Caribbean Trade Law and Development

Category: trade news digest

  • Caribbean Trade and Development News Digest – August 8-14, 2021

    Caribbean Trade and Development News Digest – August 8-14, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of August 8-14, 2021! We took a much-needed month-long vacation break and are pleased to once again bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

    We at the CTLD Blog extend our deepest sympathies to our brothers and sisters in Haiti following the devastation caused by the 7.2 magnitude earthquake on August 14 which was also felt in several other islands . As of the time of this article’s publication, the earthquake has led to the loss of over 300 innocent lives.

    HIGHLIGHTS

    This week the Inter-governmental Panel on Climate Change (IPCC) Working Group 1 Sixth Assessment Report issued a dire warning about the current levels of global warming. This article from The University of the West Indies provides 10 ‘urgent takeaways’ and this other article from the University of Melbourne gives a good breakdown of the 5 key takeaway points.

    Registration for UNCTAD15 to be hosted virtually by Barbados is open. To register, please see link here.

    Coming up this week, the first appointed female SG of CARICOM will take office.

    REGIONAL NEWS

    WTO Negotiations on Fisheries Subsidies Small states need special, differential treatment for ‘workable’ solution – CARICOM

    SKNVibes: While Caribbean Community (CARICOM) Member States have welcomed the progress on the Fisheries Subsidies negotiations, they have signalled that further adjustments are required, underlining the necessity for special and differential treatment (SDT) for small developing states. Read more

    Trade Ministry: Trinidad and Tobago exported $12.5b to US in 2020

    TT Newsday: Trinidad and Tobago continued to be an important trading partner with the United States, having recorded $12.5 billion in exports for 2020, the Ministry of Trade and Industry said on Friday. Read more

    Gopee-Scoon tells India: Trinidad and Tobago open for investment

    TT Newsday: Trade and Industry Minister Paula Gopee-Scoon has said Trinidad and Tobago is open for investment. She expressed optimism that some of that investment could come from India, as efforts are being made to further strengthen economic ties between TT and India, on the journey towards a post-covid19 period. Read more

    G’town Chamber in cooperation pact with Barbados and Suriname trade bodies

    Stabroek: The Georgetown Chamber of Commerce and Industry (GCCI) recently entered into an agreement with the Barbados Chamber of Commerce and Industry (BCCI) and the Suriname Trade and Industry Association (STIA) in order to enhance trade and cooperation. Read more

    National Trade Negotiating Commission holds first Regular Meeting

    BBN: This week the National Trade Negotiating Commission (NTNC) held its First Regular Meeting at the Ministry of Foreign Affairs, Foreign Trade, and Immigration auditorium in Belmopan. Read more

    JAMPRO Pivots to Assist Producers

    JIS: Over the years, Jamaica Promotions Corporation (JAMPRO) has been assisting various companies, from different sectors, to gain access to overseas markets for their products. Read more

    New JMEA president eyes Amazon to boost exports

    Jamaica Observer: Newly appointed President of the Jamaica Manufacturers and Exporters Association (JMEA) John Mahfood is hoping to help small manufacturers to tap into a wider market by distributing their products through online channels. Read more

    New duties for T&T exports to Dominica

    Daily Express: SOME goods manufactured in Trinidad and Tobago and exported to Caricom member state Dominica will face new import duties from tomorrow, the Ministry of Trade and Industry (MTI) has confirmed. Read more

    Oil finds propel Guyana to top of CARICOM FDI table

    Stabroek: Guyana’s successive world class oil finds beginning back in May 2015 have propelled the country to the top of the list of Foreign Direct Investment recipients across the entire Caribbean Community (CARICOM) last year and second behind the Dominican Republic across the Caribbean and Latin America as a whole, according to a recently released assessment of FDI inflows into the region released earlier this month by the United Nations Conference on Trade and Development. Read more

    INTERNATIONAL NEWS

    Brexit has ‘significantly altered’ Irish-British freight traffic, report finds

    Reuters: Post-Brexit trade frictions have “significantly altered” freight traffic between Ireland and Britain and sparked a steep rise in volumes to and from Ireland and other European Union members, an Irish government agency report said on Thursday. Read more

    UK-EU monthly exports again above pre-Brexit 2020 levels

    City AM: The UK’s monthly exports to the EU were above 2020 levels for the second straight month in June, despite earlier concerns about Brexit disruption. Read more

    EU implements first animal welfare-based condition in trade agreement

    Euractiv: In an unprecedented move, the EU has included the first animal welfare-based condition in the Mercosur trade agreement, but stakeholders warned that this does not go far enough to save the controversial deal that is facing increasing opposition in Europe. Read more

    UNCTAD, IATA Extend Partnership to Facilitate Global Trade

    IATA: The International Air Transport Association (IATA) and UNCTAD have extended their collaboration to facilitate international trade, particularly e-commerce. Read more

    US Joins Services Domestic Regulation Talks

    IISD: The US announced that it will join the process on services domestic regulation at the World Trade Organization (WTO) and “support conclusion of the Initiative” by the 12th Ministerial Conference (MC12) in November. Read more

    Top U.S., South Korean trade officials discuss supply chain resiliency -USTR

    Reuters: U.S. Trade Representative Katherine Tai and South Korean Trade Minister Yeo Han-koo on Thursday discussed supply chain resiliency efforts, tackling climate change, and reform of the World Trade Organization, the USTR said in a statement. Read more

    Europe’s carbon emissions plan risks more damage to global trade regime

    East Asia Forum: The European Union (EU) recently announced its ‘Fit for 55’ plan to reduce carbon emissions by 55 per cent from 1990 levels by the end of this decade and to reach net zero carbon emissions by 2050. Read more

    Argentina among top 15 countries with most import barriers, says WTO report

    Buenos Aires: New WTO and UNCTAD technical report warns country is among those which slap the most levies on the entry of products, with Brazil next in 16th position. Read more

    New report reveals ‘sobering’ impact of China trade war on Australian exports

    6PR: A new report on the overall impact of the Beijing trade war shows the extent of the losses have been grossly understated, due to a boom in iron ore prices. Read more

    China is still falling short of meeting an agreement to reduce its U.S. trade surplus

    CNBC: China’s purchases of U.S. goods are still falling short of trade agreement levels, even as overall Chinese imports from the U.S. have surged. Read more

    China’s export slowdown in July may signal more bumps ahead

    Reuters: China’s export growth unexpectedly slowed in July following outbreaks of COVID-19 cases, while imports also lost momentum, pointing to a slowdown in the country’s industrial sector in the second half even as easing global lockdowns boost commerce. Read more

    Biden revives Trump’s Africa business initiative; focus on energy, health

    Reuters: The Biden administration on Tuesday announced a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent. Read more

    Africa-Singapore trade on the up and up in the last five years

    The Citizen: Trade between Singapore and Africa has been growing at a compound annual growth rate of over 7.6 percent over the past five years, a senior official said at the weekend. Read more

    Lomé seeks firm to update its trade development policy

    Togo First: To this end, the ministry of trade and industry issued a notice of interest to hire a firm that will handle the process. Read more

    U.S. looks to leverage African diaspora in trade with Africa

    Reuters: The Biden administration plans to tap the African diaspora in the United States to bolster trade with Africa, a U.S. official said on Wednesday, in a push to work with people who understand “social nuances” on the continent. Read more

    Rwanda to host headquarters of AU backed e-commerce platform

    The New Times: Rwanda will host the continental headquarters of Sokokuu, an e-commerce platform aimed at enhancing the role of Africa’s small and medium enterprises in inter and intra-African trade. 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 and Development News Digest – July 4-10, 2021

    Caribbean Trade and Development News Digest – July 4-10, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of July 4-10, 2021! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

    The Caribbean Trade Law & Development Blog expresses our profound sadness to hear of the assassination of the President of Haiti, Jovenel Moise. We pray for the swift recovery of First Lady Madame Martine Moise who is currently hospitalised. We also express our solidarity with all who have been affected by Hurricane Elsa, which first made landfall in Barbados on Friday, July 2 and continued to affect other countries in the region and parts of the US. I personally wish to thank those readers who reached out to enquire about my well-being following reports of the passage of Hurricane Elsa last Friday and to confirm that I am doing well.

    Please see below some of the week’s highlights!

    THIS WEEK’S HIGHLIGHTS

    G20 finance ministers this week endorsed the proposal for a global minimum corporate income tax of at least 15%.

    The UK disputes the Brexit ‘divorce’ bill estimated by the EU. Read more here.

    The WTO appears to be on the ‘cusp’ of its first multilateral agreement since the Trade Facilitation Agreement. This week, July 15, ministers will meet virtually to advance negotiations on curbing harmful fisheries subsidies. Read more here.

    CARICOM Heads of Government held their 42nd Regular Meeting. Prime Minister of Antigua & Barbuda Gaston Browne assumed chairmanship of CARICOM as of July 1. The communique emanating from the meeting may be read here.

    On Thursday, July 2, I was a guest on the DeBrief TV Show interviewed by the host Kemar Stuart on the “G7 and the Global Minimum CIT”. The conversation also explored other current geopolitical and political economy issues germane to the Caribbean.

    REGIONAL NEWS

    “The EPA has failed us,” says Prime Minister

    Antigua News Room: Prime Minister of Antigua and Barbuda and Chairman of the Caribbean Community, (CARICOM) the Hon. Gaston Browne has spoken out against the constant targeting of the financial services sectors of the region by developed nations through blacklisting. Read more

    Straughn: Small States need policy space

    Nation News: If small states like Barbados are to achieve and meet the Sustainable Development Goals (SDGs), they need to be given the appropriate policy space to operate globally. Read more

    MSMEs to tap into grant funding

    Barbados Today: Micro, small and medium-sized enterprises in Barbados and the rest of the region have just over a week to apply for grants of up to US$15,000 to be used on various technical projects to enhance their operation. Read more

    Gopee-Scoon: $78m spent on luxury foods in three years

    Newsday: Trade and Industry Minister Paula Gopee-Scoon has said Trinidad and Tobago spent approximately $78 million a year over the last three years on the importation of luxury food items. She was responding to a question in the Senate on Tuesday. Read more

    Indian envoy aims for more trade with Trinidad and Tobago post-covid19

    Newsday: High Commissioner of India to Trinidad and Tobago Arun Kumar Sahu said since his appointment,, he has pushed for Indian businesses to do more trade with Caribbean countries, especially TT. Read more

    Minister wants more bilateral relationship between T&T, Dominican Republic

    Guardian: Trade Minister Paula Gopee-Scoon has expressed keen interest to further develop the bilateral relationship between T&T and the Dominican Republic in the areas of trade and economic relations. Read more

    TTMA calls for greater accountability in Free Trade Zones

    Trinidad Express: The Trinidad and Tobago Manufacturers Association (TTMA) Illicit Trade Desk is calling for greater accountability in Free Trade Zones to prevent illicit trade and money laundering. Read more

    Trinidad and Tobago moves to improve investor confidence

    Newsday: Applying rule of law is important in order to strengthen investor confidence and legitimate trade. And by the US Chamber of Commerce’s accounts, TT is making positive movements in that regard, advancing two points from a 2019 report, indicating an above-average performance within the hemisphere. Read more

    Trade Ministry publishing monthly reports

    Newsday: THE Ministry of Trade and Industry has started the publication of monthly reports on the operations of various border agencies as part of its trade facilitation agenda and to improve trade and customs border transparency. Read more

    US to mount trade mission to the Caribbean

    Jamaica Observer: The United States is planning a Caribbean Region Trade Mission and Business Conference for October, a senior US official has announced. Read more

    Bahamas government signs $12M economic and technical agreement with China

    EyeWitness: The government signed a $12 million economic and technical agreement with the People’s Republic of China during a signing ceremony held at the Ministry of Foreign Affairs on Wednesday, July 7, 2021. Read more

    INTERNATIONAL NEWS

    Investment Facilitation Negotiators Review Proposals, Share Views on Implementation

    IISD: World Trade Organization (WTO) members participating in the discussions on investment facilitation for development (IFD) heard back from the facilitators of discussion groups, and considered implementation, technical assistance, and capacity building in a dedicated session. Read more

    New study makes the case for more US free trade deals

    The Hill: Do free trade deals work? A new study by the International Trade Commission (ITC) says the ones the U.S. has signed have had a small, positive effect on the economy. Protectionists will insist that this means free trade deals do little. That’s wrong. Read more

    Fisheries Talks Chair Presents Revised Text Ahead of July Ministerial

    IISD: The Chair of the World Trade Organization (WTO) fisheries subsidies negotiations, Ambassador Santiago Wills of Colombia, introduced a revised draft text that he said aims to serve as the basis for the July 2021 ministerial-level meeting. Ministers are expected to negotiate a final agreement on 15 July. Read more

    USTR says WTO fisheries deal ‘within reach’ but improvements needed

    Reuters: A fisheries deal at the World Trade Organization is “within reach”, although improvements to the draft agreement are required in order to change the status quo, the U.S. Trade Representative’s Office said on Friday. Read more

    Liz Truss aims to tackle threats to free trade on five-day US visit

    Independent: The International Trade Secretary will meet Katherine Tai, the US trade representative, during her visit from Sunday to Thursday. Read more

    Trump is long gone, but trade

    Washington Post: President Biden routinely praises his Canadian counterpart in the warmest manner, as American chief executives — with one recent exception — have done for decades. And U.S. officials go out of their way to stress the shared vision that unites the two trading partners. Read more

    Canadian exporter confidence rebounds to 20-year high – EDC index

    Reuters: Confidence among Canadian exporters has surged to its highest level in more than 20 years, amid mounting optimism that a sustained global economic recovery is underway, a survey by Export Development Canada (EDC) showed on Thursday. Read more

    Shipping Turmoil Threatens Coffee From World’s Biggest Grower Brazil

    Bloomberg: Getting food where it needs to be around the world is never easy, and it’s been made all the harder this year with the twin forces of pandemic disruptions and climate change. Read more

    UK housing boom may derail post-Brexit trade dreams

    Reuters: History suggests Britain’s house price surge could threaten hopes of post-Brexit export-powered growth, if finance minister Rishi Sunak uses the housing market to fuel the economy like his predecessors did. Read more

    WTO report: Trade policy restraint prevented destructive acceleration of protectionism

    Trade policy restraint by G20 economies, as well as WTO members more broadly, prevented a destructive acceleration of protectionist trade measures that would have further hurt the world economy, according to the WTO’s latest Trade Monitoring Report. Read more

    Mexico to try former negotiator of USMCA trade pact

    AP: A judge in Mexico ordered the country’s former economy secretary, who served as one of the lead negotiators of the U.S.-Mexico-Canada free trade agreement, to stand trial on illicit enrichment charge. 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 and Development News Digest – May 9-15, 2021

    Caribbean Trade and Development News Digest – May 9-15, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of May 9-15 2021! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

    THIS WEEK’S HIGHLIGHTS

    The Caribbean Community (CARICOM) will have its first female Secretary General as of August 15, 2021. This week, Heads of Government unanimously selected Belizean Dr. Carla Barnett to be the incoming SG. Read more about what awaits the new SG here.

    Jamaica is exploring once again the possibility of creating an Economic Residency Programme. Read more here.

    According to the World Trade Organization (WTO), Bolivia has notified  its need to utilise the flexibility under the TRIPS  2017 amendment. Read more

    United States Trade Representative (USTR) Ambassador Katherine Tai testified this week at a Senate Finance Committee Hearing on the President’s Trade Agenda. Read her remarks here.

    Afronomicslaw Symposium: Prospects for Deepening Africa-Caribbean Economic Relations – Call for Blogs (Extended Deadline: June 4)

    Given the limited but promising trade and investment relationship between both regions, there is a dearth of scholarly analysis on the Africa-Caribbean economic relationship. This Symposium aims to address this gap in international economic relations scholarship through considered analytical pieces exploring aspects of this understudied relationship. We invite authors to submit blog contributions which critically analyze and examine this relationship from a variety of perspectives. Read the full Call for Blogs here.

    REGIONAL NEWS

    Regional integration and the CSME to be taught in CARICOM classrooms

    Loop News Caribbean: Starting on Monday, around the region, the teaching of regional integration and the Caribbean Community (CARICOM) Single Market and Economy (CSME) will be done in classrooms as part of a new indicative by the CARICOM Secretariat. Read more

    CARICOM launches regional integration and CSME pilot programme

    Searchlight: The Caribbean Community (CARICOM) Secretariat is continuing efforts to increase the teaching of regional integration and the CARICOM Single Market and Economy (CSME) in CARICOM classrooms via a new initiative that was due to start yesterday, Monday May 10, 2021. Read more

    More Protection For Condensed Milk And Clinker In CARICOM

    JIS: Minister of Industry, Investment and Commerce, Hon. Audley Shaw, has informed that condensed milk and clinker (used in cement production) supplied within the Caribbean Community (CARICOM) “have [now] been afforded an additional layer of protection”. Read more

    State Entities That Facilitate Imports And Exports To Be Digitised

    JIS: Some 20 State entities that facilitate imports and exports are earmarked for digitisation under the Jamaica Electronic Single Window for Trade (JSWIFT) initiative. Read more

    Barbados AG: UK listing disappointing, but not surprising

    Nation News: Statement from Attorney General Dale Marshall on the UK Government’s listing of Barbados as a High-Risk Third Country. Read more

    Barbados, Dominica collaborating on resilience investment

    Barbados Today: Barbados is engaging the services of the International Financial Corporation (IFC) in association with Dominica, as the two countries seek to embark on a pilot project to spur private sector investment in resilience. Read more

    St Kitts PM makes global appeal for regional vaccine availability

    NYCaribNews: Prime Minister Dr. Timothy Harris Friday called on the United States and other vaccine producing countries to ensure the equitable distribution of the vaccine needed to curb the spread of the coronavirus (COVID-19) that has killed thousands of people in the Caribbean Community (Caricom) grouping. Read more

    CARICOM states ‘lack green energy drive’ despite ‘ambition

    Barbados Today: Warning that it will take upwards of $40 billion (US$20 billion) in investment for CARICOM to reach the goal of 100 per cent renewable energy use and energy efficiency, a senior regional civil servant has expressed disappointment at the slow pace of some member states in going green. Read more

    BTMI relaunches Barbados tourism brand

    Nation News: The Barbados Tourism Marketing Inc. (BTMI) virtually relaunched Barbados’ tourism brand to the world earlier today, unveiling the new brand theme “Little Island; Big Barbados”. Read more

    BTMI chief introduces National Tourism Marketing Committee

    Barbados Today: A new National Tourism Marketing Committee (NTMC) has been established under the Barbados Tourism Marketing Inc. (BTMI) to focus on the strategic marketing of niche tourism product offerings, the state tourism agency said Friday. Read more

    Barbados exports down

    Barbados Advocate: According to the data, overall domestic exports brought in income of $102.8 million, compared to $117.2 million a year earlier and $135 million in the same three-month period in 2019. Read more

    Increase trade in services – EU delegation

    Jamaica Gleaner: Head of the European Union (EU) Delegation to Jamaica, Marianne Van Steen, is encouraging Jamaica to increase trade in services to better exploit opportunities within the 27-member trade bloc. Read more

    Government of Belize Reconstitutes a National Trade Negotiating Commission

    LoveFM: Distance, language, tariffs, and import quotas are barriers that often put small and medium-sized economies at great trading disadvantages. But with the formation of the National Trade Negotiating Commission, Belize is hoping to even the playing field. Read more

    Bahamas ambassador promotes Caribbean priorities for EU partnership agreement

    EyeWitnessNews: Maria O’Brien, ambassador extraordinaire and plenipotentiary of The Bahamas to the Kingdom of Belgium and head of mission to the European Union, recently represented The Bahamas at an official ceremony to finalize a new partnership agreement between the Organisation of African, Caribbean and Pacific States (OACPS) and the European Union. Read more

    Trinidad & Tobago Trade Ministry promotes opportunities in the UK market

    Trinidad Express: As the Government of Trinidad and Tobago continues to actively increase the country’s exports to extra-regional markets, the Ministry of Trade and Industry in collaboration with exporTT Limited recently hosted a Virtual Awareness Session on the CARIFORUM-United Kingdom (UK) Economic Partnership Agreement (EPA). Read more

    Trade Minister meets with TT Chamber’s new Head

    Trinidad Express: Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry held a virtual meeting earlier today with the newly installed President of the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC), Mr. Charles Pashley. During the meeting several matters related to supporting the growth and expansion of the local private sector were discussed. Read more

    Use of The Bahamas’ vast ocean resources — Bahamas Development Bank looks at the potential and offers grants for training

    EyeWitness News: The recent Blue Economy Think Tank hosted by the Strategic Development and Initiatives Unit of the Bahamas Development Bank (BDB) attracted over 340 registered participants and 20 panelists from The Bahamas and abroad, who examined ways in which Bahamians can benefit from sustainable use of the country’s vast ocean resources. Read more

    IDB urges Caribbean countries to do more to meet their Paris Agreement commitments

    Jamaica Observer: The Inter-American Development Bank (IDB) says Latin America and the Caribbean countries must include finance and planning perspectives to their climate policies and commitments in their nationally determined contributions (NDCs) if they expect to deliver on their Paris Agreement objectives and promote a sustainable recovery. Read more

    INTERNATIONAL NEWS

    WTO DG fixes July ministerial meeting on over-fishing rules

    Reuters: The head of the World Trade Organization plans to host a ministerial meeting on July 15 where she hopes an agreement can be reached on cutting fisheries subsidies after 20 years of talks, a document showed on Monday. Read more

    WTO Aims for Agreement on Fisheries Subsidies in July 2021

    IISD: World Trade Organization (WTO) members reviewed work undertaken in March and April to advance negotiations on an agreement to curb harmful fisheries subsidies. WTO members are aiming to reach an agreement in July 2021. Read more

    How global trade can save lives and livelihoods – and help protect the planet

    WEForum: Global trade has a role to play in saving lives in the COVID-19 pandemic, creating jobs and sustainable development that mitigates against climate change. This was the view of the panellists at the World Economic Forum’s latest Agenda Dialogues session on the Global Trade Outlook. Read more

    Piyush Goyal, US Trade Representative discuss COVID-19 vaccine production, TRIPS waiver

    Business Today: During a meeting with Commerce and Industry Minister Piyush Goyal, United States Trade Representative (USTR), Katherine Tai, reaffirmed the commitment of the US to help India. Read more

    China, WTO need to upgrade overdue digital trade rules

    Hellenic Shipping News: Over the years, the digital economy has developed greatly throughout the world. But World Trade Organization (WTO) digital trade rules have stagnated. Since the new Director-General Ngozi Okonjo-Iweala took office in February, reforms regarding digital trade rules are facing greater challenges and opportunities. Read more

    ‘Hostile environment’: After Brexit, some EU citizens in the UK are worried about their future

    CNBC: Many EU citizens who are still living in the U.K. after Brexit have said they do not feel treated equally to British citizens and feel worried about their rights, a new survey has found. Read more

    After India-EU Summit, Is a Free Trade Agreement on the Cards?

    News18: Even as the European Union has got politically weakened by Brexit, internal tensions between western European countries and eastern ones, notably Hungary and Poland, over issues of democracy and European values, problems of migration, Islamism, terrorism and rise of right-wing forces, and, in addition, economically enfeebled by the still-uncontrolled COVID crisis, India has decided to draw closer to it, driven by its own political and economic challenges. Read more

    EAC Secretary General promises to increase intra-regional trade from 20% to 50% in the next five years

    EAC: The EAC Secretary General, Hon (Dr.) Peter Mathuki has promised the business community in the region that he will do everything within his power to address the vice of Non-Tariff Barriers to trade and trade wars, and work towards raising the volume of intra-regional trade from the current level of below 20% to more than 50% over the next five years. Read more

    Cotonou 2.0: A bad trade deal for Africa?

    DW: The new EU-OACPS Partnership Agreement is only a few weeks old, but already many in Africa are calling for an update. What are the reasons for the dissatisfaction? Read more

    Impact of COVID-19 on financing of free trade in Africa assessed

    ESI Africa: African Export-Import Bank, the UN Economic Commission for Africa, the African Development Bank and Making Finance Work for Africa Partnership have released a special African Trade Finance Survey Report assessing the impact of the COVID-19 pandemic on trade finance in Africa. Read more

    Kazungula Bridge to boost regional trade and commerce

    AllAfrica: The recently constructed 923-metre-long rail and road Kazungula bridge, linking Zambia and Botswana, was inaugurated on Monday in an effort to boost bilateral and regional trade. The bridge across the Zambezi River, co-financed by the two governments, is expected to boost trade and commerce between the two countries as well as increase economic activities and prospects of other Southern African Development Community (SADC) countries, including Namibia, Zimbabwe, Malawi, DRC and Mozambique. Read more

    Belarus, South Africa to strengthen business contacts

    BELTA: Belarus and South Africa plan to strengthen business contacts. The matter was discussed during the online meeting of the representatives of the Belarusian Chamber of Commerce and Industry (BelCCI) with President of the South African Chamber of Commerce Mtho Xulu, BelTA learned from the BelCCI website. Read more

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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:

  • Caribbean Trade and Development News Digest – May 2-9, 2020

    Caribbean Trade and Development News Digest – May 2-9, 2020

    Welcome to the Caribbean Trade & Development News Digest for the week of May 2-9, 2020! 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

    UNCTAD released a special issue of its Investment Policy Monitor outlining the latest developments in national and international investment policies in response to the coronavirus pandemic. The report may be accessed here.

    A report by the World Trade Organization (WTO) examining the role of e-commerce in COVID-19 was released this week. Read it here.

    Regionally, the CARICOM Council for Trade and Economic Development (COTED) agreed on a strategy for re-opening the region’s economies. CARICOM Heads of Government also met virtually on 5 May 2020 to continue their efforts to harmonise their responses to and policies on the multifaceted impact of COVID-19. The full statement from the meeting may be read here.

    The Bahamas, Barbados and Jamaica have been included on the European Commission’s revised draft AML/CFT List of High Risk Third Countries released last week. Read my article on this here.

    REGIONAL NEWS

    Export revenues decline for January

    Jamaica Observer: The Statistical Institute of Jamaica (STATIN) reported that for the month of January, revenues from exports amounted to US$102.7 million or 27.8 per cent lower than the US$142.3 million earned in the similar period last year. Read more

    COVID-19 presents great opportunities for J’can businesses — US ambassador

    Jamaica Observer: United States Ambassador to Jamaica, Donald Tapia says the COVID-19 pandemic presents great opportunities for Jamaican businesses to reach out to companies in the United States. Read more

    Regional Foreign Ministers meet to coordinate CARICOM’s foreign policy amid COVID-19 pandemic

    CARICOM: CARICOM Foreign Ministers were reminded of the importance of regional foreign policy coordination in the current uncertain times, as they opened the 23rd Meeting of the Council for Foreign and Community Relations (COFCOR) via video conference, Thursday. Read more

    Haiti’s Foreign Minister calls for collective action amidst coronavirus pandemic

    CARICOM: Minister of Foreign Affairs of the Republic of Haiti, His Excellency Dr. Claude Joseph, has urged his regional counterparts to take collective action as far as possible in the midst of the COVID-19 pandemic. Minister Joseph chaired the 23rd Meeting of CARICOM’s Council for Foreign and Community Relations (COFCOR) which opened Thursday via video conference. Read more

    Regional govts discuss united COVID response

    Barbados Today: Caribbean leaders are contemplating a region-wide policy that would re-open airports and hotels for intra-regional travel along with passengers from “selected” international countries, a CARICOM statement has revealed. Read more

    OECS plans regional virtual marketplace

    OECS: Plans for a regional virtual marketplace continue to be a key priority for the Organisation of Eastern Caribbean States. Read more

    INTERNATIONAL NEWS

    OACPS condemns new EU black list

    CARICOM: The Secretary-General of the Organisation of African, Caribbean and Pacific States (OACPS), Georges Rebelo Pinto Chikoti, Thursday condemned the decision by the European Commission to include several African and Caribbean countries on a new list of high-risk third countries with strategic deficiencies in their regime regarding anti-money laundering and countering terrorist financing. Read more

    China says exports rose 3.5% in April, crushing expectations for a decline of 15.7%

    CNBC: China’s dollar-denominated exports unexpectedly rose in April, but imports fell the same month as movement restrictions to contain the coronavirus outbreak eased. Read more

    Covid-19 crisis has highlighted e-commerce importance,cooperation in cross-border goods, services movement: WTO

    Economic Times: Highlighting that network capacity and higher bandwidth services have proved to be crucial, not only during the pandemic itself, but also for e-commerce and economic inclusion in general, it said in an information note: “What can WTO members do to improve communications networks and services?” Read more

    ASEAN Intervenes to Fight Death Spiral of Food Export Restrictions

    VoA: Few images conjure the 1930s Depression like people standing in soup lines while farmers dump food they can’t sell. That is a tragedy Southeast Asia is fighting to avoid, though it is starting to happen in pockets around the world in the midst of COVID-19. Read more

    Under COVID-19 Pandemic, Global Remittances Expected to Decline 20%

    VoA: Stay-at-home quarantines and the temporary shutdown of some banks and establishments that provide money transfers are hindering how immigrants can send money back to their home countries, according to a special report by the World Bank. As a result, global remittances are projected to plunge by 20% in 2020. Read more

    Indonesia-Australia free trade deal to be activated by July

    Brisbane Times: A free trade deal covering $18 billion in agriculture, education and health services between Australia and Indonesia will be activated within two months, as the Morrison government looks to push the economy out of the coronavirus pandemic. Read more

    EU-Mexico trade deal prompts French farming backlash

    Euractiv: The European Union signed a free trade agreement with Mexico on Tuesday (28 April), provoking strong reactions. EURACTIV’s partner Ouest-France reports. Read more

    Trade deal promises falter as US exports to China fall 15%

    Nikkei Asian Review: American exports of goods to China dropped 14.7% on the year for the January-March quarter, as the coronavirus pandemic batters the global economy, raising the specter of Beijing unable to fulfill purchases promised under an initial trade deal. Read more

    Coronavirus: can China and the US uphold the phase one trade deal amid Covid-19?

    South China Morning Post: The economic damage being caused by the coronavirus, and the war of words over who is to blame for the pandemic, are rapidly increasing the doubts over whether the United States and China can uphold the terms of their phase one trade deal. Read more

    Brexit: Tension and uncertainty stalk trade talks

    BBC: Despite the fear, the misery and the suffocating uncertainty of Covid-19, by now you’ve no doubt heard on the Brussels-Paris-Berlin-Dublin-Belfast-London grapevine: the post-Brexit trade talks between the EU and the UK are in trouble. Read more

    UK to blame hard Brexit on COVID-19, warns EU trade chief

    Euractiv: The United Kingdom is preparing to walk away from trade talks with the EU and blame the impasse on the coronavirus pandemic, EU Trade Commissioner Phil Hogan said on Thursday (7 May). Read more

    Report: Rwanda most committed to AfCFTA

    The New Times: Rwanda is the country most committed to the African Continental Free Trade Area agreement, a new report, dubbed, The AfCFTA Year Zero Report, has said. Read more

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