Category Archives: trade digest

Caribbean Trade & Development Digest – June 3-9, 2018

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Welcome to the Caribbean Trade & Development Digest for the week of June 3-9, 2018! What a difference a week makes in the world of trade policy, it seems! From the CARICOM High Level Stakeholders’ Consultation on the implementation of the CARICOM Single Market to the tumultuous G7 Leaders’ Meeting, we are happy to bring the trade and development headlines from across the Caribbean Region and the world from last week:

REGIONAL

(Belize) Trade Minister Responds to CARICOM Sugar Call

Channel 5 Belize: On Tuesday, Briceño said G.O.B. should be doing more to export all Belizean sugar to CARICOM. According to Panton, Belize’s sugar has market access at duty free rates but what is lacking is market penetration. Read more

CSME implementation deficit not Secretariat’s fault – Golding

InewsGuyana: To blame the Caribbean Community (CARICOM) Secretariat for the gaps in implementation of the CARCIOM Single Market and Economy (CSME) was unfair, a former Prime Minister of Jamaica has said. Read more

St Vincent PM says T&T extracts most from CARICOM

Stabroek News: Stating that outstanding issues such as free movement of people and a co-ordinated foreign policy have to be resolved before CARICOM can move to a Single Economy, St Vincent and the Grenadines (SVG) Prime Minister Dr Ralph Gonsalves also cited Trinidad for drawing the most from the integration movement in an uneven relationship. Read more

Regional leaders have lost faith in CSME realisation

St. Lucia Times Online: CARICOM members have to become more practical in their approach to the concepts of the Caricom Single Market and Economy (CSME), St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves said Friday. Read more

Statement at the Conclusion of an IMF Staff Visit to Barbados

IMF: At the request of the newly elected Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown on June 5-7, to have discussions on economic policies and possible IMF financial support of the government’s economic plan. Read more

Price hike expected due to trade tariffs

The Reporter: The cost of living in Belize could be taking another hit, as the price of various imported goods are in danger of going up due to an ongoing trade war among the United States, Mexico and Canada. Read more

Barbados pledges to play greater role in regional integration

CMC (via Jamaica Observer): Barbados on Tuesday said it would seek to play a greater role in the revitalisation of the regional integration movement, as the new government of Prime Minister Mia Mottley outlined its priorities for the next 12 months.  Read more

INTERNATIONAL 

Malaysia’s Mahathir calls for review of Trans-Pacific trade pact

CNBC: Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership trade agreement, saying smaller economies like Malaysia were at a disadvantage under the current terms. Read more

Trump against Rwanda in trade war over used clothes

Deutsche Welle: When East African countries announced a ban on the import of secondhand clothes to help their own textile industries, this irked US President Donald Trump. All but Rwanda have now backtracked. What’s at stake? Read more

Trump Wants Bilateral Nafta Talks But He Won’t Quit Accord

Bloomberg: President Donald Trump is seriously considering separate trade negotiations with Canada and Mexico but he doesn’t plan to withdraw from the North American Free Trade Agreement, White House economic adviser Larry Kudlow said. Read more

EU trade defence: stronger and more effective rules enter into force

European Commission: The changes which came into force last week are aimed at modernising the EU’s trade defence toolbox. Read more

EU-US Trade: European Commission endorses rebalancing duties on US products

European Commission: The College of Commissioners endorsed today the decision to impose additional duties on the full list of US products notified to the World Trade Organisation (WTO), as part of the EU’s response to the US tariffs on steel and aluminium products. Read more

EU and Chile complete third round of negotiations

European Commission: Negotiators met in Brussels from 28 May to 1 June for the 3rd round of negotiations for a new, modernised trade agreement between the EU and Chile. Read more

Azevêdo highlights ‘significant progress’ on trade finance, outlines further actions

WTO: Speaking at a meeting of the WTO Working Group on Trade, Debt and Finance on 8 June, Director-General Roberto Azevêdo highlighted the significant progress made in improving access to trade finance, in response to the persistent gaps in provision which affect small businesses and poorer countries in particular. Read more

Mexico initiates WTO dispute complaint against US steel, aluminium duties

WTO: Mexico has requested WTO dispute consultations with the United States regarding US duties on certain imported steel and aluminium products. The request was circulated to WTO members on 7 June. Read more

EU, Canada initiate WTO dispute complaints against US steel, aluminium duties

WTO: The European Union and Canada have requested WTO dispute consultations with the United States regarding US duties on certain imported steel and aluminium products. The requests were circulated to WTO members on 6 June. Read more

European Union files WTO complaint against China’s protection of intellectual property rights

WTO: The European Union has requested WTO consultations with China concerning certain Chinese measures which the EU alleges are inconsistent with China’s obligations under the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs). The request was circulated to WTO members on 6 June. Read more

EU initiates new WTO compliance proceedings over Airbus subsidies

WTO: The European Union has requested WTO dispute consultations with the United States to address the EU’s claim that the EU and its member states have complied with the WTO ruling on subsidies to Airbus which was adopted by the Dispute Settlement Body on 28 May. The request was circulated to WTO members on 06 June. Read more

South Africa Looks to Deepen Trade Ties with Canada Following G7 Summit

Footprint to Africa: South Africa is looking to deepen its trade relations with Canada following discussions at the G7 Summit, an annual high profile event that brings together seven of the wealthiest nations in the world. Read more

Africa bids to unlock trade finance potential

Africa Business Magazine: Efforts to create a free trade grouping date back to the establishment of the African Economic Community under the Abuja treaty in 1991. In this context, therefore, the CFTA should be celebrated. Nonetheless, it remains more of a beginning than an end to overcoming intra-African trade barriers. Read more

UNCTAD launches World Investment Report 2018 

UNCTAD: Global flows of foreign direct investment fell by 23 per cent in 2017. Cross-border investment in developed and transition economies dropped sharply, while growth was near zero in developing economies and with only a very modest recovery predicted for 2018. Read more

COMESA, IOM sign cross border trade agreement

Africa Business Communities: COMESA and International Organization for Migration (IOM) have signed a co-delegation Agreement on the implementation of the small scale cross border trade initiative in five border posts within the region. Read more

BONUS – Trade Tensions Escalate 

The leaders of the Group of 7 (G-7) wealthiest countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) met in Charlevoix, Quebec, Canada on June 8-9 against a backdrop of escalating trade tensions between the US and major allies, Mexico, Canada and the EU over the former’s imposition of steel and aluminium tariffs and threats of retaliation by the latter.

The official communique was signed by six countries, the US excepted. Specifically, the six signatories to the communique expressed their support for free trade and the rules-based multilateral trading system and denounced protectionism as follows:

“We acknowledge that free, fair and mutually beneficial trade and investment, while creating reciprocal benefits, are key engines for growth and job creation. We recommit to the conclusions on trade of the Hamburg G20 Summit, in particular, we underline the crucial role of a rules-based international trading system and continue to fight protectionism. We note the importance of bilateral, regional and plurilateral agreements being open, transparent, inclusive and WTO-consistent, and commit to working to ensure they complement the multilateral trade agreements. We commit to modernize the WTO to make it more fair as soon as possible. We strive to reduce tariff barriers, non-tariff barriers and subsidies.”

The full text of the communique may be accessed here.

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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Caribbean Trade & Development Digest – April 8-14 , 2018

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Welcome to the Caribbean Trade and Development Digest for the week of April 8-14, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Poultry producers complain to CARICOM over non-adoption of standards

Stabroek News: Regional poultry producers have expressed concern at the non-adoption of specifications for their meat and feeds which had been developed by the standards body, CROSQ and approved. Read more

Trinidad and Tobago judge rules homophobic laws unconstitutional
 
The Guardian (UK): The ruling, which declared sections of the Sexual Offences Act unconstitutional, may soon lead to decriminalising gay sex. Read more 

Canada’s PM, Justin Trudeau, meets with CARICOM States

Breaking Belize News: This afternoon, representatives from CARICOM met with Prime Minister of Canada  Justin Trudeau to discuss trade and the situation with Venezuela. Read more 

CARICOM Secretary General says CSME is a “work in progress”

Nation News: The Caribbean Community (CARICOM) Secretary General , Irwin La Rocque says while the CARICOM Single Market and Economy (CSME) continues to be a work in progress, it is sufficiently advanced to be used more effectively by the regional private sector. Read more 

CARICOM busy laying the groundwork for restructuring

Antigua Observer: CARICOM is pressing ahead with plans to ensure the restructuring of the governance of West Indies cricket, undeterred by the International Cricket Council’s request to have Cricket West Indies president, Dave Cameron, present at any meeting between the two bodies. Read more

Harmonised Cross Border Trade Needed for CARICOM Economic Integration

St Kitts & Nevis Observer: Harmonised approaches to conducting trade across borders in the Caribbean and effective customs valuation are among the steps that must be taken towards full economic integration within the Caribbean Community (CARICOM). Read more 

WTO

Strong trade growth in 2018 rests on policy choices

WTO: World merchandise trade growth is expected to remain strong in 2018 and 2019 after posting its largest increase in six years in 2017, but continued expansion depends on robust global economic growth and governments pursuing appropriate monetary, fiscal and especially trade policies, WTO economists said. Read more 

WTO members discuss ways of improving the transparency of regional trade agreements

WTO: WTO members discussed how to improve work on enhancing the transparency of regional trade agreements (RTAs) at a meeting of the Committee on RTAs on 9-10 April at the WTO. They reviewed five RTAs covering countries in Europe, Asia and Africa. The new chair of the committee, Ambassador Julian Braithwaite of the United Kingdom, presided at this first committee meeting of 2018. Read more

China initiates WTO dispute complaint against US tariffs on steel, aluminium products

WTO: China has requested WTO dispute consultations with the United States concerning certain US duties imposed on imports of steel and aluminium products. The request was circulated to WTO members on 9 April. Read more 

WTO establishes two panels to rule on US lumber duties

WTO: At the request of Canada, the WTO’s Dispute Settlement Body (DSB) agreed on 9 April to establish two panels to examine Canada’s complaints regarding anti-dumping and countervailing duties imposed by the United States on imports of Canadian softwood lumber. Read more 

Korea files appeal against WTO panel ruling regarding Japanese food import restrictions

WTO: Korea filed an appeal on 9 April against a WTO panel report in the case brought by Japan in “Korea — Import Bans, and Testing and Certification Requirements for Radionuclides” (DS495). The panel circulated its report on 22 February 2018. Read more 

WTO issues panel report regarding Korean duties on pneumatic valves from Japan

WTO: On 12 April the WTO circulated the panel report in the case brought by Japan in “Korea — Anti-Dumping Duties on Pneumatic Valves from Japan” (DS504). Read more

