Caribbean Trade Law and Development

Category: trade digest

  • Caribbean Trade & Development News Digest – November 10-16, 2019

    Caribbean Trade & Development News Digest – November 10-16, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of November 10-16, 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

    The BRICS held their 11th Summit on November 14th in Brasilia, Brazil. Have a read of the summit declaration here.

    Coming up this week, Ministers of Trade in the Caribbean Community (CARICOM) will gather in Georgetown, Guyana, 18-19 November, for the 49th Regular Meeting of the Council for Trade and Economic Development (COTED).

    REGIONAL NEWS

    Check to see if CARICOM still relevant to Guyana

    Stabroek: The Georgetown Chamber of Commerce and Industry (GCCI) believes Guyana must review its place in CARICOM and decide whether it is beneficial to remain part of the block, and that the country should leverage the looming opportunities in the petroleum sector to secure better trade arrangements with sister States. Read more

    The Bahamas on the road to recovery

    UNDP: Catastrophic winds and storm surge have long since receded in the Bahamas, but the devastation caused by this summer’s Category Five Hurricane Dorian, the strongest in the country’s history, has left the islands staggering. Read more

    CDB, CARICOM in Pact to Expand Single Market

    St Kitts & Nevis Observer: The Caribbean Development Bank (CDB) and the Caribbean Community (CARICOM) have signed a memorandum of understanding (MoU) that will seek to facilitate regional integration and the expansion of the CARICOM Single Market and Economy (CSME). Read more

    Caricom sugar producers want 40% CET on imports

    Trinidad Daily Express: The Caribbean sugar industry is at a crossroads. Free market pressures, operational inefficiencies and sugar producers’ inability to meet manufacturers’ demand for refined white sugar have been a major source of frustration, resulting in an over-reliance on extra-regional sugar imports. Read more

    CARICOM SG calls for more affordable disaster insurance

    Stabroek: Secretary-General of the Caribbean Community (CARICOM) Irwin LaRocque wants the cost of natural disaster insurance to be more affordable. Read more

    INTERNATIONAL NEWS

    28 developing nations back India on OECD tax proposal

    Livemint: A group of 28 developing nations has backed India’s opposition to a set of new global rules for taxing tech giants being brokered by the Organisation for Economic Cooperation and Development. Read more

    BRICS Leaders Call for ‘Urgent’ Need to Reform UN, WTO, IMF to Address Issues of Developing Countries

    News18: Emphasising on their commitment to shape a more fair, just, equitable and representative multipolar international order, BRICS leaders underlined the imperative that international organisations be fully driven by member states and promote the interests of all. Read more

    BRICS summit condemns protectionism and pledges to overcome challenges faced by multilateralism

    Mercopress: Five of the biggest emerging economies railed against protectionism on Thursday as they vowed to overcome “significant challenges” facing multilateralism, in a swipe at US tariffs and unilateral action. Read more

    Pacific States to meet in Fiji

    Pacific Scoop: From 19 to 21 November, government officials from the Pacific region, together with the President of the Human Rights Council, Coly Seck of Senegal, and other representatives from Small Island Developing States (SIDS), will gather in Nadi, Fiji to explore ways to strengthen the participation of SIDS in the 47-member Council aiming to improve human rights conditions in their countries and in the region. Read more

    WTO rejects most of India’s claims against US steel duties

    Al Jazeera: The World Trade Organization also said the United States must bring a legislative provision into line with WTO rules. Read more

    U.S. Raises Prospect of Blocking Passage of WTO Budget

    Bloomberg: The Trump administration ratcheted up its pressure on the World Trade Organization by raising the possibility of blocking the approval of the institution’s biennial budget and effectively halting its work starting next year. Read more

    WTO members warn on post-Brexit market access

    RTE: World Trade Organization members have demanded compromises from the EU and Britain to ensure foreign businesses do not lose market access in post-Brexit trade. Read more

    Here’s What It Means to Be a WTO Developing Country

    WashingtonPost: President Donald Trump says it’s not fair for China to receive preferential trade benefits as a developing nation at the World Trade Organization. Trump’s argument is that China — the largest economy in the world after the U.S. — should not enjoy the kind of preferential trade treatment that’s really intended to bolster much poorer nations. Read more

    Australia and others ask for Brexit trade compensation

    BBC: Countries including Australia have asked for trade compensation from the UK and the EU over Brexit disruption. Read more

    Fifteen countries including Brazil, asking for trade compensations from UK/EU Brexit disruption

    Mercopress: Countries including Australia have asked for trade compensation from the UK and the EU over Brexit disruption. Fifteen countries, including the US, India and New Zealand, have been setting out Brexit concerns at a World Trade Organization (WTO) meeting in Geneva. Read more

    European Union launches WTO trade dispute against Colombia’s unfair duties on frozen fries

    EU: The EU has today brought a dispute to the World Trade Organization (WTO) against unlawful anti-dumping measures imposed by Colombia on frozen fries from Belgium, Germany and the Netherlands. Read more

    Jack Ma Sees E-Commerce as Africa’s Big Business Opportunity

    Bloomberg: Jack Ma, the co-founder of Alibaba Group Holding Ltd., said African entrepreneurs will find countless opportunities in e-commerce, logistics and e-payments as the continent prepares for the start of a free-trade deal. Read more

    Feature: Xi spearheads closer China-LatAm cooperation for common prosperity

    XInhua: China and Latin America sit on the opposite sides of the globe, but the formidably vast Pacific Ocean that separates them did not stop them from sharing a long history of exchanges. Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG

    The Caribbean Trade & Development Digest is a weekly trade news digest produced and published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please subscribe to our Blog below:

  • Caribbean Trade & Development Digest – October 27- November 2, 2019

    Caribbean Trade & Development Digest – October 27- November 2, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of October 27-November 2, 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.

    THE WEEK’S HIGHLIGHTS

    ASEAN held its 35th Summit in Thailand on November 2-3. The chair’s statement may be read here. Any hopes of a RCEP deal before the end of this year appear to have been dashed. Read more

    On the Brexit front, the EU has given the UK an extension until January 31st. The UK will also hold a general election on December 12.

    CARICOM representatives will meet in Barbados on Monday, November 4 to discuss the CARICOM Single Market and Economy (CSME). There will also be a Public Town Hall on the CSME that evening.

    REGIONAL NEWS

    Regional consultation on CSME

    BarbadosToday: As Barbados leads efforts to ensure that the CARICOM Single Market and Economy (CSME) is implemented in the region, a special stakeholders’ conference on the subject will take place on Monday, November 4. Read more

    CCJ to give CSME ruling within ‘reasonable time’

    Jamaica Observer: The Caribbean Court of Justice (CCJ) says it will give an opinion “within a reasonable time” as it concluded hearing arguments in the request for an advisory opinion by the Caribbean Community (CARICOM) that could have implications for the CARICOM Single Market and Economy (CSME) that allows for the free movement of goods, skills, labour and services across the region. Read more

    Bahamas’ $75 Million Spiny Lobster Fishery Has Been Set Back Years In The Wake Of Hurricane Dorian

    Forbes: Hurricane Dorian, which battered the Bahamas between September 1st and 3rd 2019, has devastated the islands’ $75 million Caribbean spiny lobster fishery. Read more

    CCJ grappling with advisory opinion on whether CARICOM states can opt out of free movement categories

    Stabroek News: The Caribbean Court of Justice (CCJ) yesterday held the first of two hearings, its first ever advisory opinion proceedings, which concern whether a member state of the Caribbean Community (CARICOM), may opt out of a decision of the Conference of Heads of Government to extend the class of workers allowed to move work freely across CARICOM, and the legal effect of such opting out. Read more

    Central Bank exploring ‘early introduction’ of digital currency on Abaco post-Dorian

    EyeWitnessNews: The Central Bank is exploring whether to bring about an early introduction of digital Bahamian currency on Abaco to enable rapid financial service recovery Central Bank Governor John Rolle said yesterday. Read more

    Barbados exploring ways to widen trade with CARICOM countries

    RJRNews: Barbados is exploring opportunities for development in a wide range of areas in Guyana and Suriname as it responds to a call to deepen trade between member countries of CARICOM. Read more

    Bartlett calls for investment beyond hotel rooms

    Jamaica Observer: Minister of Tourism, Edmund Bartlett has made a call for investment in the tourism industry to go beyond the development of hotel rooms and other infrastructure. Read more

    INTERNATIONAL NEWS

    Global trade: for the people, by the people – Why the world still needs a rules-based trading system

    Medium: For those of us interested in trade issues and global trade sustainability, the World Trade Organization (WTO) Public Forum , held yearly at the WTO Secretariat in Geneva, Switzerland is THE place to be in early October. Read more of this article by trade lawyer Magda Theodate here.

    Angela Merkel calls for ‘fresh attempt’ at EU-India trade deal

    Deutsche Welle: German Chancellor Angela Merkel wrapped up her trip to India with the announcement of a billion-euro investment into green projects in the country. Merkel placed climate change at the center of her talks in India. Read more

    Trade between Iran, EU at nearly €3.5b in 8 months

    Tehran News: According to the latest data provided by the statistical office of the European Union, Eurostat, the trade between Iran and the EU nations has decreased by 75 percent compared to last year’s same period in which the figure stood at €14.292 billion. Read more

    Indonesia reviewing terms of EU trade deal as WTO palm oil spat brews: vice foreign minister

    Reuters: Indonesia’s vice foreign minister Mahendra Siregar said Jakarta is reviewing a draft trade deal with the European Union in the run-up to filing a complaint against the trading bloc with the World Trade Organization (WTO) over use of palm oil in biofuels. Read more

    World’s biggest trade deal to be delayed to 2020: Draft ASEAN statement

    Channel News Asia: The signing of the world’s largest trade pact will likely be kicked back to 2020, according to a draft statement by Southeast Asian leaders, delaying a deal craved by China to offset a painful tariff war with the US. Read more

    Brexit: Johnson agrees to Brexit extension – but urges election

    BBC: Labour has “run out of excuses” to oppose an early election, Boris Johnson has said, as MPs vote on whether to back his call for a December poll. Read more

    Pelosi Calls USMCA ‘Easiest Trade Deal,’ Could Get Vote in 2020

    Bloomberg: House Speaker Nancy Pelosi said President Donald Trump’s new Nafta agreement is the “easiest trade deal that we’ve ever done.” Read more

    Trump ends trade benefits for Cameroon over ‘persistent human rights violations’

    Washington Post: President Trump said he will soon ax Cameroon from a trade program that allows African countries to sell goods to the United States on a duty-free basis, citing “persistent human rights violations” in a letter to Congress on Thursday. Read more

    UK set for 12 December general election after MPs’ vote

    BBC: The UK is set to go to the polls on 12 December after MPs backed Boris Johnson’s call for an election following months of Brexit deadlock. Read more

    ASEAN summit grapples with US-China trade war

    Deutsche Welle: Southeast Asian leaders have gathered in Bangkok for a three-day summit expected to be dominated by trade. ASEAN members are trying to finalize a China-backed plan to create the world’s biggest free trade area. Read more

    RCEP ministers fail to reach agreement

    Bangkok Post: Ministers from 16 Asia-Pacific nations failed to reach an agreement on creating the world’s largest free trade area at their meeting on Friday, a Thai negotiator suggested, but some are optimistic about the chances of a deal by year-end. Read more

    China may impose $3.58 billion in annual trade sanctions on U.S.: WTO panel

    Reuters: A World Trade Organization (WTO) panel said on Friday that China was entitled to slap compensatory sanctions on U.S. imports worth $3.579 billion annually for the U.S. failure to remove anti-dumping duties – roughly half the amount China had sought. Read more

    WTO panel rejects India’s arguments

    Business Standard: Exporters can rest assured that there is no threat to the Advance Authorisation Scheme, Duty Drawback Scheme and four specified entries under DFIS. Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG

    The Caribbean Trade & Development Digest is a weekly trade news digest produced and published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please subscribe to our Blog below:

  • Caribbean Trade & Development Digest – October 20-26, 2019

    Caribbean Trade & Development Digest – October 20-26, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of October 20-26, 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.

    THE WEEK’S HIGHLIGHTS

    South Korea has agreed to give up its ‘developing country’ status in future negotiations at the WTO. This move is in light of increased US pressure for a change in the current system of self-designation as a developing country at the WTO. Read here.

    The Caribbean Court of Justice (CCJ) held a two-day hearing in its first ever application for an Advisory Opinion. At the end of the second day, the judges indicated that they would deliver their decision in a “reasonable time”. Read more here.

    The World Bank has released its latest Doing Business Report (2020). Find out how the Caribbean fared here.

    REGIONAL NEWS

    Bermuda Launches Two Key Fintech Initiatives, Becomes First Nation to Accept Stable Coins for Government Payments

    National Law Review: On Oct. 16, 2019, Bermuda Premier the Hon. E. David Burt JP, MP announced that Bermuda has committed to accept, for payment of government taxes, fees, and services, 1:1 U.S.-dollar-backed digital currencies of entities licensed by the Bermuda Monetary Authority (BMA) under the 2018 Digital Asset Business Act (DABA), becoming the first nation to do so. Read more

    Antigua To Sell Shares In State-Owned Oil Company

    Jamaica Gleaner: The Antigua and Barbuda government says it is to sell 10 per cent of its shares in the state-owned West Indies Oil Company (WIOC). Read more

    Belize Senate ratifies UK-CARIFORUM trade treaty

    Breaking Belize News: Тhе Ѕеnаtе mеt іn ѕресіаl ѕеѕѕіоn thіѕ mоrnіng іn rесоrd tіmе tо rаtіfу а trеаtу ѕаfеguаrdіng trаdе bеtwееn Веlіzе аnd fеllоw Саrіbbеаn ѕtаtеѕ аnd thе Unіtеd Кіngdоm. Read more

    CARICOM to await CCJ decision on waiver for free movement

    Jamaica Observer: The five (5) Justices of the Caribbean Court of Justice (CCJ) have promised, at a “reasonable time,” to deliver their decision on whether countries within the Caribbean Community (CARICOM) can lawfully, under the legal framework of the organisation, choose to opt-out of obligations set out in the Caribbean Single Market and Economy (CSME) agreement. Read more

    The Caribbean exhibits record of reforms in business sector in 2018

    Prensa Latina: The economies in the Caribbean carried out a record of 19 reforms during 2018 to help private national companies do business, a report released today by the World Bank (WB) says. Read more

    Jamaica Opposition welcomes reversal in Ease of Doing Business ranking

    Jamaica Observer: People’s National Party (PNP) shadow minister of Industry, Competitiveness & Global Logistics Anthony Hylton has welcomed the reversal in Jamaica’s ranking in the World Bank’s Ease of Doing Business Report 2020. Read more

    Agricultural woes: building a domestically and internationally competitive sector

    Dominica News Online: Finding agricultural products that can compete both on the domestic and international markets has been singled out as one of the major challenges facing the sector in the region. Read more

    INTERNATIONAL NEWS

    Nigeria’s border closure has implications for Africa’s economic integration

    The Conversation: Nigeria recently partially closed its border with Benin in an effort to stem the smuggling of rice. It then went on to close its land borders to the movement of all goods from Benin, Niger and Cameroon, effectively banning trade flows with its neighbours. Read more

    China Signs its First African Free Trade Agreement with Mauritius

    China Daily Briefing: China and Mauritius signed a free trade agreement (FTA) on October 17. This is China’s first FTA with an African nation. The agreement will reportedly give Mauritius duty-free access to about 8,547 products, representing 96 percent of Chinese tariff lines. Read more

    RCEP deal hangs in balance even as India, other members resolve some issues

    Livemint: India and other member countries of Regional Comprehensive Economic Partnership (RCEP) may have resolved differences related to investor to state dispute settlement (ISDS) mechanism and data localization, but issues such as India’s demands to shift the base year for tariff cuts to 2019 and an auto-trigger mechanism to check import surge from China may make or break a deal. Read more

    China submits 7th offer to join government procurement agreement at WTO

    Xinhua: China has submitted the 7th offer to join the World Trade Organization’s (WTO) Agreement on Government Procurement (GPA), which added the military sector for the first time, according to the Ministry of Finance. Read more

    China’s New Investment Law a Positive Step, Foreign Firms Say

    Bloomberg: China’s new law governing foreign investment will take effect next year. Read more

    US-China Trade Truce: Cautious Optimism or Reasonable Pessimism?

    Modern Diplomacy: China and the United States have achieved tangible progress in their recent round of trade talks. This has given rise to cautious optimism about the possibility of striking a deal, writes the Chinese edition of Global Times. Read more

    Brexit: European leaders agree extension to 31 January

    BBC: EU leaders have agreed in principle to extend Brexit until 31 January 2020 – meaning the UK will not leave as planned on Thursday. Read more

    Breaking down the path forward for the USMCA

    Politico: With fewer than two dozen legislative days left in the year, the pressing question for the USMCA is not just whether U.S. Trade Representative Robert Lighthizer and House Democrats will be able to reach a deal, but whether they still have enough time to get it done by 2020. Read more

    The EU should be leading this new era of FTAs, shaping new standards and spurring on growth

    Euronews: The next EU Trade Commissioner faces a daunting in-tray. Certainty is in short supply and difficult decisions abound. Many of them are marked urgent. Read more

    China asks WTO for $2.4 billion sanctions against U.S. in latest clash

    Reuters: China is seeking $2.4 billion in retaliatory sanctions against the United States for failing to comply with a World Trade Organization ruling in a case that highlights White House complaints about the global trade body. Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG

    The Caribbean Trade & Development Digest is a weekly trade news digest produced and published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please subscribe to our Blog below:

  • Caribbean Trade & Development Digest – October 13-19, 2019

    Caribbean Trade & Development Digest – October 13-19, 2019

    Welcome to the Caribbean Trade & Development News Digest for the weeks of October 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.

    THE WEEK’S HIGHLIGHTS

    The EU and UK announced they had negotiated a new Brexit deal whose full text may be found here. The deal is yet to receive UK parliamentary approval and instead the UK House of Commons voted to delay Brexit again. PM Boris Johnson sent a letter to Brussels seeking a delay. However, the UK government will seek a meaningful vote on the deal tomorrow, Monday. Catch up on the latest Brexit developments here.

    REGIONAL NEWS

    Marriott Acquires Elegant Hotels in Barbados, Boosting All-Inclusive Offering

    Travel Market Report: Marriott has agreed to buy Elegant Hotels Group in a $130.1 million deal, as it looks to grow its all-inclusive portfolio in the Caribbean. Read more

    J’can Company B&D Gains From US-China Trade War – Grows Lobster Sales As Conch Ban Bites Into Income

    Jamaica Gleaner: With US$185 billion worth of duties being slapped on American exports to China in retaliation for US imposition of US$550 billion in tariffs on Chinese goods, leading seafood exporter, Kingston-based B&D Trawling Limited is ramping up volumes of live and frozen lobster sales into that Asian market at a significantly lower tariff than its US competitors. Read more

    Caribbean Export signs three MOUs to support the Caribbean’s export growth

    Jamaica Observer: At the recently held 4th staging of the Cariforum-European Union (EU) Business Forum in Frankfurt, Germany; three memorandum of understandings (MOUs) were signed between the Caribbean Export Development Agency and key stakeholders in Europe. Read more

    Trinidad Tourism Ltd: Tourism sector set to grow in 2020

    LoopTT: For the new fiscal year 2019/2020, Tourism Trinidad Limited’s (TTL) is aiming to increase visitor arrivals to 380,000, a 7 percent increase on the previous year’s figures. Read more

    TSTT raises over $2.7 b on US roadshow

    Trinidad & Tobago Guardian: A US$400 mil­lion 10-year bond of­fered by the Telecom­mu­ni­ca­tions Ser­vices of Trinidad and To­ba­go (TSTT) has been “sig­nif­i­cant­ly over-sub­scribed” the T&T Guardian has learned. Read more

    Facilitation of business improving in Barbados

    Barbados Today: Following recent rounds of Social Partnership talks, the private sector says it is pleased with progress being made by Government to address the vexing issue of business facilitation. Read more

    OECS/ITC workshop proving a success

    Antigua Observer: Stakeholders involved in the ongoing regional business excellence seminar have voiced their pleasure with the developments, noting in particular, the shared business experiences and solutions. Read more

    Mastercard Enters Jamaica, Targets Unbanked

    Jamaica Gleaner: It’s been roughly a month since technology company Mastercard settled into its new office space in New Kingston, but discussions are already ongoing to have the company doubling users of electronic payment systems across Jamaica over the next three years. Read more

    Former Diplomat Cites ‘Corruption Of EDF Resources In Saint Lucia’ In Open Letter

    St Lucia Times: See full letter to the editor. Read more

    Business, Consumer Confidence in Jamaica Dips In Third Quarter

    Jamaica Gleaner: Business confidence dipped in the third quarter of 2019 as firms have second thoughts about their positive expectations for the economy over the next year. Read more

    Jamaica Lobbies US On Correspondent Banking Relationships

    Caribnews NY: Jamaica will continue to lobby the United States to take the lead in legitimizing licensed cannabis growers and processors in the correspondent banking relationships with US banks, Industry, Commerce, Agriculture, and Fisheries, Minister Audley Shaw, has said. Read more

    Caribbean countries looking to take advantage of ACP-EU accord

    Jamaica Observer: As the 79-member African, Caribbean and Pacific (ACP) countries negotiate a post-2020 relationship with the European Union (EU), culture is being presented as an untapped sector that can contribute to the further development of the region. Read more

    INTERNATIONAL NEWS

    China’s developing country status brings it few benefits in the WTO

    East Asia Forum: Whether China is a ‘developing’ or ‘developed’ country for the purposes of the World Trade Organization (WTO) matters a lot to US President Donald Trump. Trump ignited a new front in the US–China trade war in July 2019 by tweeting that the world’s richest nations are masquerading as developing countries to get special treatment. Read more

    UK’s independent seat at WTO to include Channel Islands

    Gov.uk: The UK has today (Thursday 17 October) notified the World Trade Organization (WTO) that it will extend its WTO membership to include the Channel Islands. Read more

    Growing the Fiji Australia trade

    FBCNews: “For a small open economy like Fiji, our government agencies and policies aim to be pro-enterprise and pro-innovation. We are committed to working with our businesses to achieve these outcomes.” These were the remarks by the Minister for Industry, Trade and Tourism Premila Kumar, while speaking at the 25th Australia-Fiji Business Council Forum in Brisbane last week. Read more

    RCEP explained: The 16-country free-trade agreement that India may sign

    The News Minute: While countries have been negotiating since 2013, India has also been facing opposition from multiple domestic industries. Read more

    What’s Really in the Trade Deal Trump Announced With China

    New York Times: The partial trade deal hasn’t been signed and some details still have to be negotiated, but it could help some American firms. Read more

    South Africa gets behind China’s defence of multilateral trade

    South China Morning Post: Chinese Foreign Minister Wang Yi says the two countries should work together to oppose protectionism. Read more

    Russia Steps Up Its Game in Africa

    Moscow Times: The inaugural Russia-Africa summit shows Putin’s growing influence on the continent. Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG