Category Archives: trade digest

Caribbean Trade & Development Digest – February 3-9, 2019

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Welcome to the Caribbean Trade & Development Digest for the week of February 3-9, 2019! 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. We apologise for the delay in the publication of this edition.

THIS WEEK’S HIGHLIGHTS

A bi-partisan bill has been introduced in the US House of Representatives to reauthorize the US Caribbean Basin Trade Partnership Act (CBTPA) until 2030.

Trade was one of themes touched on by US President Donald J. Trump in his State of the Union Address. See write up here.

UNCTAD identified the winners and losers from the US-China trade tensions in a recently released report entitled The Trade Wars: The Pain and the Gain which may be viewed here.

REGIONAL

Bipartisan Caribbean Trade Bill introduced in US congress

CaribbeanNewsNow: US Reps. Terri Sewell (D-AL) and Brad Wenstrup (R-OH) have introduced legislation to reauthorize the US Caribbean Basin Trade Partnership Act (CBTPA) until 2030. Since 2000, CBTPA has allowed for the duty- and quota-free import of goods made with US yarns, fabrics and threads from Caribbean countries. Read more 

Efforts take shape to reduce OECS food import bill

St. Lucia News Online: Spurring domestic agricultural production to meet local and international demand while reducing the region’s food import bill is the focus of a powerful new data tool recently presented to agricultural decision-makers at the OECS Commission. Read more 

Commercial Court ‘could boost’ Barbados economy

Barbados Today: The minister responsible for business is counting on the planned commercial law court to transform the way business is done and boost the flagging economy. Read more 

Trinidad: PM wants technology to play greater role in energy sector; offers help to Caribbean countries

St Lucia News Online: The Trinidad and Tobago government Monday said it is prepared to assist its fellow Caribbean Community (CARICOM) countries develop their hydrocarbon sector as it placed much emphasis on the importance of technology in developing its own industry. Read more 

Marshall and Brown launches Jamaican gourmet line in UK

Jamaica Observer: A new premium Jamaican product line, Marshall & Brown, has been launched in the United Kingdom (UK) to fill a gap in the market for authentic Jamaican food and cooking ingredients.  Read more 

High demand for Jamaican black castor oil in United States

Jamaica Observer: A new study on the local castor oil industry is showing significant potential for Jamaican black castor oil in the United States. The Complete Caribbean study indicates that the US market for the product stands at about US$28 million. Read more 

CDB President calls for resilience, transformation to drive Regional economic growth

CARICOM Today: Although grappling with challenges related to climate change; wide fiscal deficits and high public debt; as well as high unemployment, the Caribbean Development Bank (CDB) today projected that the Region’s economy is expected to grow by 2% in 2019. Read more 

Trinidadians seeking business opportunities in Jamaica

CARICOM Today:A business delegation from Trinidad and Tobago is in the island for a four-day trade mission from February 5 to 8. The team, being hosted by the Jamaica Chamber of Commerce, represents 10 companies involved in various sectors. These are construction, architectural services, food and beverage, agro-chemical, consumer and household products, software development, marketing and advertising. Read more 

Consultations on CARICOM Gender Policy

CARICOM Today: The first of 15 national consultations on a draft Regional Gender Equality Strategy for CARICOM opened on Thursday, in St. John’s, Antigua and Barbuda. Read more 

INTERNATIONAL

Japan seeking big concessions from Britain in trade talks

The Guardian: Japan is seeking tougher concessions from Britain in trade talks than it secured from the EU, while negotiations between London and Tokyo are also being slowed by the looming risk of no-deal. Read more 

US-China trade war could slash almost 1 million jobs from the US economy, new study says

South China Morning Post: Research from the Washington-based consultancy Trade Partnership Worldwide, paid for by the pro-free trade lobbying group Tariffs Hurt the Heartlands, ominously predicts that more than 2 million American jobs could be on the line should US President Donald Trump push ahead with his threat of a 25 per cent tariff on all Chinese exports. Read more

WTO awards South Korea $85 million against U.S. over washing machine tariffs

Reuters: South Korea can impose annual trade sanctions of $84.81 million on the United States after challenging U.S. anti-dumping and anti-subsidy tariffs on washing machines, a World Trade Organization arbitration panel ruled on Friday. Read more

India, Peru to hold next round of free-trade agreement talks in March in Lima

ET Now: India and Peru will hold the next round of negotiations for a proposed free-trade agreement (FTA) in the South American nation next month, a move aimed at boosting two-way commerce between the countries, an official said.  Read more 

Uruguay Betting On Exports Of Medical Marijuana

Jamaica Gleaner: The country got a head start on competitors in December 2013 when it became the first in the world to regulate the cannabis market from growing to purchase, a move that has brought a wave of investment. Read more 

No-deal Brexit: What does the WTO rules option actually mean and how would it work?

iNews: If the UK leaves the EU without a deal, which is still the default option if one cannot be agreed, it would automatically fall back to World Trade Organization (WTO) rules. But what would this actually mean? Read more

Brexit: May says she can get deal through with binding changes

BBC: Theresa May has told EU leaders she can get the Brexit deal through Parliament if they give her legally-binding changes to it. Read more 

African Free Trade Zone deal may come into force in 2 months: Egypt’s FM

Egypt Today: The agreement of the African Continental Free trade Area (AfCFTA) for 55 member states of the African Union may come into force within six months, said Egyptian Foreign Minister Sameh Shoukry on the sidelines of the 32nd session of the African Union that will kick off on Sunday in Addis Ababa. Read more

Turkey, US ‘will reach $75 bln trade target with free trade agreement’

Hurriyet: Trade volume between Turkey and the United States may reach $75 billion through a free trade agreement and the removal of regulations and tariffs, the chairman of the American-Turkish Council has said, stressing that the bilateral potential has never been realized. Read more

A modernized WTO is far better than no WTO at all

The Hill: Last month, on the sidelines of the World Economic Forum in Davos, leading members of the World Trade Organization (WTO) met to discuss how to improve the organization. At the same time, more than 70 governments agreed to commence WTO negotiations on trade-related aspects of electronic commerce. Read more

China says US report on its WTO compliance lacks factual basis

CNBC: China opposes a report by the U.S. Trade Representative’s office on its World Trade Organization (WTO) compliance, the commerce ministry said, saying it is inconsistent with the facts. Read more

WTO NEWS

Arbitrator issues decision in dispute between Korea and US on large residential washers

WTO: On 8 February 2019, a WTO arbitrator issued a decision on the level of trade suspension Korea may request in its dispute with the United States regarding US anti-dumping and countervailing duty measures on large residential washers from Korea (DS464). 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 & Development Digest – January 20-26, 2019

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Welcome to the Caribbean Trade & Development Digest for the week of January 20-26, 2019! We do apologise for the delay in this week’s issue. 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 big trade news this week is that on the sidelines of the World Economic Forum (WEF) meeting in Davos, Switzerland, some seventy-six World Trade Organisation (WTO) members agreed to launch negotiations on an e-commerce agreement.

Below are the other major trade and development headlines from across the Caribbean region and the world for last week:

REGIONAL

Tariff Flaws Crippling CARICOM Exports, Says Trade Expert

Jamaica Gleaner: Trade expert Karl Hyatt has called for meaningful amendments to the Common External Tariff (CET) now under review to address some of the entrenched flexibility that has been abused by some CARICOM states. Read more 

Dominica blasts international financial community over unilateral demands, calls for CARICOM unity

St Lucia News Online: The Dominica government Monday blasted the international community over its unilateral demands for tightening measures within the international financial services sector and again called for a united Caribbean Community (CARICOM) approach to the situation. Read more 

Jagdeo meets CARICOM Chairman on no-confidence motion

Stabroek: The Leader of the Opposition, Dr. Bharrat Jagdeo,  today met with the Chairman of CARICOM, Dr. Timothy Harris, Prime Minister of St. Kitts and Nevis and a team, including CARICOM-Secretary-General, Ambassador Irwin LaRocque , at the Office of the Leader of the Opposition on Church Street. The meeting discussed the no-confidence motion against the current APNU+AFC coalition government, a statement from Jagdeo’s office said. Read more 

Private Sector and Labour Leaders to Participate in Caricom Heads Meetings

JIS News: The revised Treaty of Chaguaramas is to be amended to allow representatives of the private sector and the Caribbean Congress of Labour to participate in CARICOM Heads of Government meetings, says Barbadian Prime Minister, Hon. Mia Mottley. Read more 

Statement by Heads of Government of CARICOM on Venezuela

CARICOM: The following Heads of Government of the Caribbean Community (CARICOM) – Antigua and Barbuda, Barbados, Belize, Dominica, Jamaica, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Trinidad and Tobago; Foreign Ministers of Grenada and Suriname;, meeting by video-conference on 24 January 2019, issued the following statement. Read more 

High level CARICOM talks held in Guyana

St. Kitts & Nevis Observer: The Prime Minister of St. Kitts and Nevis and current Chairman of the Caribbean Community (CARICOM), Dr. the Honourable Timothy Harris, is currently in the Cooperative Republic of Guyana where he is holding several rounds of discussions with top level CARICOM officials, including Secretary-General, Ambassador Irwin LaRocque. Read more 

CARICOM Development Fund clinches US$1m pact with India

Stabroek: India and the CARICOM Development Fund (CDF) signed a Contribution Agreement on January 19th, 2019, in Paramaribo Suriname which provides for a grant allocation of US$1m to the CDF’s capital fund. Read more 

INTERNATIONAL

DAVOS-Nearly half WTO members agree to talks on new e-commerce rules

Reuters: Impatient with the lack of World Trade Organization rules to cover the explosive growth of e-commerce, 76 countries and regions agreed on Friday to start negotiating this year on a set of open and predictable regulations. Read more 

Uruguay diverges from Mercosur, aligns with Mexico on Venezuela crisis

Buenos Aires Times: Uruguay and Mexico call for peaceful resolution in a joint statement released Wednesday, after opposition leader Juan Guaido declares himself interim president. Read more 

Brexit trade deal agreed by British and Israeli ministers, in principle

Jewish News: British and Israeli ministers have announced that they have agreed a post-Brexit trade agreement in principle. Read more 

Brexit: New Zealand’s Jacinda Ardern says trade deal ‘a priority’

BBC: New Zealand’s prime minister has said she is “ready and willing” to sign a post-Brexit trade deal with the UK. Jacinda Ardern said negotiating a free trade agreement would be a “real priority” once the UK had left the EU. Read more

Japan-U.S. talks on bilateral trade deal likely to face delay

Japan Times: Japan and the United States are unlikely to open negotiations on a proposed bilateral trade pact before the end of this month, due chiefly to the prolonged partial U.S. government shutdown, sources have said. Read more 

Commerce Secretary Wilbur Ross: The US is still ‘miles and miles’ from a trade deal with China

CNBC: Commerce Secretary Wilbur Ross said Thursday the U.S. is still “miles and miles” from a trade deal with China. Read more

No Sweeping Free Trade Deal, Brussels Tells Washington

Foreign Policy: Six months after U.S. President Donald Trump proclaimed he’d already reached a trade deal with the European Union, Brussels has only now laid out its preliminary conditions for talks. Read more 

Expert urges caution over speedy trade deal with EU

Radio New Zealand: A trade expert is advising negotiators not to rush a free trade agreement with the European Union, New Zealand’s third largest export market. Read more

Brexit: Liam Fox yet to seal no-deal trade agreements

BBC: The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit. International Trade Secretary Liam Fox said he “hoped” they would but it depended on whether other countries were “willing to put the work in”. Read more 

WTO NEWS

United States appeals panel report regarding US duties on Turkish pipe and tube products

WTO: The United States filed an appeal on 25 January concerning the WTO panel report in the case brought by Turkey in “United States — Countervailing Measures on Certain Pipe and Tube Products” (DS523). The panel report was circulated to WTO members on 18 December 2018. Read more 

DG Azevêdo meets ministers in Davos: discussions focus on reform; progress on e-commerce

WTO: Participating in a series of ministerial discussions during the World Economic Forum Annual Meeting in Davos this week, Director-General Roberto Azevêdo reviewed the challenges and opportunities facing global trade today, and stressed that the trading system must evolve if it is to remain relevant. Read more 

DDG Yi stresses importance of WTO-APEC cooperation in crucial period for global trade

WTO: Deputy Director-General Yi Xiaozhun has stressed the importance of exploiting the synergies between the WTO and the Asia-Pacific Economic Cooperation (APEC) in a crucial period for global trade. Read more 

Registration opens for public hearing in “US — Countervailing Measures on Softwood Lumber from Canada”

WTO: At the request of the parties in the dispute “US — Countervailing Measures on Softwood Lumber from Canada” (DS533), the panel has decided to open its first substantive meeting to public observation on 26, 27, and 28 February 2019. The live screening will take place at the WTO’s headquarters in Geneva. 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 and Development Digest – January 13 – 19, 2019

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Welcome to the Caribbean Trade & Development Digest for the week of January 13-19, 2019! 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

Brexit turbulence has dominated the headlines for yet another week. British MPs, as expected, voted against the current Withdrawal Agreement negotiated by Prime Minister Theresa May’s government with the EU. With 432 votes against, versus just 202 in favour of the deal, it was the biggest legislative loss for a British Government in modern British history. Coupled with narrowly surviving a no confidence motion brought by the Leader of the main opposition, Labour Leader Jeremy Corbyn, Prime Minister May now has three days  (until Monday) to bring a ‘Brexit Plan B’ to Parliament.

On January 19, 2018, the eleven parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) held their first ministerial meeting since its entry into force on December 30, 2018, in Japan this week.

Below are the other major trade and development headlines from across the Caribbean region and the world for last week:

REGIONAL

Trump weighs dramatic tightening of embargo on Cuba

Associated Press: The Trump administration is weighing what could become the most serious tightening of the U.S. trade embargo on Cuba in more than two decades — a move that could unleash a flurry of lawsuits against foreign companies that have invested on the island. Read more 

Shaw wants more aggressive approach to trade facilitation programme

Jamaica Observer: Minister of Industry, Commerce, Agriculture and Fisheries Audley Shaw has called on Government agencies and departments to move with a greater sense of urgency to facilitate trade and the private sector’s need for a more responsive Government. Read more

Cuba, Iran to improve trade relations

Prensa Latina: The 17th Session of the Cuba-Iran Intergovernmental Commission, whose main goal is to expand collaboration on various economic and social areas, has concluded on Wednesday in Havana. Read more 

Antigua & Barbuda hit visitor arrival record 

Caribbean360: Antigua and Barbuda welcomed over one million visitors to the destination in 2018, topping 2017 figures and leading Antigua and Barbuda Minister of Tourism Charles Fernandez to call 2018, “a record-setting year” for the twin-island nation. Read more

Correspondent banking still an issue for CARICOM

Love FM (Belize): Plaguing Belize and other Caribbean countries is the issue of correspondent banking, CARICOM along with groups have been lobbying for restored relations. Read more

Jamaica says buy-back of Petrojam shares not a CARICOM issue

Jamaica Observer: Minister of Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith has dismissed Opposition criticisms that the Government has not involved the Caribbean Community (Caricom) in its negotiation of a buy-back of the 49 per cent shares in Petrojam from Venezuela. Read more 

Gopee-Scoon: TT preparing for Brexit

Newsday: Trade and Industry Minister Paula Gopee-Scoon on Wednesday said TT was doing what it could to deal with the outcome of the Brexit process in the UK. Read more

PM: OAS vote on Venezuela was in Trinidad’s interest

Newsday: The Prime Minister says the decision to abstain on a vote by the Organisation of American States to not recognise the legitimacy of the presidency of Venezuelan President Nicolas Maduro was done in the country’s interest. Read more 

Trinidad & Tobago Rice production plummets 97%

Newsday: LOCAL rice production has plummeted about 97 per cent in the past 26 years and 95 per cent of what is currently produced is used as input for animal feed. Read more

Jamaica exports grew 17.6% in Q1 2018

Jamaica Gleaner: Exports of Jamaica increased 17.6 per cent year-on-year in the first quarter of 2018, according to an Inter-American Development Bank (IDB) report which said that sales from Latin America and the Caribbean to overseas markets were the highest in six years. Read more

Arley Gill to be Grenada’s new ambassador to CARICOM

Now Grenada: Arley Gill is nominated to be Grenada’s new ambassador to CARICOM. Read more

IDB: Latin America, Caribbean register highest exports in six years 

Jamaica Gleaner: The Inter-American Development Bank (IDB) says exports from Latin America and the Caribbean, including Jamaica, hit their highest level in six years as a result of a 9.9 per cent increase in 2018, albeit amid growing downside risks in the future. Read more 

INTERNATIONAL

These are the biggest risks to the global economy in 2019

World Economic Forum: Major risks include a growth recession in China, a rise in global long-term real interest rates, and a crescendo of populist economic policies that undermine the credibility of central bank independence, resulting in higher interest rates on safe, advanced-country government bonds. Read more 

Expansion of Pacific trade deal discussed at ministerial meeting in Tokyo

Japan Times: The 11 members of a trans-Pacific free trade agreement on Saturday held their first ministerial meeting since the pact entered into force, discussing its future expansion as well as how to counter the rise of protectionism. Read more 

China Offers a Path to Eliminate U.S. Trade Imbalance, Sources Say

Bloomberg: China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations. Read more 

Malaysia hopes for RCEP to finalise by end-2019

New Strait Times: Malaysia hopes to conclude talks with other Regional Comprehensive Economic Partnership (RCEP) member countries by the end of this year. Read more 

CPTPP members signal intent to expand the agreement

Strait Times: Members of a landmark 11-nation Pacific Rim trade deal have signalled their openness to expand the agreement by taking in new members to form a stronger united front against the rise of protectionism. Read more 

Climate change clouds Australia’s Pacific charm offensive 

ABS-CBN: Australian Prime Minister Scott Morrison’s Pacific charm offensive went off course on Friday when he was forced to defend Fiji’s accusations of inaction over climate change.  Read more

India keen on closer trade ties with neighbours

Daily Star: India is keenly promoting the trade potential of its northeastern states because it would not only give an economic boost to the region but also enable closer engagement with Bangladesh, Myanmar and Bhutan. Read more

Can ASEAN cope with the trade war?

Strait Times: Asean is facing a prolonged period of heightened United States-China competition and, hence, of greater uncertainty. The most obvious manifestation of this new phase in relations between the two nations is the so-called “trade war”. Read more

Trudeau’s U.S. Envoy Confident on USMCA Passage, Tariff Relief

Bloomberg: Canada’s ambassador to Washington is confident that the U.S. will both pass the revised North American trade deal and lift tariffs on steel and aluminum. Read more 

New trade agreements secure Australian exports to Britain post-Brexit

Sydney Morning Herald: Australia and Britain have signed a new bilateral Wine Agreement and Mutual Recognition Agreement overnight in London, which will help ensure the continued flow of trade post-Brexit. Read more 

Lifting trade barriers key to Africa’s economic emergence, DP World chairman says

The National: DP World’s chairman urged African leaders to lift barriers on trade after the global ports operator last year pushed to expand its footprint in the continent where it faces some opposition to its operations. Read more 

AfCFTA seeks to increase intra-Africa trade

KBC (Kenya): African states are nearing the threshold of 22 countries to help operationalise the African Continental Free Trade Agreement (AfCFTA). Read more 

Vietnam-Africa trade reaches US$6.6 million in 2018

Nhan Dan Online: Bilateral trade between Vietnam and African nations hit US$6.6 billion in 2018, with Vietnam’s exports worth US$3 billion, up 10% from the previous year. Read more 

Voters would back remaining in EU over May’s Brexit deal

The Guardian: Opinium poll for the Observer finds only 35% of voters would back Theresa May’s deal if remain was an option. Read more 

Brexit; Theresa May’s deal is voted down in historic defeat 

BBC: Prime Minister Theresa May’s Brexit deal has been rejected by 230 votes – the largest defeat for a sitting government in history. MPs voted by 432 votes to 202 to reject the deal, which sets out the terms of Britain’s exit from the EU on 29 March. Read more

Theresa May survives vote, Britain remains in Brexit deadlock

The Guardian: Theresa May has survived as prime minister after weathering a dramatic no-confidence vote in her government, but was left scrambling to strike a Brexit compromise that could secure the backing of parliament. Read more 

May scrambles to agree plan B for Brexit ahead of deadline

Sky News: The PM will meet with cabinet ministers at her Chequers retreat but has until Monday to come up with a new plan for Brexit. Read more

Amazon warns UK sellers to prepare for no-deal Brexit disruption to deliveries

Independent: Amazon has warned UK businesses trading through its online marketplace to prepare for a no-deal Brexit or risk not being able to sell to customers in the EU. Read more 

Brexit: Liam Fox yet to seal no-deal trade agreements

BBC: The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit. Read more 

The EU moves forward efforts at UN on multilateral reform of ISDS

EU: Today, the EU and its Member States submitted two papers to the UN Working Group under the United Nations Commission on International Trade Law (UNCITRAL). The Working Group has been tasked with examining reform of investor-state dispute settlement (ISDS). Read more 

EU-US Trade Talks: European Commission presents draft negotiating mandates

EU: The European Commission has today adopted proposals for negotiating directives for its trade talks with the United States: one on conformity assessment, and one on the elimination of tariffs for industrial goods. Read more 

EU imposes safeguard measures on rice from Cambodia and Myanmar

EU: An investigation has confirmed a significant increase of imports of Indica rice from Cambodia and Myanmar into the European Union that has caused economic damage to European producers. The European Commission has therefore decided today to re-introduce import duties that will be steadily reduced over a period of three years. Read more

EU Chief Negotiator updates civil society on the state of play of negotiations with Mercosur

EU: On Tuesday 15 January the European Commission held a meeting with civil society representatives on the state of play of trade negotiations between the EU and Mercosur (Argentina, Brazil, Paraguay and Uruguay). Read more 

EU requests bilateral dispute settlement consultations with Ukraine over wood export ban

EU: The EU has formally requested consultations with Ukraine under the EU-Ukraine Association Agreement on Ukraine’s export ban on unprocessed wood. Read more 

European Commission set to adopt definitive safeguard measures on imports of steel

EU: The European Commission welcomes the support received yesterday from Member States to its plan to impose definitive safeguard measures on imports of steel. Read more 

WTO NEWS 

General Council Chair appoints facilitator to address disagreement on Appellate Body

WTO: General Council Chair Junichi Ihara of Japan has appointed Amb. David Walker of New Zealand to assist him in working with WTO members to resolve differences on the urgent matter of the functioning of the organization’s Appellate Body. Read more

Venezuela initiates WTO dispute case against Colombia regarding liquid fuel restrictions

WTO: Venezuela has requested WTO dispute consultations with Colombia regarding certain Colombian measures affecting the distribution of liquid fuels. Venezuela’s request was circulated to WTO members on 14 January. Read more 

Members review US request for panel on Turkish duties, adopt rulings on Brazil tax, US tuna

WTO: At a meeting of the Dispute Settlement Body (DSB) on 11 January, WTO members considered a request from the United States for the establishment of a panel to rule on additional duties levied by Turkey on certain US imports. WTO members also formally adopted panel and Appellate Body rulings concerning tax measures in Brazil used to promote domestic production of automotive and high-tech goods as well as revised US “dolphin-safe” tuna labelling requirements. 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 – November 25 – December 1, 2018

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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.

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

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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

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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

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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.

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