Caribbean Trade Law and Development

Category: trade news

  • 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 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

    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 – April 26 – May 2, 2020

    Caribbean Trade and Development News Digest – April 26 – May 2, 2020

    Welcome to the Caribbean Trade & Development News Digest for the week of April 26 – May 2, 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

    A possible flattening of the COVID-19 curve in Caribbean? After weeks of shutdowns in most Caribbean countries, some countries are experiencing a slowdown in the new COVID-19 cases and have cautiously embarked on phased re-opening. However, ECLAC has projected the pandemic to lead to the ‘biggest economic contraction’ in Latin America and Caribbean history. Read my article on this here.

    In multilateral trade news, the Multi-party interim appeal arbitration arrangement (MPIA) has been notified to the WTO General Council. The Agreement is a temporary workaround by a group of WTO members to preserve the two-tier dispute settlement system following the demise of the Appellate Body in December 2019. The notification document may be accessed here.

    The EU and Mexico have concluded negotiations for a new trade agreement. Read more here.

    My interview with UWITV’s Devaron Bruce on contemporary Caribbean trade issues begun airing this week. If you have access to the UWITV channel as part of your cable subscription, please feel free to check it out!

    REGIONAL NEWS

    Dominican exporters ask Senate to pass ambitious free trade pact

    Dominican Today: Dominican Exporters Association (Adoexpo) president, Luis Concepción on Wed. asked the Senate to ratify the free trade agreement between the United Kingdom of Great Britain and the members of the Caribbean Forum of African, Caribbean and Pacific States (Cariforum), before 31 December, the date that the benefits granted by that nation under the agreement of the Dominican Republic and the European Union will be repealed. Read more

    BVI to begin exporting fish to the region

    BVI News: Premier Andrew Fahie has said government has started plans to export fish regionally. Speaking in the House of Assembly recently, Premier Fahie said the export initiative will seek to boost the fishing industry in the British Virgin Islands. Read more

    Beans and banana revenues contribute to the first export increase of 2020

    Breaking Belize News: Whіlе Веlіzе’ѕ ехроrtѕ wеrе dоwn fоr thе fіrѕt twо mоnthѕ оf 2020, thе Ѕtаtіѕtісаl Іnѕtіtutе оf Веlіzе (ЅІВ) rероrtѕ thаt thе mоnth оf Маrсh ѕаw аn іnсrеаѕе оf 2.6 реrсеnt duе lаrgеlу tо іnсrеаѕеd ѕаlеѕ оf rеd kіdnеу bеаnѕ аnd bаnаnаѕ. Read more

    Borrowing Not an Option for Caribbean Countries; Access to Concessional Funding, Debt Relief Urgently Needed to Face COVID-19 Crisis

    CARICOM: Prime Ministers, Premiers, Finance Ministers, Financial Secretaries, and other high-level government representatives from 15 Caribbean countries held yesterday a virtual meeting with ECLAC, heads of Caribbean regional organizations and representatives of other UN agencies in the subregion to discuss the economic impact of the COVID-19 pandemic on their economies, already besieged by both climatic and economic shocks, including heavy indebtedness and high exposure to natural disasters. Read more

    COVID-19 and climate change: two sides of the same coin

    Tristan Ward of Caribbean Climate Watch: For many people around the world, 2020 was intended to be a year of clearer vision and progress. However, months into this new decade, the world is at a standstill and its future remains largely uncertain due to the ongoing COVID-19 pandemic. Such uncertainty is compounded by the fact that the relationship between COVID-19 and other global challenges such as Climate Change is not inversely proportional. Read more

    Caribbean states urged to step up exports

    Loop Jamaica: Caribbean Export is urging Caribbean countries to step up on exports as a means of supporting local economies amid the coronavirus (COVID-19) pandemic. Read more

    Realising untapped export potential

    Jamaica Observer: President of Jamaica Promotions Corporation (Jampro) Diane Edwards says there is more than US$61 million in untapped international export opportunities across the main metropolitan markets for Jamaican businesses. Read more

    JAMPRO supports Global Services Association efforts to protect BPO employees, industry during COVID-19

    Jamaica Observer: Jamaica Promotions (JAMPRO) President, Diane Edwards, says the agency supports Global Services Association of Jamaica (GSAJ) efforts in working with operators in the industry to protect employees in the outsourcing sector and to prevent major long-term disturbances in services for the industry due to COVID-19. Read more

    COVID-19 Pandemic and the Caribbean: Navigating Uncharted Waters

    IMG Blog: As the COVID-19 pandemic continues to spread across the globe—bringing severe human and economic costs—the Caribbean is no exception. With over 1,000 confirmed cases, many countries have taken strong containment measures, such as border closures and lockdowns, to “flatten the curve.” Read more

    The Caribbean could face a potential shortage in meat protein

    Loop Cayman: According to the Food and Agriculture Organization, the Caribbean imported $220.2 million US dollars worth of meat and poultry, representing 5 per cent of all agricultural imports into the Caribbean in 2011. Red meat and poultry accounted for 39 per cent of US exports to the Caribbean of consumer-oriented products in 2011 (USDA). Read more

    IMF sees Caribbean economy shrinking 6.2% in 2020 due to pandemic

    Reuters: A sudden stop in tourism caused by border closures and lockdowns aimed at containing the coronavirus pandemic will cause a 6.2% contraction of the Caribbean economy in 2020, the deepest recession in over half a century, the IMF said on Wednesday. Read more

    Rice production so far unaffected by COVID-19 – GRDB

    Stabroek: The Guyana Rice Development Board (GRDB) has expressed confidence that rice production this year would be “excellent” despite the novel coronavirus pandemic fallout and assures that that there will be adequate supplies for local, regional, and extra-regional markets. Read more

    SM Jaleel cuts wages, work hours as COVID hits exports

    Trinidad Guardian: Soft drink manufacturer SM Jaleel has reduced the salaries and hours of work of some employees at its plant at the Otaheite Industrial Estate in South Oropouche as it makes adjustments during the COVID-19 pandemic. Read more

    First Tobago enterprise to secure grant for business expansion

    Trinidad Guardian: J Mac Industries Limited is the first Tobago company to receive funding from Government’s Grant Fund Facility (GFF). Entrepreneurs, Mr. Edward Jones and Ms. Glewis Jones, Managing Directors of J Mac Industries Limited, received funding for their company’s business operations and export expansion. Read more

    INTERNATIONAL NEWS

    Ten-point plan to bolster global transport, ease trade during COVID-19

    UNCTAD: UNCTAD issues an action plan to tear down barriers to trade and transport and ensure the free flow of goods, food and essential supplies. Read more

    ICC and the World Customs Organization (WCO) have issued a joint statement calling for increased action on customs and trade facilitation to ensure an effective response to the COVID-19 pandemic.

    ICC: In a joint statement, issued today, ICC Secretary General John W.H. Denton AO and WCO Secretary General Kunio Mikuriya say effective trade facilitation – based on international standards – will play a central role in enabling business continuity and renewed economic growth. Read more

    U.S. trade authorities keeping tabs on Canada’s coming changes to drug prices

    CTV: The United States is keeping Canada on its “watch list” of countries where policies and practices could pose a threat to American intellectual property rights. Read more

    Is the global trading system unravelling before our eyes? Here is where things stand

    CBC Canada: The modern history of global trade is being written at warp speed, with a dizzying series of developments now testing the international trading system. Read more

    S.Korea’s exports suffer worst slump in 11 years as pandemic shatters world trade

    Financial Post: The coronavirus crisis sent South Korean exports plunging in April at their sharpest pace since the global financial crisis, signaling a bleak outlook for international trade as the pandemic paralyzes the world economy and shatters demand. Read more

    Electronics lift ASEAN to China’s top trade partner in Q1

    CGTN: In the first quarter of this year, ASEAN surpassed the EU to become China’s biggest trading partner, accounting for 15 percent of China’s trade in the first three months. Read more

    Joint statement by WTO Director-General Roberto Azevêdo and WHO Director-General Tedros Adhanom Ghebreyesus

    WHO: COVID-19 has rapidly progressed to become a global pandemic, causing unprecedented, far-reaching impact on the health, social and economic well-being of communities around the world. Read more

    AfCFTA and the Upcoming Protocol on Investment: What Can Investors Expect?

    Global Arbitration Review: In 2012, African states set out with the ambition to establish an unprecedented ‘Continental Free Trade Area’. Read more

    E-Commerce protocol incorporated into AfCFTA phase III

    Ghanaweb: Despite a potential delay regarding Phase I implementation of African Continental Free Trade Area (AfCFTA), the African Union Commission has incorporated an Electronic Commerce (e-commerce) protocol into the pan African trade agreement. Read more

    India weighing RCEP’s fresh proposal to re-join talks

    Hindu Business Line: India is considering a fresh proposal sent by the Regional Comprehensive Economic Partnership (RCEP) members, that include the ASEAN, China, South Korea and Japan, asking it to re-join the negotiations and also indicating that some of the terms laid down by the country when it quit the talks last year may be met, an official has said. Read more

    How global trade will fare post-Covid

    Hindu Business Line: Global supply chains supporting manufactured products in developed countries have taken deep roots over the last couple of decades, leveraging the lower cost of labour in China and other Asian countries. Read more

    Fears Brexit talks could collapse in June but UK still optimistic

    The Guardian: The UK is still optimistic about striking a trade deal with the EU but has warned that talks could collapse in June unless Brussels abandons its demands for a common fisheries policy and a level playing field, a source close to the UK’s negotiating team has said. Read more

    The Pacific Aid For Trade Strategy (PAfTS 2020-2025) Development Partners’ Roundtable

    Scoop NZ: The Pacific Islands Forum Secretariat and development partners are mobilising support for the Pacific Aid for Trade Strategy (PAfTS) 2020-2025. A consultative virtual teleconference roundtable with development partners was held on 22 April 2020 as an initial step. Read more

    US Cuts to Thailand’s Free-Trade Benefits Take Effect

    VoA: Thailand is set to lose duty-free access for $1.3 billion in exports to the U.S. market today, six months after Washington warned it would pull back on trade privileges unless the country committed to more labor rights reforms. Read more

    Boris gives ‘green light’ for Brexit Britain to start formal US trade talks next week

    Express UK: Britain is set to start trade talks with the US next week, according to reports. Read more

    More flexible trade rules await Mercosur after Argentina pullout

    Buenos Aires Times: Argentina’s controversial decision to pull out of new trade negotiations involving the Mercosur bloc is a move that could pave the way for the largest transformation of the regional trade grouping since its foundation 25 years ago. Read more

    Uruguay and Argentina presidents discuss the future of Mercosur

    Mercopress: Uruguayan president Luis Alberto Lacalle Pou and his Argentine peer, Alberto Fernandez held a half-hour video conference Tuesday mid-morning to address the recent decision by the current Argentine administration to freeze Mercosur free trade negotiations with potential new partners and instead concentrate efforts in overcoming the COVID-19 pandemic and its sanitary, social, economic and employment consequences. Read more

    Russia Cuts Off Wheat, Other Grain Exports

    VoA: The Russian Agriculture Ministry announced Sunday that it was suspending its export of most grains until July 1, seemingly ignoring warnings from international organizations who are asking countries not to disrupt global food supply chains during the current COVID-19 pandemic. 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 – April 19-25, 2020

    Caribbean Trade and Development News Digest – April 19-25, 2020

    Welcome to the Caribbean Trade & Development News Digest for the week of April 19-25, 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

    The fifteenth session of the UNCTAD Ministerial Conference (UNCTAD 15), which was to be held in October this year in Barbados, has become the latest trade conference to be postponed in the midst of the COVID-19 pandemic. Official word of this came from the Barbados Government this week which can be read here.

    The USMCA will go in effect on July 1, 2020. Read more

    The CARICOM Secretariat’s live blog on CARICOM Member States and Associate Members’ figures in relation to the COVID-19 pandemic may be accessed here.

    REGIONAL NEWS

    COVID-19 to cause biggest economic contraction ever in Latin America & Caribbean

    UN: The COVID-19 pandemic will herald the worst economic contraction in the history of Latin American and the Caribbean, with a projected -5.3 per cent drop in activity this year, according to a report by the UN office for the region, ECLAC, published on Tuesday. Read more

    Talking Exports: How Caribbean Export Will Support Region’s Private Sector through COVID-19

    CARICOM: The COVID-19 pandemic will have a significant impact on the private sector and economies globally. The economic slowdown will severely affect MSMEs, as they suffer from the impact of government decreed shutdowns, supply chain disruption and demand contraction. Read more

    Measures agreed upon to allow travel between Guyana, Suriname

    CARICOM: Some new ground rules have been agreed to by both Guyana and Suriname on travels between the two neighbours, in light of the novel Coronavirus, COVID-19 pandemic. Read more

    IICA will assist the Caribbean to boost trade in goods and agricultural information exchange, as well as to strengthen food security

    St Lucia News Online: Thirteen Caribbean Ministers of Agriculture participated in a videoconference with the Director General of the Inter-American Institute for Cooperation on Agriculture (IICA), in which they discussed strategies to bolster agricultural activity and to safeguard the food supply amidst the ongoing health crisis, in a region that relies heavily on food imports and on tourism. Read more

    INTERNATIONAL NEWS

    Govt sees GDP, investment boost if joins CPTPP trade pact

    Bangkok Post: Thailand could expect a boost to its economic growth, investment and exports to help offset the negative impact of the new coronavirus pandemic if it participates in an Asia-Pacific trade agreement, the commerce ministry said on Monday. Read more

    Covid-19 response: New Zealand and Singapore launch initiative to ensure free flow of essential goods

    New Zealand Government: New Zealand and Singapore today launched a new trade initiative to ensure supply chain connectivity and the removal of blockages to trade in a list of essential products that includes medicines, medical and surgical equipment. Read more

    WTO and IMF heads call for lifting trade restrictions on medical supplies and food

    IMF: As our members grapple with their response to the global health and economic crisis, we call for more attention to the role of open trade policies in defeating the virus, restoring jobs, and reinvigorating economic growth. Read more

    80 countries are hoarding medical supplies – here’s why it damages the global response to COVID-19

    WEF: Eighty countries and customs territories have banned or limited the export of face masks, protective gear, gloves and other goods to mitigate shortages since the coronavirus outbreak began, the World Trade Organization reported on Thursday. Read more

    New USMCA trade pact to go into effect on July 1

    Financial Post: U.S. Trade Representative Robert Lighthizer on Friday said he has notified Congress that the new U.S.-Mexico-Canada trade agreement will take effect on July 1, a month later than initially proposed. Read more

    U.S. should avoid phased approach in trade talks with Kenya: Chamber of Commerce

    Reuters: The United States should work to achieve a single, comprehensive agreement with Kenya that removes barriers to trade and investment, instead of pursuing a phased approach, the U.S. Chamber of Commerce said in a document viewed by Reuters. Read more

    The AfCFTA Gets Locked Down for the Year

    AllAfrica: The African Continental Free Trade Agreement (AfCFTA) has become the latest in the many casualties of the devastating coronavirus pandemic which has so far infected over 2.7 million people and killed more than 191 000 globally. In Africa the toll is over 27 000 cases and 1 298 deaths. Read more

    UK will need to extend Brexit transition, Merkel ally warns Britain

    The Guardian: Boris Johnson must extend the UK’s transition out of the EU for up to two years to avoid compounding the economic damage of the coronavirus pandemic with a hugely disruptive and disorderly Brexit, according to a close ally of Angela Merkel. Read more

    Argentina to Exit Mercosur Trade Talks to Focus on Problems at Home

    New York Times: Argentina has decided to withdraw from ongoing trade negotiations with South American trade bloc Mercosur as it turns its focus on the growing economic crisis at home, the bloc said in a statement late on Friday. Read more

    Mercosur: Argentina only interested in block’s negotiations with Europe

    Mercopress: In the midst of the chaotic situation caused by the pandemic, the Argentine government announced the abandonment of Mercosur negotiations to prioritize the country’s domestic economy and the struggle against the virus. 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: