Caribbean Trade Law and Development

Category: trade digest

  • Caribbean Trade & Development News Digest – July 7 – 13, 2019

    Caribbean Trade & Development News Digest – July 7 – 13, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of July 7-13, 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

    In this week’s headlines, fifteen countries in the West African regional bloc ECOWAS have agreed to adopt a single currency called the ECO next year. Regionally, Jamaica aims to deepen its trade and other bilateral relations with the Cayman Islands, while Barbados has its eye on investment opportunities in Guyana.

    REGIONAL NEWS

    Jamaica – Cayman Islands to strengthen trade, bilateral relations

    Caribbean News Now: Jamaica is moving to improve trade relations with the Cayman Islands, prime minister Andrew Holness said speaking to the Jamaican diaspora in the Cayman. Read more

    WTO ‘devastating’ for farmers and fisheries

    Tribune 242: Becoming a full World Trade Organisation (WTO) member will be “devastating” for Bahamian farmers because they are “not prepared” for the competitive demands of liberalised trade regimes. Caron Shepherd, president of the Farmers United Cooperative, told Tribune Business. Read more

    Barbados seeking to encourage investments in Guyana

    Jamaica Observer: The Barbados Government is seeking to lure local investors to invest in Guyana, which is the world’s second-largest stock market, NASDAQ last month named as the fastest growing economy in the world. Read more

    Investment potential in Guyana

    Barbados Today: Investment opportunities in Guyana worth millions of dollars appear to have captured the attention of dozens of workers and entrepreneurs eager to tap into its growing market. Read more

    Antigua PM Reports Positive Talks On Ownership In Scotiabank Country Branch

    Jamaica Gleaner: The Antigua & Barbuda government is reporting positive feedback to a proposal that would allow it to own at least 40 per cent of the local Scotiabank operation, under a regional transaction in which the Canadian owner is offloading some of its Caribbean assets to Republic Financial Holdings Limited. Read more

    Antigua – Barbuda and the Dominican Republic forge closer relations: Embassy to break ground soon

    Caribbean News Now: Prime Minister Gaston Browne fulfilled a promise made three years ago to the president of the Dominican Republic to transfer one acre of land for the construction of an embassy and residences for the Dominican Republic in St John’s, presented the land certificate to foreign affairs minister of the Dominican Republic, Chancellor Miguel Vargas who paid an official visit to Antigua and Barbuda over the weekend. Read more

    Statistical Capacity-Building Underway in CARICOM Member States

    CARICOM: The Caribbean Community (CARICOM) has embarked on a series of exercises across the Region as it steps up its efforts to build capacity in statistics. The Community is working towards providing robust, quality statistics to inform and advance its development thrust. Read more

    Caribbean Countries to Benefit from Access to Insurance for the Fisheries Sector

    OECS: CCRIF SPC and the World Bank are pleased to announce that on July 1, the Facility issued the Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia. Read more

    INTERNATIONAL NEWS

    ECOWAS West African nations to adopt unified ‘eco’ currency

    IOL: The Economic Community of West African States announced at the end of its summit in Abuja, Nigeria, that it would be adopting the ECO as its shared currency by 2020. Read more

    France passes tax on tech giants despite US threats

    BBC: France has approved a digital services tax despite threats of retaliation by the US, which argues that it unfairly targets American tech giants. The 3% tax will be levied on sales generated in France by multinational firms like Google and Facebook. Read more

    Trump-China Trade Tensions Hit Panama Canal Revenues

    Bloomberg: Cargo from the U.S. to China going through the key waterway has slumped this year as the Asian giant cuts its imports of American food and fuel, according to Panama Canal Authority CEO Jorge Luis Quijano. Read more

    Beijing to impose sanctions on US firms involved in US$2.2 billion Taiwan arms deal

    South China Morning Post: Beijing said on Friday it will issue sanctions against the US companies involved in the latest arms sale to Taiwan, as tensions between China and the United States continue to rise. Read more

    US tells Britain: Fall into line over China and Huawei, or no trade deal

    Telegraph: Donald Trump’s negotiators have signalled that the next prime minister’s hopes of a post-Brexit trade deal with the United States rest on his willingness to fall in line with tough American policies against the Chinese telecoms giant Huawei. Read more

    EU-Mercosur trade agreement: The Agreement in Principle and its texts

    EU: In view of the Commission’s transparency policy, the Commission is publishing the texts of the Trade Part of the Agreement following the agreement in principle announced on 28 June 2019. Read more

    Nigeria signs Africa free trade agreement: statement

    Reuters: Nigerian President Muhammadu Buhari has signed up to the $3 trillion Africa free trade agreement, a spokesman confirmed on Sunday. Read more

    African Leaders Launch First Continental Trade Agreement

    VoA: Leaders discussed “operational” parts of the agreement at a recent gathering of the African Union in Niger. The deal had been under discussion since 2002 and a general agreement to form the trade area was reached in March. Read more

    Canada posts rare trade surplus as exports to U.S. hit record high

    Financial Post: Canada’s trade balance unexpectedly swung into surplus for the first time in 10 months on a broad-based jump in exports, adding to evidence the economy has returned to a more solid footing. Read more

    Germany Sees 50% Chance for EU-U.S. Trade Deal, Possibly in 2019

    Bloomberg: German Economy Minister Peter Altmaier sees a 50% chance of the European Union striking a trade agreement on industrial goods with the U.S., possibly this year. Read more

    A Deeper Look at Vietnam’s Trade Deal With Europe

    The Diplomat: The EU’s drive to become the defender of multilateralism promises further opportunities for Southeast Asia. Read more

    What is GATT 24: What is the WTO clause at the centre of Andrew Neil’s grilling of Boris Johnson

    Independent: Boris Johnson was taken to task by the BBC’s Andrew Neil over his knowledge of GA​TT 24 – the clause in WTO rules he believes could allow the UK to continue to trade freely with the EU in a no deal scenario. Read more

    Australia steps up sugar trade fight with India, moves WTO

    Hindu Business Line: Australia has intensified its sugar related dispute with India by formally asking World Trade Organisation (WTO) to set up a panel to probe if the world’s second-largest sugar producer was breaching its obligations, a media report said Friday. Read more

    Japan denies imposing South Korean trade embargo at WTO

    Reuters: Japan denied imposing a trade embargo on South Korea on Tuesday, after a complicated diplomatic dispute that could disrupt global supplies of chips and smartphones erupted over forced labor in World War Two and banned trade with North Korea. Read more

    Global trade: Making a start for WTO reforms

    Financial Express: Members desirous of preventing disruption of the appellate process in WTO disputes would enter into a plurilateral accord providing for appeal arbitration. Read more

    Boris Johnson’s Brexit plan for businesses dismissed by head of WTO

    Independent: The head of the World Trade Organisation has blown a hole in Boris Johnson’s Brexit plans as Conservative members vote on whether he should become party leader and prime minister. Read more

    Brazil escalates WTO dispute over India sugar subsidies that distort global sugar markets

    Business Today: The Brazilian government said on Thursday it had asked the World Trade Organization to establish a panel aimed at resolving its dispute over Indian sugar subsidies, according to a joint statement by the foreign and agriculture ministries. Read more

    India involved in 14 disputes at WTO currently, says Piyush Goyal

    Business Standard: At present, India is involved in 14 WTO disputes, all of which are being handled by domestic law firms. Read more

    USTR Announces Fiscal Year 2020 WTO Tariff-Rate Quota Allocations for Raw Cane Sugar, Refined and Specialty Sugar and Sugar-Containing Products

    USTR: The Office of the U.S. Trade Representative today announced the country-specific and first-come, first-served in-quota allocations under the tariff-rate quotas (TRQs) on imported raw cane sugar, refined and specialty sugar and sugar-containing products for Fiscal Year (FY) 2020 (October 1, 2019 through September 30, 2020). Read more

    USTR Announces Initiation of Section 301 Investigation into France’s Digital Services Tax

    USTR: On July 10, 2019, the United States Trade Representative (USTR) initiated an investigation under Section 301 of the Trade Act of 1974 of the Digital Services Tax (DST) of the Government of France. Read more

    WTO NEWS

    NEW ON 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 News Digest – June 23-29, 2019

    Caribbean Trade & Development News Digest – June 23-29, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of June 23-29, 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 TRADE HIGHLIGHTS

    The EU and Mercosur have reached a trade deal. Read the EU’s press release here.

    G20 leaders met in Osaka, Japan and among other things, have affirmed their commitment to WTO reform. The full G20 statement may be read here.

    Barbados and UAE will co-chair UNCTAD’s 15th Quadrennial in October 2020. Read more here.

    REGIONAL NEWS

    C’bean leaders to further discuss CSME at summit

    Jamaica Observer: Caribbean Community (CARICOM) leaders will meet here early next week with the implementation of measures to enhance the CARICOM Single Market and Economy (CSME) high on the agenda. Read more

    Caricom heads to meet in July

    Newsday: The 40th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (Caricom) will be held in St Lucia from July 3-5. Read more

    Barbados to host UNCTAD Conference

    Nation News: Prime Minister Mia Mottley announced today the island would host the 15th United Nations Conference on Trade and Development (UNCTAD) quadrennial meeting in October next year. Read more

    Imports up 1.9% in May 2019

    Amandala: The Statistics Institute of Belize (SIB) reported that Belize imported $169.4 million worth of goods in May 2019, a 1.9% increase over goods imported last year in the same period. Read more

    Guyana listed as world’s fastest growing economy

    Jamaica Observer: The world’s second largest stock market NASDAQ, has named Guyana as the fastest growing economy in the world. Read more

    Regional rum producers promoting responsible drinking

    Jamaica Observer: The West Indies Rum & Spirits Producers’ Association (WIRSPA) has ended a meeting here discussing how to promote responsible drinking and to reduce the harmful use of alcohol. Read more

    Jamaica Imports and exports rising

    Jamaica Observer: The Statistical Institute of Jamaica (Statin) is reporting in its quarterly report that for the period January to March 2019, Jamaica’s imports were valued at US$1.66 billion — a 13.1 per cent increase when compared to the corresponding period for 2018 with a value of US$1.47 billion. Read more

    Antigua PM willing to create team to sensitise correspondent banks about CIP

    Antigua Observer: In an effort to sensitise correspondent banks on the integrity and security of the Citizenship by Investment Programme’s (CIP’s) application and approval process, Prime Minister Gaston Browne, in his capacity as OECS Chair, said that he is willing to assemble a team of government officials, CIP executives, Anti-Money Laundering and Countering Financing of Terrorism experts and banks to hold joint meetings. Read more

    INTERNATIONAL NEWS

    G-20 leaders agree to speed up WTO reforms

    Nikkei Asian Review: The Group of 20 leaders ended a summit dominated by the U.S.-China trade war with a commitment to accelerating efforts to reform the World Trade Organization. Read more

    India wins solar case against US at WTO

    Livemint: India on Thursday won a major trade dispute against the US at the World Trade Organization, with a dispute settlement panel pronouncing that subsidies and mandatory local content requirements instituted by eight American states breached global trade rules. Read more

    Nigeria: Finally, Nigeria to Sign African Continental Free Trade Agreement

    AllAfrica: Following the recommendation of the Presidential Committee on African Continental Free Trade Agreement (AfCFTA), which submitted its report to President Muhammadu Buhari yesterday, Nigeria will sign the agreement, with conditions authoritative presidency sources have told THISDAY. Read more

    All set for Horn of Africa trade forum focusing on region’s pharmaceutical industry

    Africanews: All is set for the two-day regional trade forum for the Horn of Africa focusing on the implementation of the historic African Continental Free Trade Agreement that went into force on 30 May. Read more

    Dairy imports off to a slow start in Pacific Rim trade deal

    CBC: As dairy, egg and poultry farmers wait for the Liberal government to explain the details of a $3.9 billion compensation package promised in this spring’s federal budget, a serious threat from imports under the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) has yet to emerge. Read more

    UK seeks new no-deal Brexit freight plan

    BBC: Transport companies are being asked to bid to provide extra freight capacity to be used in the event of a no-deal Brexit on 31 October. The hurried ferry procurement process as the UK prepared to leave the EU on 29 March cost taxpayers more than £85m. Read more

    Canada and Mexico may be open to tweaking USMCA: U.S. Democrat

    Reuters: Canada and Mexico may be open to a limited renegotiation of aspects of the United States-Mexico-Canada free trade agreement to satisfy U.S. lawmakers’ concerns, a top U.S. Democrat said on Wednesday, opening the door to its passage in the fall. Read more

    EU signs free trade agreement with Vietnam

    Deutsche Welle: The European Union has signed a landmark free trade deal with Vietnam. With concerns from some lawmakers about the country’s human rights record, the agreement needs approval from the European Parliament. Read more

    U.S. will sanction any countries that import Iranian oil: special envoy

    Reuters: The United States will sanction any country that imports Iranian oil and there are no exemptions in place, the U.S. special envoy for Iran said on Friday. Read more

    G20 summit: Trump and Xi agree to restart US-China trade talks

    BBC: The US and China have agreed to resume trade talks, easing a long row that has contributed to a global economic slowdown. US President Donald Trump and China’s President Xi Jinping reached agreement at the G20 summit in Japan. Read more

    EU to provide 40 billion euros in grants to help create jobs in Africa

    Africanews: The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa. Read more

    Trump Says He’ll Allow China’s Huawei to Buy From U.S. Suppliers

    Bloomberg: President Donald Trump said he’ll allow Huawei Technologies Co. to buy products from U.S. suppliers, in a concession to China after talks with the country’s President Xi Jinping on Saturday. Read more

    Farmers welcome trade truce, hope for more

    WSJ: Farmers and agricultural groups welcomed the U.S.-China trade truce but many said they still need a comprehensive agreement to restore large-scale exports of U.S. crops and meat and lift the fragile farm economy. Read more

    WTO NEWS

    NEW ON CTLD BLOG

    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 subscribe to our Blog below:

  • Caribbean Trade & Development Digest – June 9-15, 2019

    Caribbean Trade & Development Digest – June 9-15, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of June 9-15, 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 TRADE HIGHLIGHTS

    UNCTAD released its World Investment Report 2019 noting that “global foreign direct investment (FDI) flows slid by 13% in 2018, to US$1.3 trillion from $1.5 trillion the previous year – the third consecutive annual decline”. Read the World Investment Report 2019.

    G20 Trade and Digital Economy Ministers for the first time met together. Read the Ministerial statement here.

    CARICOM Ministers of Foreign Affairs of the Caribbean Community (CARICOM) and the Republic of Cuba, met in Georgetown, Guyana, on June 14th, 2019, on the occasion of the Sixth CARICOM-Cuba Ministerial Meeting. Read the Declaration here.

    REGIONAL NEWS

    Joint Communique: Barbados and Ghana

    Nation News: The following Joint Communiqué was issued on the occasion of the Official Visit to Barbados by Nana Akufo-Addo, President of the Republic of Ghana.President of the Republic of Ghana, His Excellency Nana Akufo-Addo, paid an official visit to Barbados from June 14 to 15, 2019, during which he held talks with Prime Minister Mia Amor Mottley. Read more

    Ghana to help Barbados with nurses soon

    Nation News: Barbados’ acute nursing shortage could soon be a thing of the past.Thanks to the government of the Republic of Ghana, the island should soon have more than enough registered nurses to fill the void that has been a bugbear for the medical health sector for decades. Read more

    CARICOM reaffirms great value of relations with Cuba

    CARICOM Today: Even as the Caribbean Community (CARICOM) on Friday reaffirmed the great value it attaches to ties with Cuba, it reiterated its call for an immediate and unconditional end to the economic, commercial and financial embargo imposed by the United States on Cuba. Read here

    Gov’t Taking Action to Mitigate Climate Change Impacts

    JIS: Foreign Affairs and Foreign Trade Minister, Senator the Hon. Kamina Johnson Smith, says the Government is taking steps to reduce and manage the effects of climate change across all sectors through national and international partnerships. Read more

    Norway to fund mega solar farms in Guyana

    Amsterdam News: Norway’s government has approved grant aid worth $80 million to help the largest Caribbean Community nation build a number of mega solar farms to provide energy to several communities located near the jungle close to the borders with Venezuela and Brazil, officials have said. Read more

    Caribbean women entrepreneurs export ready

    MENAFM: Nineteen Caribbean female entrepreneurs have completed the WE-Xport programme, an initiative geared at helping them to start exporting or to increase exports of their products and services. Read more

    Pushing exports

    Barbados Advocate: WITH Barbados’ goods exports languishing in the region of Bds$510 million over the last two years, there is a concerted effort by the current administration to push exports to help grow the economy. Read more

    Ghana to help Guyana’s energy sector

    Demerara Waves: Ghana’s President, Nana Akufo-Addo has agreed that his country would help Guyana’s energy sector, Director-General of the Ministry of the Presidency, Joseph Harmon said. Read more

    12,000 Pounds of Mangoes Exported from Jamaica to US

    JIS: Twelve thousand pounds of mangoes were exported on Thursday (June 13) to the United States (US).The mangoes – ‘Julie’ and ‘East Indian’ – were the first set to be exported to the US in 20 years. Read more

    Jamaica Dealers Object To New Directive To Sanitise Imported Autos

    Jamaica Gleaner: The Jamaica Used Car Dealers’ Association, JUCDA, says it is strongly opposed to a new directive by the Trade Board for importers of used motor vehicles to pay a Jamaica government agent based in Japan to sanitise each auto at a cost of up to US$150 before they are shipped. Read more

    INTERNATIONAL NEWS

    India is hitting the United States with more tariffs

    CNN: India just increased tariffs on US exports, dealing another blow to fragile global trade. Read more

    Trade tensions boosted international role of euro, ECB reports

    Euractiv: Trade tensions, challenges to multilateralism and unilateral sanctions might be bad for the economy but they have helped boost the global use of the euro, the European Central Bank reported on Thursday (13 June). Read more

    Europe wants to replenish UN Green Climate Fund

    Euractiv: EU member states want to replenish a UN fund aimed at supporting developing nations cut carbon emissions and adapt to climate change, according to draft conclusions from next week’s EU summit. Read more

    Indian, Chinese officials hold dialogue to break deadlock in RCEP trade negotiations

    Hindu Business Line: In a renewed attempt to break the stalemate in the ongoing Regional Comprehensive Economic Partnership (RCEP) negotiations involving 16 countries, senior officials from India and China met in New Delhi this week to try and reach a common ground on market opening commitments. Read more

    13 RCEP nations oppose India’s strict country of origin norms

    Economic Times: India wants strict rules of origin to prevent Chinese goods from flooding the country through member countries that may have lower or no duty levels. Read more

    Trade Policy Review: Canada

    WTO: The eleventh review of the trade policies and practices of Canada took place on 12 and 14 June 2019. The basis for the review is a report by the WTO Secretariat and a report by the Government of Canada. Read more

    Egypt’s exports to Africa rise $4.7B in 2018

    Egypt Today: Egypt’s exports to the African continent are expected to reach $4.7 billion in 2018, compared to$3.6 billion in 2017, with an increase of 30 percent, according to the Commercial Representative Office. Read more

    China issues new guidelines for its commercial space sector

    China Knowledge: China has introduced its first guidelines to regulate its commercial space sector in order to guide the health development of commercial space rockets manufacturing and test flights. Read more

    Customs fraud is thriving thanks to Trump’s trade war

    The Hill: As one would expect, and as Trump intended, the value of U.S. imports from China has dropped off considerably. But what may not have been anticipated is the growth in imports from other countries or, for that matter, the increased incentive to commit customs fraud. Read more

    Public Hearings on Proposed Section 301 Tariff List

    USTR: The Office of the U.S. Trade Representative (USTR) will hold public hearings from June 17 to June 21, 2019 and, the following week, from June 24 to June 25, 2019, regarding proposed tariffs on approximately $300 billion worth of Chinese products. Read more

    Rare earths give China leverage in the trade war, at a cost

    Economist: If China cuts off exports, it would hurt America but also undermine its own long-term economic goals. Read more

    No hope of avoiding tariffs in ‘no deal’ Brexit – EU’s Malmstrom

    Reuters: Supporters of Brexit are “completely wrong” if they think recourse to an obscure trade rule will stop tariffs springing up overnight if Britain leaves the European Union without a deal, EU Trade Commissioner Cecilia Malmstrom said on Friday. Read more

    Brazil asks for WTO investigation of Indonesia on poultry trade

    CNA: The Brazilian government has formally asked the World Trade Organization (WTO) to open a panel to investigate Indonesian policies on Brazil’s poultry exports, the Agriculture Ministry said on Friday. Read more

    Liam Fox warns WTO is ‘in crisis’ as businesses told to brace for no-deal Brexit

    Telegraph: The US-China trade war, industrial strife and political deadlock all threaten to overwhelm the World Trade Organization, putting the future of the institution and the system of free trade in mortal danger, Liam Fox has warned. Read more

    UK signs post-Brexit free trade deal with South Korea

    BBC: The UK and South Korea have signed an outline free trade agreement (FTA) that seeks to maintain existing trade arrangements post-Brexit. Read more

    Taiwanese companies hit by US-China trade war lured back home by Taipei

    South China Morning Post: ‘Invest Taiwan’ offers low-cost loans, help finding workers and even rent-free accommodation for firms struggling to make a profit on the Chinese mainland. Read more

    Representatives from India and Latin America Call for More Trade

    Prensa Latina: Options for enhanced economic cooperation in India and Latin America were discussed by diplomats from that region and officials of the Indian Government, banking entities and the National Federation of Chambers of Commerce and Industry. Read more

    China ready for trade talks with East Africa bloc: ambassador to Kenya

    Reuters: China is ready to negotiate a trade deal with the six-nation East Africa Community (EAC) to address Kenya’s complaints about a huge trade imbalance in favor of the Asian economic giant, China’s ambassador to Nairobi told Reuters. Read more

    EU: No strategy yet if China halts critical exports in U.S. trade war

    Reuters: The European Union on Thursday said it had no clear strategy on how to ensure continued supplies of critical raw materials if China, the world’s leading supplier of rare earth minerals, used such exports as leverage in the escalating U.S.-China trade war. Read more

    EU asks for formal consultations with Southern African Customs Union on trade in poultry

    EU: Today, the EU requested formal consultations – a first step in a dispute settlement process – with the Southern African Customs Union (SACU) over safeguard measures affecting imports of frozen chicken cuts from the EU. Read more

    No trade action against India as of now: USTR

    The Hindu: The office of the United States Trade Representative (USTR) said it had no announcement of a trade action at the moment but continued to raise market access concerns with India, reacting to media reports last week that the U.S. was considering launching a 301 probe against India. Read more

    U.S. Asks WTO to Temporarily Pause Its IP Dispute With China

    Bloomberg: The U.S. asked the World Trade Organization to suspend its dispute over China’s intellectual property practices for six months, according to a notice published Friday on the WTO website. Read more

    PM Modi slams protectionist, unilateral trade moves

    Economic Times: Prime Minister Narendra Modi on Friday criticised unilateral and protectionist decisions in trade, seeking instead a rules-based, anti-discriminatory and WTO-led inclusive system that would address the needs and aspirations of stakeholders globally. Read more

    Australian rare earth miners push development deals to counter China grip

    Reuters: Rare earth developers in Australia say they are edging closer to signing deals with new customers that would drive forward their projects amid mounting global supply concerns over the minerals that are crucial to high-tech industries. Read more

    WTO NEWS

    NEW ON CTLD BLOG

    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 subscribe to our Blog below:

  • Caribbean Trade & Development News Digest – May 26 – June 1, 2019

    Caribbean Trade & Development News Digest – May 26 – June 1, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of May 26 – June 1, 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 TRADE HIGHLIGHTS

    The Africa Continental Free Trade Area (AfCFTA) went into effect on May 30, 2019! Read more here.

    The Trump Administration has threatened to impose tariffs on goods imports coming from Mexico unless the latter stops illegal immigration through its border. Read more

    The US also removed Turkey and India from eligibility from the US Generalised System of Preferences (US GSP) which accords non-reciprocal preferential access to the US market for certain goods imports from eligible developing countries.

    REGIONAL NEWS

    New catfish export regulations for discussion with US officials

    Stabroek News: The Fisheries Department of the Ministry of Agriculture is to discuss new regulations to enable Guyana to resume exporting catfish, with the US Food Safety and Inspection Service (FSIS) this week. Read more

    ‘Unknown’ forces siphoning gold out of Guyana

    Stabroek: Activities in the mining sector and the corresponding production levels do not match the amount of gold being declared to the Guyana Gold Board (GGB) and the entity has begun to go into the mining districts to buy the precious metal while also tightening up security measures for exports. Read more

    Imports down by a little, exports up by a lot, says Statistical Institute of Belize

    Breaking Belize News: Belize’s imports were down while exports were up by 80% for the month of April, according to the latest data released by the Statistical Institute of Belize (SIB). Read more

    Government to assess the economic impact of Vincy mas

    OECS Business News: The government of St. Vincent and the Grenadines will assess the economic impact of Vincy Mas, the nation’s annual festival in now in progress. Read more

    CARICOM chairman speaks out on corresponding banking

    Jamaica Observer: The chairman of the Caribbean Community (CARICOM), Prime Minister Dr Timothy Harris says one the biggest economic and financial challenges facing the 15-member grouping is the practice engaged by the large global commercial banks to terminate their corresponding banking services. Read more

    As exports decrease and imports increase, Holness urges investors not to give up on Caricom

    Jamaica Observer: The Jamaican Government has said it would support investors in their quest to penetrate the Caribbean Community (Caricom) market, which it said “sometimes can be a more difficult market than exporting to Nigeria and Mauritius”. Read more

    PM Urges CARICOM Pushback – Says Jamaican Businesses Shafted By Trade Partners

    Jamaica Gleaner: Seeking to bolster the confidence of Jamaican businesses eager to deepen their export footprint across the Caribbean, Prime Minister Andrew Holness urged investors to push back at perceived structural or cultural barriers to trade by regional partners. Read more

    Labour reform: Foreign companies must give locals top positions to operate in BVI

    BVI News: Investors who establish new businesses in the British Virgin Islands will soon be required to grant their company’s senior management positions to BVIslanders/Belongers. Read more

    CARICHAM requests Extension of CBERA

    Dominica Vibes: The Network of Caribbean Chambers of Commerce (CARICHAM) is pleased to announce that we have submitted a letter to the United States International Trade Commission (USITC) on 28 May 2019, requesting an extension of the Caribbean Basin Economic Recovery Act (CBERA) and Caribbean Basin Trade Partnership Act (CBTPA). Read more

    Divisions in CARICOM ‘suicidal’

    Barbados Today: A prominent champion of regional integration has waded into the debate over the Caribbean Community’s position on the political unrest in Venezuela, with a warning to regional leaders that “fragmentation is suicidal”. Read more

    Caricom sugar producers want less extra-regional imports

    Jamaica Observer: Regional sugar producers are making an urgent appeal for policy changes to address the large amounts of extra-regional sugar being consumed in Caribbean Community (Caricom) member countries. Read more


    INTERNATIONAL NEWS

    Canada begins process to ratify USMCA trade deal

    Washington Examiner: Canadian Prime Minister Justin Trudeau formally introduced legislation to his country’s parliament Wednesday to ratify the U.S.-Mexico-Canada Agreement on trade. Read more

    U.S. President Donald Trump terminates preferential trade status for India under GSP

    The Hindu: A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences (GSP) was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5. Read more

    ‘The US has backtracked’: China releases official document blaming America for the trade war

    CNBC: China took a firm official stance against the United States on trade on Sunday, issuing a white paper that illustrates a widening gap between the two sides. Read more

    US ends special trade treatment for India amid tariff dispute

    BBC: The US will end preferential trade status for India next week, President Donald Trump has confirmed amid a deepening row over protectionism. Read more

    Trump Defends Trade Moves, Says Tariff Is ‘a Beautiful Word’

    Bloomberg: Self-professed “Tariff Man” President Donald Trump on Saturday defended his decisions to impose or raise levies against imports from Mexico and China, respectively, saying “companies are moving to the U.S.” to avoid paying the levies, and that “TARIFF is a beautiful word indeed!” Read more

    China to release blacklist of US firms as trade war intensifies

    Al Jazeera: On Saturday, China raised tariffs up to 25 percent on $60bn of US imports. Read more

    WTO NEWS

    NEW ON CTLD BLOG

    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 subscribe to our Blog below: