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
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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:
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