders failing to agree on a formal joint statement.

All 21 APEC leaders at the annual meeting in Papua New Guinea were in agreement except China, a source within the meeting told CNN. Read more
European Commission welcomes agreement on foreign investment screening framework
EU: Today the European Parliament, the Council and the Commission reached a political agreement on an EU framework for screening foreign direct investment. Read more

Japan initiates WTO dispute complaint against Korean support for shipbuilders

WTO: Japan has requested WTO dispute consultations with Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry. Japan’s request was circulated to WTO members on 13 November. Read more

WTO Members Prepare to Shift Gears in Fisheries Negotiations

ICTSD: WTO members negotiating a proposed agreement to tackle harmful fisheries subsidies held a second cluster of meetings last week as part of their September-December work programme, hearing reports about brainstorming sessions in “incubator groups” the week before and completing the streamlining of a document consolidating all existing proposals.  Read more 

Kenya Eyes High Table Seat At Inaugural Intra-Africa Trade Talks

AllAfrica: Kenya is keen to play a lead role in steering intra-Africa trade as the continent meet for the Inaugural Intra-Africa Trade Fair (IATF) in Cairo, Egypt, next month. Read more

May sticks to Brexit deal as opponents seek formal challenge

Reuters: British Prime Minister Theresa May vowed on Monday to stick to her draft European Union divorce deal as dissenting lawmakers in her own party tried to trigger a leadership challenge. Read more 

Vice president Pence pushes Japan for free trade agreement

Reuters:  U.S. Vice President Mike Pence, keeping up pressure on Japan to cut its trade surplus with the United States, said on Tuesday American goods and services too often faced barriers in Japan and a bilateral trade agreement offered the best way forward. Read more 

Singapore, China sign several agreements, including free trade agreement upgrade

ChannelNewsAsia: China and Singapore have signed a slew of agreements, including the upgrade of a bilateral free trade pact, which will allow greater market access for Singapore companies. Read more

China, Spain, Latin America: A New Growth Axis in Global Trade

World Crunch: Spain, an industralized EU member with close ties to Latin America, could profit from easing the entry of Chinese firms keen to invest in and export to the Americas. Read more

How news media can boost China-Latin America relations

Xinhua: There’s no doubt of the news media’s impact across borders and in fostering relations between countries and entire regions. Nowhere is this more true than in the relationship between China and Latin American and the Caribbean (LAC). Read more 

WTO working more closely with UK on Brexit

RTE: A senior World Trade Organization (WTO) representative has said the body is watching Brexit negotiations between the European Union and the UK “very closely”. Read more 

Trump’s protectionism might just save the WTO

The Washington Post: President Trump is right that the World Trade Organization badly needs reform.Keeping the United States within the WTO should obviously be Plan A. But it would be prudent for other members to start thinking about devising a new international trade organization minus the United States in order to avoid the “my way or the highway” blackmail that has become the American president’s signature negotiating style. Read more 

WTO members adopt roadmap for reducing technical barriers to trade

WTO: WTO members achieved a breakthrough at a 14-15 November meeting of the Committee on Technical Barriers to Trade (TBT) by agreeing on a list of recommendations that aim at reducing obstacles to trade and improving implementation of the WTO’s TBT Agreement.  Read more 

Launch of WTO Data Portal

WTO: The WTO launched on Friday 16th November its new online database. The WTO Data portal brings together a wide range of statistical indicators on international trade and other WTO-related information. Read more 

US-China Discord Dominates APEC Summit

Jakarta Globe: The United States and China swapped barbs over trade, investment and regional security at an Asia Pacific Economic Cooperation, or Apec, summit on Saturday, as growing fault lines among members suggested little prospect of consensus at the weekend meeting. Read more 

India to adopt new approach toward free trade agreements

Japan Times: India is planning to adopt a new strategy toward negotiating free trade agreements even as the country is engaged in talks with members of the Regional Comprehensive Economic Partnership, the proposed ASEAN-focused regional free trade area. Read more 

Egypt, Eurasian Union to start negotiating free trade agreement

Egypt Today: Egypt and the Eurasian Economic Union (EAEU) signed a framework document for negotiations on the free trade agreement between the two sides, as they both decided to hold the first tournament of negotiations in mid- January in Cairo. Read more 

India, Mauritius likely to sign free trade pact in January

Hindu Business Line: The proposed India-Mauritius free trade agreement,being given the final touches by negotiators this week, is likely to be signed in January during Mauritius PM Pravind Kumar Jugnauth’s India visit, a government official has said. Read more 

The Caribbean Trade & Development Digest is a weekly trade news digest 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 follow our blog.

Caribbean Trade & Development Digest – October 21 – 27, 2018

Welcome to the Caribbean Trade & Development Digest for the week of October 21-27, 2018! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

The main headline this week was the Ottawa Ministerial Meeting on World Trade Organisation (WTO) reform held in Ottawa, Canada, from October 24-25 and chaired by Canada’s Minister of Trade International Trade Diversification, the Honourable Jim Carr. Ministers and Heads of Delegation from thirteen other ‘likeminded’ countries joined with Canada to discuss proposals on the way forward for strengthening and modernising the world’s multilateral trade body. The WTO’s Director General Roberto Azevedo also attended the meeting at the invitation of the organisers. The joint communique from this meeting may be found here. Canada has also released a discussion paper with its ideas for WTO reform, which may be found here.

Please have a read of the week’s other headlines below:

REGIONAL

Phillips Says Global Anti-Immigration Policies A Threat To Caribbean Progress

Jamaica Gleaner: Opposition Leader and People’s National Party (PNP) President Dr Peter Phillips today warned that Caribbean progress was under threat from a rise in anti-immigration policies in rich countries. Read more 

The Dominican Republic helps mango producers double exports

FreshPlaza: The Dominican Government through the Ministry of Agriculture and the Special Fund for Agricultural Development (FEDA) contributed more than 130 million pesos for the construction and equipping of a modern hydrothermal treatment plant to the Banileja Association of Mango Producers (ABAPROMANGO) with the objective of doubling fruit exports next year. Read more

CARICOM Secretariat releases biodiversity management score card

Caribbean News Now: The Caribbean Community (CARICOM) has recorded a significant milestone with the release of a report on the state of biodiversity management in the region. Read more

Why British trade with Africa, Caribbean and Pacific nations can boom after Brexit

Gov.UK: UK Trade Policy Minister, George Hollingbery, spoke in Brussels to representatives from the African, Caribbean and Pacific group of states on why British trade with ACP nations can boom after Brexit. Read here.

RI takes first jab at Indonesia-Caribbean relations

The Jakarta Post: Following President Joko “Jokowi” Widodo’s orders to explore non-traditional trade markets, the government has moved to facilitate business-to-business talks between Indonesia and 15 countries joined in Caribbean Community (CARICOM). Read more 

Taiwanese business delegation visits St Lucia for investment and trade opportunities

Caribbean News Now: A business delegation from Taiwan arrived in Saint Lucia on October 24, 2018, to explore investment opportunities and engage potential business partners in Saint Lucia. Read more 

CTO Secretary General says complacency puts Caribbean people and economies at risk

Caribbean360: Secretary General of the Caribbean Tourism Organization (CTO) Hugh Riley has called on Caribbean states to take tsunami preparedness seriously, stating to do otherwise would put the people and regional economies at risk. Read more

IMF says recovery in Latin America and the Caribbean has lost momentum

Caribbean360: The International Monetary Fund’s Regional Economic Outlook for the Western Hemisphere has marked down its growth forecasts for Latin America and the Caribbean to 1.2 per cent in 2018 and 2.2 per cent in 2019, from the May 2018 forecasts of 2.0 per cent and 2.8 per cent, respectively. Read more

INTERNATIONAL

Vanuatu Trade Policy Review

WTO: The Pacific island nation of Vanuatu had its first review of its trade policies and practices which took place October 23 and 25. Read more 

Asia-Europe Meetings Close With Calls for Supporting WTO, Multilateralism

ICTSD Bridges: The 12th Asia-Europe Meeting (ASEM) came to a close last week in Brussels, Belgium, where leaders from 51 countries examined options for greater cooperation on supporting the multilateral trading system, improving climate action, and otherwise backing multilateralism and shared policy objectives.  Read more 

EU, US Officials Consider Approaches, Objectives for Trade Negotiating Outcomes

ICTSD Bridges: Three months after US and EU leaders agreed to launch an “Executive Working Group” to tackle a series of trade issues, questions over how future talks will proceed and what those efforts will cover substantively remain, with trade officials offering differing public assessments in recent weeks. Read more 

Russia seeks to capitalise on Brexit after blocking Liam Fox’s WTO plan

The Guardian: Russia is among 20 countries that are looking to squeeze a commercial advantage from Brexit after blocking an attempt by the international trade secretary, Liam Fox, to fast-track a World Trade Organization deal on the UK’s terms of trade with the world. Read more 

UK signals failure of bid for quick Brexit transition at WTO

Reuters: Britain signalled on Thursday that its attempt to seal terms for its post-Brexit membership of the World Trade Organization by a fast-track procedure had failed, and it must now enter negotiations which are likely to be lengthy. Read more 

DDG Wolff: “It is essential that the WTO adapts to future changes in world trade”

WTO: In a lecture delivered to the Academy of Economic Studies in Chișinău, Moldova, on 24 October 2018, Deputy Director-General Alan Wolff said that much in the world of trade will change going forward, largely due to the emergence of new technologies. Read more 

Subsidies Committee members express concerns on lack of notifications

WTO: Members of the WTO’s Committee on Subsidies and Countervailing Measures expressed concerns at their special meeting on 23 October about the failure of many members to notify the Committee of subsidy programmes. Read more

Canada ratifies Pacific rim deal 

CTV: A bill to enact a new trade pact with Pacific Rim countries has passed the legislative finish line, making Canada one of the first countries to ratify the 11-country deal. Read more 

Chilean Senate approves deepening of free trade agreement with China

Santiago Times: This week the Chilean Senate approved the protocol of deepening the Free Trade Agreement with China, a fact that the Minister of Foreign Affairs, Roberto Ampuero, described as “very good news.” Read more 

Will Trump push for an ‘America first’ trade agreement in Asia modelled on his new Nafta deal?

South China Morning Post: US President Donald Trump seeks to redefine all major free-trade agreements on the basis of US economic and geopolitical leverage. In these efforts, the United States-Mexico-Canada Agreement (USMCA) is likely to serve as a blueprint. Read more 

EU and Indonesia complete sixth round of negotiations for a trade agreement

EU: The sixth round of negotiations for an EU-Indonesia free trade agreement took place from 15 to 19 October in Palembang, Indonesia. Read more 

The Caribbean Trade & Development Digest is a weekly trade news digest 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 follow our blog.

Caribbean Trade & Development Digest – October 14-20, 2018

Welcome to the Caribbean Trade & Development Digest for the week of October 14-20, 2018! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

In its latest Investment Trends Monitor, UNCTAD has reported that global FDI fell by 41% in the first half of 2018 due primarily to the large repatriations by US parent companies of accumulated foreign earnings from their foreign affiliates due to US government tax reforms. The full report may be found here.

The OECD has published a list of citizenship and residence by investment programmes which it deems “high risk” to the Common Reporting Standard, and names several programmes operated by Caribbean countries.

Nearly 700,000 protesters in London participated in the People’s March calling for a referendum on the UK’s final Brexit deal with the EU. Closer to home, in Haiti, President Moise has agreed to protesters’ calls for an investigation into the alleged misuse of funds received by Haiti under the PetroCaribe Agreement with Venezuela. Venezuela has announced it will replace the US dollar for the euro for use in international payments.

Please see further headlines below:

REGIONAL

Jamaica Prime Minister wants Spanish to be second language

Magnetic Media: Prime Minister, the Most Hon. Andrew Holness, says it is of strategic importance that the appropriate programmes be put in place, making Spanish a second language in Jamaica. Read more 

Support grows for marijuana decriminalisation across the region

Jamaica Observer: The chairperson of the Caricom Regional Commission on Marijuana Professor Rose-Marie Belle Antoine says there’s much support across the region for the decriminalisation of marijuana. Read more

Haiti’s President Launches Petrocaribe probe

VoA: Responding to protester demands to “tell us where the PetroCaribe money is” Moise tweeted Thursday that his administration would investigate the allegations of misuse of funds and would hold all those responsible accountable. Read more 

Haiti protests over politicians’ misuse of Petrocaribe funds

Al Jazeera: Protests in Haiti have turned violent as anger grows over billions of dollars of missing funds that were meant to provide social care and improve public services. Read more

IMF Outlook for Latin America and the Caribbean

IMF: Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean (LAC) has both moderated and become more uneven.  However, activity is recovering in the Caribbean, reflecting the uptick in tourism owing to robust US and global growth. Read more 

Is the Caribbean becoming a junkyard for Japanese excesses? (Commentary)

St Lucia News Now: Statistics from the islands show that thousands of cars are imported into the Caribbean from Japan annually. Eight of every ten cars imported have or are nearing the age of serviceability. Many of these vehicles will retire after a few years of use with the stark reality being that they will need to be disposed of.  Read more 

Caribbean countries set to reduce trade hurdles

UNCTAD: Senior trade officials from the Organisation of Eastern Caribbean States (OECS) have met with UNCTAD experts to discuss a new drive to help them improve the efficiency of their cross-border trade. Read more 

Will Mexico’s free zones affect Belize?

LoveFM: Tracy Taeger-Panton, the Minister of State Responsible for Investment, Trade and Commerce says it is still unclear what Mexico’s plans are but the Government is looking at ways to develop the economy of the northern districts. Read more 

Bahamas elected to UN Human Rights Council

Magnetic Media: The Bahamas was elected by the United Nations General Assembly (UNGA), on 12 October 2018 to serve on the Human Rights Council (HRC).  The HRC was created by the UNGA in 2006, replacing the former UN Human Rights Commission, and is the UN organ responsible for promoting and protecting human rights worldwide. Read more 

WHO removes Caribbean from Zika classification

Jamaica Observer: The World Health Organisation (WHO) has removed its Zika virus country classification scheme from countries in the region. The scheme had categorised most of the Caribbean territories as having active Zika virus transmission. Read more

INTERNATIONAL

Overseas investment failing, developing countries largely unscathed: UNCTAD

UN: Foreign direct investment (FDI) has dropped 40 per cent year-on-year so far, the UN Conference on Trade and Development (UNCTAD) said on Monday, but the $470 million decline is happening mainly in wealthy, industrialized nations, especially in North America and Western Europe. Read more 

Venezuela ditching US dollar for euros in international trade

Caribbean360: Venezuela will drop the US dollar from its exchange market in favour of the Euro, in reaction to crippling sanctions imposed by the United States. Read more

Canada launches safeguard investigation on certain steel products

WTO: On 12 October 2018, Canada notified the WTO’s Committee on Safeguards that it initiated on 11 October 2018 a safeguard investigation on certain steel products. Read more 

WTO members review use, application of preferential rules of origin for LDCs

WTO: At a meeting of the Committee on Rules of Origin on 15-16 October, WTO members further reviewed the use and application of preferential rules of origin programmes for least developed countries (LDCs) in line with commitments made at the WTO’s 2013 Bali and 2015 Nairobi ministerial conferences. Read more 

DG Azevêdo: Debate on WTO reform should reflect all perspectives

WTO: At a meeting of the full WTO membership today (16 October), Director-General Roberto Azevêdo noted the emerging debate on ‘WTO reform’ and highlighted the importance that this discussion is inclusive. Read more

Australia accepted as new party to government procurement pact

WTO: On 17 October 2018, parties to the WTO plurilateral Government Procurement Agreement (GPA) unanimously approved a decision to welcome Australia as the 48th WTO member to be covered by the Agreement. Read more

WTO members fix dates for Astana Ministerial Conference

WTO: WTO members have agreed that the organization’s next Ministerial Conference will take place from 8 to 11 June 2020 in Astana, Kazakhstan. The dates were endorsed at an 18 October meeting of the WTO’s General Council. Read more 

670,000 march to demand final say on Brexit

The Independent: Masses overflowed through the streets of London for more than a mile, from Hyde Park Corner to Parliament Square, as an estimated 670,000 protesters took their demand for a fresh Brexit referendum right to Theresa May’s doorstep.  Read more

Singapore, EU ink landmark free trade agreement

ChannelNewsAsia: Singapore and the European Union (EU) on Friday (Oct 19) inked a landmark trade deal that will eliminate tariffs and give businesses across various sectors, especially small- and medium-sized enterprises (SMEs), better market access.
Read more

Trump embarks on bilateral trade talks to pressure China

New York Times: Fresh off securing trade agreements with South Korea, Canada and Mexico, President Trump is embarking on a new plan: refashioning the Trans-Pacific Partnership to his liking through a flurry of bilateral trade deals. Read more

Australia insists trade agreement with Indonesia on track despite Israel comments

Channel News Asia: Australian Prime Minister Scott Morrison said on Wednesday a billion-dollar free trade agreement with Indonesia will be signed this year despite a furious reaction to Canberra’s potential move to recognise Jerusalem as Israel’s capital.
Read more

2018 Update of the EU Control List of Dual-Use Items

EU: On 10 October 2018, the Commission adopted the annual Delegated Regulation that updates the EU dual-use export control list in Annex I to Regulation (EC) No 428/2009 and brings it in line with the decisions taken within the framework of the international non-proliferation regimes and export control arrangements in 2017. Read more

EU completes second round of negotiations with New Zealand

EU: EU negotiators were in Wellington, New Zealand from 8 to 12 October 2018 for the second round of negotiations for a trade agreement. Read more 

NEW ON CTLD BLOG

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

If you take away multilateralism, who will hear us?

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 – 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.

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

NEW ON CTLD BLOG

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

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 and Development Digest – September 16-22, 2018

Welcome to the Caribbean Trade & Development Digest for the week of September 16-22, 2018! We are happy to bring the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

It has been a busy week in trade news. The European Commission has published a concept paper outlining its initial proposals for WTO reform. On the Brexit front, EU leaders have rejected aspects of British Prime Minister Theresa May’s ‘Chequers Plan’ – post-Brexit economic proposals. China has cancelled upcoming trade talks with the US, as Washington readies to impose another $200 billion dollars worth of tariffs on Chinese imports. And those are just some of the highlights! Please see below for more headlines:

REGIONAL

St Maarten as CARICOM Associate Member “still under consideration”

The Daily Herald: It has been more than half a decade since St. Maarten as well as Curaçao and Aruba have been approved for associate membership to the English-speaking countries dominated Caribbean Community Caricom, and that pending application is “still under consideration.” Read more 

Jamaica gets green light to export mangoes to US

Jamaica Observer: Jamaica has been granted permission to export mangoes to the United States, Agriculture Minister Audley Shaw said here on Monday. Read more 

Interview: Dominican Republic-China ties open “world of opportunities,” says economy chief of Dominican Republic

Xinhua: The newly established diplomatic ties between China and the Dominican Republic have opened a panoply of trade and investment opportunities for the two countries, according to the Economy, Planning and Development Minister of Dominican Republic Isidoro Santana. Read more 

Puerto Rico businesses interested in Trinidad and Tobago

LoopT&T: “These trade missions provide Trinidad and Tobago with opportunities to deepen relations and increase business,” said Trade and Industry Minister, Senator the Honourable Paula Gopee-Scoon at the launch of Trade Mission from Puerto Rico hosted by the United States Embassy, Trinidad on Tuesday.  Read more 

Trinidad and Tobago to examine law prohibiting transshipment of honey from Guyana

Stabroek: Trinidad and Tobago (T&T) has made a commitment to examine the law prohibiting the transshipment of honey from Guyana into the twin-island republic, its Agriculture Minister Clarence Rambharat says.

The Bahamas reactivates WTO accession process

WTO: WTO members praised The Bahamas’ commitment to reactivate and accelerate its WTO accession process after six years of impasse. Read more 

Guyana seeking to finalise economic cooperation pact with Barbados

Stabroek: Guyana is moving to finalise a framework agreement for economic cooperation with Barbados as part of government’s attempts to pursue economic cooperation in the region to nurture prosperity and global competitiveness, President David Granger said yesterday. Read more 

BVI premier to lead first trade mission to Africa

Caribbean News Now: British Virgin Islands premier and minister of finance, Dr Orlando Smith, will be leading a two-week trade mission to Africa in November. Read more

China opens embassy in the Dominican Republic

Golden Times: China’s national anthem was heard in the Dominican Republic on Friday, as China opened its embassy in the country’s capital Santo Domingo. Read more 

China ready to enhance multilateral cooperation with Caribbean Community: Wang Yi

Xinhua: China is ready to enhance cooperation with the Caribbean Community (CARICOM) in multilateral areas in order to better safeguard the rights and interests of developing countries, Chinese State Councilor and Foreign Minister Wang Yi said here Saturday. Read more

Barbados to host one-day CSME Meeting

Barbados Today: Guyana-based Caribbean Community (CARICOM) Secretariat says it is reviewing the CARICOM Single Market and Economy (CSME) administrative procedures to recommend ways of making them more simple and harmonised where possible. Read more

Suriname-Indonesia joint commission promotes agriculture, trade and capacity building

Caribbean News Now: The fifth Joint Council Commission between Indonesia and Suriname took place in Paramaribo on September 17-18 and the objective was to “recommit to strengthen cooperation that can translate into concrete results” between the two countries.  Read more 

Haiti’s trade deficit with DR amounts to $816 million US

HaitiLibre: The National Statistical Office (ONE) of the Dominican Republic has revealed that in 2017, trade between the two nations of the island reached 852.53 million US dollars. During this period, imports from Haiti amounted to $ 36.31 million, a positive trade surplus for DR of $ 816.22 million.  Read more 

WTO members review two regional trade agreements covering Africa, the Caribbean and the EU

WTO: WTO members reviewed Seychelles’ accession to the South African Development Community (SADC) trade protocol and the economic partnership agreement between the European Union and Cariforum states at the 18 September meeting of the Committee on Regional Trade Agreements. Members welcomed progress being made in the economic integration of the African region. Read more 

Barbados welcomes skilled CARICOM nationals

CaribbeanLife: While moving to tighten immigration security by introducing a state-of-the-art travel document, Barbados is opening its arms to Caribbean Community nationals who can help further develop the island. Read more 

Wang Yi: CARICOM and China share extensive interests

CGTN: Chinese State Councilor and Foreign Minister Wang Yi has called for closer cooperation between China and the Caribbean Community (CARICOM) to further build a community of shared future between the two. Read more 

UWI a CARICOM integration leader

Barbados Today: In order to assert themselves in the forefront of CARICOM integration, University of the West Indies academics must make their messages clear and easily understandable for both regional decision-makers and ordinary Caribbean citizens. Read more 

INTERNATIONAL

Theresa May sticks by Chequers plan for Brexit despite EU warning it ‘will not work’

Sky News: Theresa May is defiantly sticking by her Chequers strategy for Brexit, despite the EU insisting a key element of her plan “will not work” and issuing a four-week deadline to agree a deal. Read more

‘Majority of Cabinet’ now supports move towards Canada-style Brexit deal

The Telegraph: A majority of the Cabinet now supports moving towards a Canada-style trade deal with the EU following the outright rejection of PM Theresa May’s Chequers Plan. Read more 

US-China trade talks stall amid tariff standoff

CNN: Negotiations between the United States and China have stalled after President Donald Trump ordered new tariffs on Chinese goods. Read more 

European Commission presents comprehensive approach for the modernisation of the World Trade Organisation

EU: The EU’s approach to the World Trade Organisation (WTO) reform outlined in a document published today will be presented to EU partners in Geneva on 20 September during a meeting on that subject convened by Canada. Read more

Mauritania signs the Regional Economic Partnership agreement between West Africa and the EU

European Commission: Mauritania today became the 15th West African country to have signed the region-to-region Economic Partnership Agreement (EPA) with the European Union, an agreement negotiated with 16 countries of the region. Read more 

EU-India “fully committed” to move forward on free trade pact: Official 

Economic Times: The European Union and India are “fully committed” to moving forward on the proposed free trade agreement and discussions are on between the two sides on the much-delayed pact, according to an EU official. Read more 

USTR Finalizes Tariffs on $200 Billion of Chinese Imports in Response to China’s Unfair Trade Practices

USTR: As part of the United States’ continuing response to China’s theft of American intellectual property and forced transfer of American technology, the Office of the United States Trade Representative (USTR) today released a list of approximately $200 billion worth of Chinese imports that will be subject to additional tariffs. Read more 

One year on, EU-Canada trade agreement delivers positive results

European Commission: Friday 21 September will mark the first anniversary of the provisional entry into force of the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada. Early signs show that the agreement is already starting to deliver for EU exporters. Read more 

 

China-Singapore trade agreement upgrade to be concluded by year-end

Channel News Asia: Singapore and China will conclude a substantive upgrade of their free trade agreement, which first came into effect in 2009, by the end of this year, said Deputy Prime Minister Teo Chee Hean on Thursday (Sep 20). Read more 

South Korean Finance Minister Optimistic About Revised U.S. Trade Deal

Wall Street Journal: South Korean Finance Minister Kim Dong-yeon expressed optimism about signing a revised U.S. free-trade pact into law, though lawmakers in Seoul have threatened to block the deal if Washington imposes new tariffs on Korean autos and auto parts. Read more 

Japan mulls bilateral trade deal with US: Nikkei

Reuters: Japan is mulling a bilateral trade agreement with the United States that would lower tariffs on U.S. agriculture imports in exchange for avoiding higher tariffs on Japanese autos, the Nikkei newspaper said on Saturday. Read more 

US very very close to Mexico-US only deal: White House

Global News: The United States is getting “very, very close” to having to move forward on its trade deal with Mexico without Canada, White House economic adviser Kevin Hassett said on Friday. Read more 

Mexico will seek deal with Canada if NAFTA talks fail: Lopez Obrador

Reuters: Mexico’s incoming government will pursue a bilateral deal with Canada if talks to overhaul the North American Free Trade Agreement falter, Mexican president-elect Andres Manuel Lopez Obrador said on Friday. Read more 

Mercosur Holds First Negotiating Round for Korea Trade Deal, Looks to EU Next Steps

ICTSD: Officials from the South American customs bloc Mercosur held negotiating meetings last week with South Korea and the European Union, respectively, as the coalition looks to cement trade ties with new partners. Read more 

Global Trade is thriving (for some)

Bloomberg: The West has turned hostile to open markets, but trade isn’t in retreat everywhere. In other parts of the world, it’s flourishing. Read more 

The Global Trade System could break down

Project Syndicate:  Ten years after the failure of Lehman Brothers, we know that multilateral action was crucial in preventing the so-called Great Recession from becoming even worse than it was. Back then, it was the global financial system that was tottering. Today, it is the global trade system that is in jeopardy. Read more 

NEW ON CTLD BLOG

This week, we were honoured to have our frequent guest author, Javier Spencer, return to give a critical analysis of what the Trump administration may mean for the WTO in this piece: Trump ‘trumps’ the WTO. You can also follow Javier on Twitter at @jav_d_spencer

The following other articles were posted:

EU makes initial proposals for WTO modernization

Urgent WTO reform needed, says G20 Trade and Investment ministers

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.

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