INTERNATIONAL

(New Zealand) PM looking to start EU trade negotiations

News ZB: Trade will be top of the agenda for the PM when she meets with French President Emmanuel Macron in Paris later today. Read more

The five biggest threats to the WTO

Bloomberg: The World Trade Organization is facing the greatest crisis of its 23-year existence. President Donald Trump doesn’t believe the WTO can handle the problems created by China’s rapid economic ascent and is fundamentally challenging the rules that govern international trade. Read more 

Mexico Pushes to Finish Trade Deal With EU This Month

Bloomberg Politics: Mexican trade negotiators are pushing to finish work on an updated free-trade agreement with the European Union ahead of a trip by President Enrique Pena Nieto to the region later this month, according to three people familiar with the plan. Read more 

IMF warns about trade war

CNN Money: Calling on countries to steer clear of protectionism, IMF Managing Director Christine Lagarde said in a speech that the “system of open trade based on rules and shared responsibility is now in danger of being torn apart”. Read more 

Kenya makes strong bid to host global trade chambers conference

The Standard (Kenya): Kenya has put up a strong bid to beat its fiercest competitors, including Dubai, in hosting the largest global commerce congress in 2021. Read more

Trump Proposes Rejoining Trans-Pacific Partnership

New York Times: President Trump, in a sharp reversal, told a gathering of farm-state lawmakers and governors on Thursday morning that the United States was looking into rejoining a multicountry trade agreement known as the Trans-Pacific Partnership, a deal he pulled out of days after assuming the presidency. Read more

Main-streaming blockchains in global trade

Hindu Business Line: Distributed Ledger Technology (DLT), a concept of recording and sharing data across multiple data stores, or ledgers as they are popularly called, is an idea whose time has come. The concept of DLT was introduced through block chains in the famous paper by the elusive author known only as Satoshi Nakamoto in 2008.Read more

More than half of the UK wants public vote on Brexit deal: survey

Euronews: The majority of people in the UK want a “people’s vote” on the final Brexit deal, according to a new survey in which some 52% of respondents expressed support for the idea. Read more 

Britain eyes former colonies to plug post-Brexit trade gap

NBCNews: With Britain less than a year away from leaving the European Union, but yet to secure any new trade deals, London is eyeing former colonies for help fill its post-Brexit trading hole. Read more 

U.S. Offers Compromise on Autos, Boosting Hopes for Nafta Deal

Wall Street Journal: The Trump administration is hammering out a compromise on auto-industry rules at the center of the North American Free Trade Agreement, increasing the chances that the U.S., Mexico and Canada can reach a deal this spring to revise the pact. Read more 

Brussels mulls offer of trade deal to Trump, if he drops tariff threat

Politico: The European Commission is developing a plan to offer Donald Trump the prospect of a trade deal with the EU in exchange for a permanent exemption from U.S. steel and aluminum tariffs, according to five EU officials and diplomats. Read more 

BONUS

WTO Press Conference on Trade Outlook

Audio available here.

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 – March 18-24, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of March 18-24, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

CDB programme to support increased trade among CARICOM states

St. Kitts & Nevis Observer: The Board of Directors of the Caribbean Development Bank (CDB) has approved USD$750,000 in funding for a programme that will assist the Caribbean Community (CARICOM) with strengthening intra-regional trade. Read more 

Is Guyana ready for an oil boom?

Eurasia Review: Guyana’s story shares many similarities with the story of the ugly duckling. One of the poorest countries in South America, it has historically been entirely dependent on oil imports. Read more 

Catfish exports

Stabroek (Guyana): It is incomprehensible that the government here was given notification by the US government in November, 2015 of new regulations for Siluriformes (catfish) and failed to take all of the required steps to enable continued exports from Guyana. Read more 

North America continues to dominate imports into the TCI -Gov’t makes moves to improve trade with Caribbean neighbours

Turks & Caicos Weekly News: The North American Free Trade Agreement (NAFTA) continues to dominate imports into the Turks and Caicos Islands, accounting for $394.1 million or 91.1 percent of the total import bill for 2017. Read more 

What is the value of CARICOM to Curacao and Sint Maarten (and to ALL Caribbean nations)?

St. Lucia Star: Earlier in March news broke that the Caribbean Community (CARICOM) was officially assessing the application of Curacao and Sint Maarten for associate membership. These two islands are separated by 900 km of water but they share a cultural heritage, central bank, and a view that within CARICOM a brighter future awaits them. Read more 

Lessons from EPA must inform Post-Cotonou Agreement – Trade Expert

Business Ghana: Mr Tetteh Hormeku, Head of Programmes at the Third World Network, has advised governments in the African, Caribbean and Pacific (ACP) countries to use lessons from the Economic Partnership Agreement (EPA) for the post-Cotonou possible framework. Read more 

INTERNATIONAL

Forty-four countries sign historic African Union free trade agreement

Africa News: Forty-four African countries have signed up to a historic trade agreement aimed at paving the way for a liberalized market for goods and services across the continent. Read more

Fiji-PNG discuss trade relations with UK post-Brexit 

Fiji Times: The United Kingdom has begun the process of exiting the European Union (EU) and in this endeavour, it is working with the African, Caribbean, and Pacific (ACP) countries to avoid any trade disruptions, during and post-withdrawal. Read more 

Brexit: Government still planning for no deal scenario

The Independent: David Davis has said the Government will continue to plan for a no-deal scenario despite reaching an agreement with Brussels on the transition period last week.  Read more 

Mercosur “blocks” talks on auto exports and government procurement contracts, claims EU

Mercopress: European officials said this week that significant obstacles remain to a long-delayed trade deal between the European Union and Mercosur, even as South American officials expressed optimism a deal would be finalized soon. Read more

Heatwaves, hurricanes, floods: 2017 costliest year ever for extreme weather and climate events, says UN

Mercopress: Hurricanes, monsoon floods and continuing severe drought made 2017 the costliest year ever for severe weather and climate events, according to a new report by the United Nations weather agency launched on the eve of World Meteorological Day. Read more 

India Hosting Mini-Ministerial meet to break WTO impasse 

Economic Times: Taking a lead to break the impasse, India is hosting a two-day informal meeting of 50 WTO members here which would deliberate upon ways to create a positive atmosphere for carrying forward the mandate of the global trade organisation.  Read more

G20 pushes for free trade as U.S. vows to defend national interest

Reuters: World financial leaders pleaded for an endorsement of free trade on Monday amid worries about U.S. metals tariffs and looming trade sanctions on China, but Trump administration officials said they would not sacrifice U.S. national interests. Read more

 

China threatens to raise tariffs on about $3 billion of U.S. imports

Washington Post:  President Trump embarked Thursday on the sharpest trade confrontation with China in nearly a quarter-century, moving toward imposing tariffs on $60 billion in Chinese goods and limiting China’s freedom to invest in the U.S. technology industry. The Chinese government fired back hours later, threatening to hit $3 billion in U.S. goods with tariffs. Read more 

US and South Korea Reach Agreement on Trade, Steel Tariffs

Bloomberg: The U.S. and South Korea reached an agreement on revising the allies’s six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel, Treasury Secretary Steven Mnuchin said. Read more 

EU Commission welcomes adoption of negotiating directives for a multilateral investment court

EU: The Commission welcomes today’s adoption by the Council of the negotiating directives for a multilateral investment court, as well as the fact that for the first time the Council makes its negotiating mandate public right at the time it is adopted. Read more 

WTO members raise concerns over US tariffs on steel and aluminium at Goods Council

WTO: WTO members expressed concern over the United States’ imposition of higher tariffs on steel and aluminium imports and the impact they may have on the global trading system at a meeting of the Council on Trade in Goods on 23 March, the same day the new US measure came into effect. The US responded by saying that the tariffs are necessary to address the threat these imports pose to national security. Read more 

Appellate Body issues report regarding Russian duties on vehicle imports from Germany, Italy

WTO: On 22 March 2018, the WTO Appellate Body issued its report in the case “Russia — Anti-Dumping Duties on Light Commercial Vehicles from Germany and Italy” (DS479). Read more 

WTO issues compliance panel report regarding US countervailing duties on Chinese imports

WTO: On 21 March a WTO panel issued its compliance report in the dispute “United States — Countervailing Duty Measures on Certain Products from China — Recourse to Article 21.5 of the DSU by China” (DS437). 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 – March 11-17, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of March 11-17, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Work to begin on new CARICOM Strategic Plan

Barbados Advocate: By year end the CARICOM Secretariat will be hard at work getting the framework in place for the new strategic plan for the Caribbean Community. Read more

CSME MER Framework Workshop 

Barbados Advocate: It is imperative that systems be put in place to more effectively monitor and evaluate the CARICOM integration journey. So says Dr. Richard Brown, Director, CARICOM Single Market and Sectoral Programmes. Read more 

CARICOM observer mission releases preliminary statement on Grenada elections

CARICOM: At the invitation of the Government of Grenada the CARICOM Secretariat constituted an eleven-member team to observe Grenada’s Parliamentary Election held March 13, 2018.The full statement may be read here.

Protecting consumers in the CSME

CARICOM: It is important to consider the protection of the consumer as many persons now engage suppliers in a different jurisdiction. This was posited by a senior official from the Caribbean Community (CARICOM) Secretariat during the Barbados Fair Trading Commission’s (FTC) annual lecture series held in Barbados. Read more 

INTERNATIONAL

EU Lists US Exports it could hit 

CNNMoney: The EU has published a list of hundreds of American products that it could target if President Donald Trump moves forward with new tariffs on imports of steel and aluminum. Read more 

EP wants to include gender equality in free-trade agreements

EURACTIV: The European Parliament has adopted a resolution to better account for gender equality in trade agreements. The commission could follow up on the resolution in its agreement with Chile, which would be the first to integrate such a chapter. Read more 

India-EU trade: India, EU to decide fate of trade agreement next month

Economic Times: New Delhi: India and the European Union will discuss next month resumption of the much-delayed Bilateral Trade and Investment Agreement (BTIA) that hasn’t progressed much over the past five years. Read more 

Vietnamese farmers expect higher profits with CPTPP

Vietnam Net: At least $40 billion worth of export turnover from farm produce in 2018 is within reach, some experts believe. Read more 

Trade deals a priority at ASEAN-Australia summit 

Australian Financial Review: Prime Minister Malcolm Turnbull is pushing for free trade deals with Indonesia and the wider region to be signed by the end of this year, as he insisted there were “no protectionists” around the table at the ASEAN-Australia summit in Sydney. Read more 

Buhari cancels Rwanda trip, reconsiders signing African trade agreement

Premium Times: President Muhammadu Buhari has cancelled his trip to Kigali, Rwanda scheduled for Monday. Mr. Buhari was expected to attend an Extraordinary Summit of the African Union (AU) on Tuesday, March 21, to sign the framework agreement for establishing the African Continental Free Trade Area. Read more 

Top five trade deals that changed history

World Finance: Today, the global trading network is well established, but it has taken multiple decades and various trade agreements to reach the current degree of complexity. Read more 

Jordan suspends free trade agreement with Turkey

Ahval: The Jordanian government suspended a free trade agreement with Turkey, citing unfair competition, the Jordan Times reported. Read more

Winners and Losers in an EU-UK agreement

Financial Times: Read the article here.

Indonesian President Widodo wants a free trade agreement with Australia

Sydney Morning Herald: Indonesian President Joko Widodo will push to sign off an Australia-Indonesia free trade agreement when he meets Prime Minister Malcolm Turnbull this weekend, declaring that only “technical” details were delaying the deal. Read more 

Why Canada must move quickly on the new Asian trade pact

The Globe and Mail: Now that International Trade Minister François-Philippe Champagne has put Canada’s signature on the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, the doors to the Asia-Pacific are about to crack open for Canadian businesses. Read more 

Severing NAFTA ties harms much more than trade

The Hill: U.S. ties with Mexico and Canada touch the daily lives of more Americans than ties with any other two countries in the world. Trade, border connections, tourism, family ties and mutual security concerns link us closely, but we are endangering those links and our wellbeing by a contentious modernization of the North American Free Trade Agreement (NAFTA). Read more 

What impact will trade agreements have on global food markets?

Devex: The political uncertainty surrounding the Trans-Pacific Partnership Agreement and North American Free Trade Agreement, as well as the implications of Brexit, has left experts struggling to understand what their impacts will have on markets — particularly in developing countries. Read more 

BONUS

Trade War Bad for Region

My commentary in the Business Authority of March 18 (page 15) on the possible fall-out of any trade war between the US and other major trading powers on 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 & Development Digest – March 4-11, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of March 4-11, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

CARICOM Institutions talk CSME Free Movement of Persons

CARICOM: The Caribbean Community (CARICOM) Secretariat this week engaged regional institutions based in Barbados on the processes for Free Movement of persons under the CARICOM Single Market and Economy (CSME). Read more 

Trade Stakeholders from the Public and Private Sectors in St. Kitts and Nevis to Explore Importance of Trade in Services

WINN FM: Trade stakeholders from the public and private sectors are currently participating in a three day Seminar on the General Agreement on Trade in Services (GATS) in St. Kitts and Nevis with the aim to better understand the importance of services sectors from an international trade perspective. Read more 

CARICOM Reviews Dutch Territories’ Applications For Membership

Curacao Chronicle: Even as the Caribbean Community (CARICOM) continues to examine the issue of an enlargement policy, heads of government have mandated the secretary-general to begin negotiations for associate membership by the Dutch territories of Curaçao and Sint Maarten. Read more 

CARICOM seeking to step-up implementation of building codes

St Kitts & Nevis Observer: Recognising that implementing building codes is still a significant challenge to the region’s efforts to build resilience, CARICOM heads of government have asked the Caribbean Disaster Emergency Management Agency (CDEMA) to provide recommendations to expedite implementation of the codes. Read more 

Regional Standards to be set for quality and safety of coconut water 

Barbados Advocate: Given concerns about food safety issues in relation to the quality of coconut water sold at retailers in Barbados and across the region, efforts are being made to establish regional coconut water quality standards and protocols, to better protect consumers. Read more 

Chastanet supports OECS oversight of Citizenship by Investment

St Lucia Times: Prime Minister, Allen Chastanet, has said that Saint Lucia supports the idea of the Citizenship by Investment Programme (CIP) being run out of the Organisation of Eastern Caribbean States (OECS). Read more 

Consumer Protection in Digital Era is CARICOM goal

St. Kitts & Nevis Observer: It is important to consider the protection of the consumer as many persons now engage suppliers in a different jurisdiction. This was posited by a senior official from the Caribbean Community (CARICOM) Secretariat during the Barbados Fair Trading Commission’s (FTC) annual lecture series held 8 March at the Accra Beach Hotel & Spa in Barbados. Read more 

Exports down in January

Breaking Belize News: Belize’s exports got off to a rough start in 2018, falling by more than 20 percent when compared to January 2017, according to the Statistical Institute of Belize (SIB). Read more 

New trade dispute brewing with Jamaica 

Trinidad Guardian: Jamaican manufacturers say they intend to approach the island’s Anti-Dumping and Subsidies Commission after accusing their T&T counterparts of dumping flour onto the local market. Read more 

Barbados No.1 with travellers

Nation News: Seventy thousand travellers across the world have chosen Barbados as their place to visit in the 2017 Destination Satisfaction Index (DSI). Read more

Concern that Caribbean women are still being marginalised

Barbados Today: The economic progress of women in Barbados and the Caribbean as a whole continues to be thwarted, despite gains made in some areas, a senior Jamaican trade official has said. Read more 

INTERNATIONAL

11 countries sign revamped TPP trade deal without US

The Star (Malaysia): Eleven nations signed a slimmed-down version of the Trans-Pacific Partnership (TPP) trade agreement, moving to lower tariffs just as US President Donald Trump seeks to raise them after withdrawing from the deal. Read more 

In full: Theresa May’s Speech on future UK-EU Relations

BBC: Here is the full text of Theresa May’s Mansion House speech setting out her vision for the UK’s relationship with the EU after Brexit. Read more 

Africa: Women-Friendly Trade – What Can Governments Do Better?

AllAfrica: Informal cross-border trade is one of the oldest forms of economic survival for women. Prevalent across Southern and Eastern Africa, the plight of women traders are well-documented, but policies still tend to overlook their specific needs.  Read more

2018 USTR Trade Agenda Highlights WTO Reform, FTA Talks

ICTSD Bridges: US Trade Representative (USTR) Robert Lighthizer released the latest version of the annual President’s Trade Policy Agenda last week, outlining the administration’s plans for the coming year. Read more 

Brexit: EU rejects Theresa May’s trade plan

The Independent (UK): The EU has rejected Theresa May’s vision for a post-Brexit trade relationship, laying out its own plans and warning that her choices will have “negative economic consequences” for Britain. Read more 

Report shows extent of endangered animal trade between Africa and Asia

CNN: The report says that almost 1,000 at risk but legally exportable species have been transported from dozens of African nations to countries in East and Southeast Asia between 2006 to 2015. Read more 

Theresa May’s Brexit plan to register millions of EU citizens risks descending into ‘chaos’

Business Insider: Theresa May’s plan to register 3 million EU nationals ahead of Brexit risks failure due to under investment and government fears of a backlash by the Daily Mail, a senior former Home Office official has told Business Insider. Read more 

Trump tariffs: China warns trade war would be ‘disaster’

The Guardian: Any trade war with the United States will only bring disaster to the world economy, the Chinese commerce minister Zhong Shan has said, as Beijing stepped up its criticism of metals tariffs introduced by the White House. Read more 

Canada, Mexico Stick to Nafta Plan After Trump’s Tariff Reprieve

Bloomberg: While Donald Trump ’s tariff gambit spared his NAFTA partners for now, Canada and Mexico are pledging it won’t make them budge at the bargaining table. Read more 

NAFTA termination could result in loss of 85k jobs in Canada: report

Global News: The Conference Board of Canada is predicting a 0.5 per cent decline in the country’s economy resulting in the loss of about 85,000 jobs within a year if the North American Free Trade Agreement (NAFTA) is terminated. Read more 

Donald Trump signs order for metals tariff plan, prompting fears of trade war

The Guardian (UK): Trump pushes forward with plan for 25% tariff on imports of steel and a 10% tariff on aluminum, but says exceptions will be made. Read more 

Trump threatens with tariffs on European cars as trade war looms

Deutsche Welle: US President Donald Trump has once more attacked the EU over trade barriers and threatened to slap a tax on imports of European cars. His comments come amid fears of a trade war over new US steel and aluminum tariffs. Read more 

Commission extends anti-dumping measures on Chinese steel products

EU: The Commission today prolonged the existing anti-dumping measures on Chinese imports of seamless pipes and tubes of stainless steel for another five years. Read more

EU halts trade barrier investigation after Turkey lifts restrictions on paper

EU: The EU officially halted its probe into trade barriers in Turkey after the country removed measures concerning imports of a particular variety of paper. Read more 

European Commission outlines EU plan to counter US trade restrictions on steel and aluminium

EU: The College of Commissioners discussed today the EU’s response to the possible US import restrictions for steel and aluminium announced on 1 March. Read more 

European Commission responds to the US restrictions on steel and aluminium affecting the EU

EU: The European Commission takes note of the announcement by the President of the United States of the imposition of restrictions in the form of an import surcharge on EU exports to the US of steel and aluminium. Read more 

Members adopt catalogue of instruments for managing food safety, animal, plant health issues

WTO: WTO members successfully concluded almost four years of discussion by adopting the “Catalogue of Instruments” available to WTO members for managing sanitary and phytosanitary (SPS) issues, at an SPS Committee meeting on 2 March. Read more

Azevêdo calls on members to avoid triggering an escalation in trade barriers

WTO: DG Azevêdo warned of the risks posed by such measures, calling on members to reflect and avoid escalation. Read more 

Least-developed countries urge WTO members to facilitate use of services waiver

WTO: At a meeting of the Council for Trade in Services on 2nd of March chaired by Ambassador Julian Braithwaite (UK), least-developed Countries (LDCs) called on WTO members to undertake capacity building measures that would enable their suppliers to take advantage of preferential treatment notified under the LDC Services Waiver. Read more

NEW ON CTLD BLOG

ECJ rules arbitration clauses in Intra-EU BITs contrary to EU Law

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Caribbean Trade & Development Digest – February 18-24, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of February 18-24, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Building a climate-resilient Community among matters for CARICOM 29th Inter-Sessional Meeting

CARICOM: The Caribbean Community’s push to build a more climate-resilient Community following the devastating 2017 hurricane season is among matters for deliberation by CARICOM Heads of Government at their Twenty-ninth Inter-Sessional Meeting in Port-au-Prince, Haiti, 26 – 27 February 2018. Read more 

Ralph Gonsalves: Golding Report ‘Unworkable’

Jamaica Gleaner: This is an edited address delivered on February 22 at St Vincent and the Grenadines’ Ministry of Foreign Affairs building in Kingstown. Read more 

Growing trade deficits in the Caribbean Netherlands

Netherlands Central Statistics Bureau: In 2017, the trade deficits of Bonaire, St Eustatius and Saba were higher than in the previous year. In relative terms, St Eustatius saw the sharpest increase in annual deficit. Statistics Netherlands (CBS) reports this on the basis of new figures. Read more 

World Trade Center Arkansas to Lead Trade Mission to Caribbean

Arkansas Matters: The World Trade Center Arkansas is leading a trade mission for Arkansas companies interested in exporting to Caribbean countries. The mission will go to the Trade Americas – Business Opportunities in the Caribbean Region Conference in Miami, Florida, from May 6-7. Read more 

INTERNATIONAL 

South Korea launches WTO trade challenge against U.S. duties

Reuters: South Korea has launched a wide-ranging complaint at the World Trade Organization to challenge the U.S. use of anti-subsidy and anti-dumping duties, citing their use on steel and transformers, a WTO filing showed on Tuesday. Read more 

India, 37 others seek WTO dispute body’s aid to fill up Appellate Body vacancies

Business Line: A formal submission has been made by 38 World Trade Organisation members including India, the EU, China, Russia, Brazil, Russia, Turkey and Vietnam to the Dispute Settlement Body seeking a decision on launching of a selection process to fill the three vacancies in the seven-member Appellate Body pending for long. Read more 

United States tells WTO of concerns over China’s new web access rules

Reuters: The United States told the World Trade Organization on Friday that Chinese internet access rules coming into force next month appeared to create significant new restrictions for cross-border service suppliers and should be discussed at the WTO. Read more 

Canada To Open Free Trade Talks With Mercosur Group Of South American Countries

Huffpost Canada: The Canadian government plans to open free trade talks with the four-nation Mercosur trading bloc in South America, an official said on Friday, at a time when the future of NAFTA is facing increasing uncertainty. Read more 

India Calls for Changes in WTO to Transform World Economy

News18: India on Sunday called for bringing changes in Geneva-based World Trade Organisation (WTO) to transform the global economy. Read more 

Egypt passes 4th WTO Trade Policy Review

AllAfrica: Egypt managed to pass the World Trade Organization (WTO)’s fourth review of the trade policies and practices of Egypt that took place on February 20-22. Read more

Full text of CPTPP released

Newsroom New Zealand: The Government has released the full text of the controversial CPTPP trade deal, along with a national interest analysis touting its importance in fighting growing protectionism around the world. Read more

French farmers hold tractor protests in Mercosur warning to Macron

Independent (Ireland): French farmers drove tractors through town centres and blocked highways on Wednesday to oppose extra agricultural imports from South America, raising pressure on President Emmanuel Macron in the run-up to a politically sensitive Paris farm show. Read more 

New NAFTA talks aim to clear pathway to toughest issues

Reuters: Mexico and Canada aim to finish reworking less contentious chapters of the NAFTA trade deal with the United States in new talks beginning on Sunday, hoping to clear the path for a breakthrough on the toughest issues before upcoming elections. Read more 

NAFTA talks go into their seventh round. Canada isn’t optimistic

Washington Post: When Canadian Prime Minister Justin Trudeau visited the United States this month, he didn’t go to the White House. Instead, he visited the Ronald Reagan Presidential Library, where he was presented with pages of the original U.S.-Canada Free Trade Agreement, signed by President Ronald Reagan 30 years ago. Read more

KPMG executive says businesses not using free-trade benefits

The Australian: Australian businesses are not substantially increasing their use of the Asian free-trade agreements each year and the Coalition needs to overhaul its trade policies, a KPMG executive says. Read more 

Press release: CEPA EU – Indonesia trade agreement round

TNI: Today, over 20 representatives from civil society organisations from the Indonesia and the European union, had a long meeting with negotiators of the new trade agreement between the EU and Indonesia (CEPA – Comprehensive Economic Partnership Agreement).  Read more

Korea initiates WTO complaint against US anti-dumping, countervailing duties

WTO: Korea has requested WTO consultations with the United States concerning the use of “facts available” by US investigating authorities in anti-dumping and countervailing investigations. The request was circulated to WTO members on 20 February. Read more

WTO members agree on timetable to review use of Bali tariff quota mechanism

WTO: At a meeting of the Agriculture Committee on 20 February, WTO members agreed on a timeline to review the operation of the 2013 Bali Ministerial Decision on tariff rate quotas and discussed a review of the landmark Nairobi Decision to eliminate farm export subsidies. Norway, Israel and Canada reported they had submitted revised schedules, formalizing their promises to eliminate these subsidies. Read more

WTO issues panel report regarding Korean restrictions on Japanese food imports

WTO: On 22 February the WTO circulated the panel report in the case brought by Japan in “Korea — Import Bans, and Testing and Certification Requirements for Radionuclides” (DS495). Read more 

Trade Facilitation Agreement marks first anniversary since entry into force

WTO: The Trade Facilitation Agreement (TFA) marked its first anniversary since its entry into force on 22 February 2017 with WTO members making significant strides towards its implementation. WTO Director-General Roberto Azevêdo said members continue to work to fully implement the Agreement, which will benefit particularly developing and least developed countries. Read more

Move aside, NAFTA: New fear on the Canada-U.S. front involves steel tariffs

CTV News: A new concern about Canada’s relationship with the United States is emerging in the foreground, with threats of global steel and aluminum tariffs now competing with NAFTA uncertainty as a source of economic anxiety. Read more

Cabinet okays trade agreement with Canada

The Slovak Spectator: Slovakia’s government greenlighted the EU-Canada Comprehensive Economic and Trade Agreement (CETA) at its February 21 session. Read more 

NEW ON CTLD BLOG

US House of Representatives passes GSP Renewal Bill; on to Senate

Golding Commission concerned about Caribbean Citizenship by Investment Programmes

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Caribbean Trade & Development Digest – February 11-18, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of February 11-18, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Lack of financial transparency at CARICOM Secretariat – Golding Report

Antigua Observer: The lack of transparency surrounding the finances of the CARICOM Secretariat has found its way into the “Golding Report,” which examines relations between Jamaica and CARICOM and CARIFORUM, with a call for the revamping of the institution’s accountability procedures. Read more

(Caribbean) Region hits 30 million visitor mark

CTO:  The catastrophic hurricanes that devastated some Caribbean destination last September slowed down tourism’s progress but did not stop it, according to figures released by the Caribbean Tourism Organization (CTO), the authority on regional tourism statistics. Read more 

Gov’t explores new system to track and boost tourist spend

Barbados Today: Minister of Tourism Richard Sealy has disclosed that a new system was being developed to better capture and monitor tourist spend in Barbados as Government continued to seek ways to grow the sector. Read more

Government looks to boost CSME access for Jamaicans

JIS: The Government will be intensifying efforts for Jamaican skilled workers and businesses to have greater access to the CARICOM Single Market and Economy (CSME). Read more 

Barbados trade mission to Guyana

CBC (Barbados): Barbados is hoping to increase its trade relations with Guyana as a 10-member trade mission opens a two-day visit here Monday. Read more 

Holness to assume chairmanship of CARICOM

Jamaica Observer: Prime Minister Andrew Holness is to assume the Chairmanship of CARICOM from 1st July to 31st December 2018. Read more 

‘Deathly afraid’ for local ownership under WTO

Tribune242: Arawak Homes’ chairman is “deathly afraid” that WTO membership will undermine Bahamian economic ownership because many locally-owned firms cannot compete internationally. Read more 

SLCSI introduces new executive board

St. Lucia News Online: The Saint Lucia Coalition of Service Industries (SLCSI) is one of the twelve national service coalitions within the Caribbean Community (CARICOM) and the Dominican Republic (CARIFORUM collectively) and also the Caribbean Network of Service Coalitions (CNSC). Read more 

INTERNATIONAL

Azevêdo joins ACP brainstorming session: ‘we need to explore innovative ways forward’

WTO: Speaking at a meeting of the African, Caribbean and Pacific Group of States (ACP) at the WTO’s headquarters on 15 February, Director-General Roberto Azevêdo urged members to be ready to explore fresh perspectives and new pathways which may help move negotiations forward at the WTO. Read more 

Commentary: Temper expectations about RCEP free trade agreement

Channel Newsasia: It looks like India may be dragging its feet on some key issues within the Regional Comprehensive Economic Partnership but there’s good reason for all parties to manage their expectations, says one observer from the ISEAS-Yusof Ishak Institute. Read more 

After the WTO’s Ministerial Conference, Where Next for Africa?

ICTSD Bridges: In the aftermath of the December WTO Ministerial Conference in Buenos Aires, pessimism about the future of the institution has been reaching record levels and no clear plan has emerged yet on where to take the WTO next. In this rather bleak environment, what are the possible options for African countries to advance their trade and development priorities? Read more 

Mnuchin says Washington studying possible return to TPP through renegotiation

The Japan Times: President Donald Trump’s administration is actively discussing the possibility of rejoining the Trans-Pacific Partnership free trade deal on condition that the United States renegotiate it to secure better terms, Treasury Secretary Steven Mnuchin said Thursday. Read more 

(US) House passes GSP renewal legislation

American Shipper: The U.S. House of Representatives passed H.R. 4979 Tuesday under an expedited floor procedure, which would renew the Generalized System of Preferences program through 2020. Read more 

‘Big boys’ causing delays in conclusion of RCEP

Business Mirror: The Philippines is demanding its fellow negotiating-countries in the Regional Comprehensive Economic Partnership (RCEP) to seriously commit to a speedy conclusion of their trade deal, as the latest round of talks still failed to progress beyond trade in goods modalities. Read more 

Next Nafta Talks Scheduled to Start With Auto Content Rules

Bloomberg: Rules for automotive content, one of the most contentious issues in Nafta, will be among the first tackled at the upcoming seventh round of talks in Mexico City. Read more

Australia says yes to post-Brexit free trade agreement with the UK

BBC: Australia say they would like to be able to negotiate a free trade agreement with the UK after Brexit. Read more 

Trade growth to sustain momentum in first quarter of 2018, latest trade indicator suggests

WTO: The WTO’s latest World Trade Outlook Indicator (WTOI), released on 12 February, suggests that the trade recovery of 2017 should continue, with solid trade volume growth in the first quarter of 2018. Read more

BONUS

CTO State of the Industry Outlook

The Caribbean Tourism Organisation(CTO) held its State of the Industry 2017 and Outlook for 2018 last week. Please feel free to check out the report and other content here.

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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