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  • Caribbean Trade & Development Digest – February 4-10, 2018

    Caribbean Trade & Development Digest – February 4-10, 2018

    Welcome to the Caribbean Trade and Development Digest for the week of February 4-10, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

    REGIONAL

    CDB reports Regional development gains in 2017 despite catastrophic Atlantic Hurricane Season

    CDB: Despite major setbacks caused by a destructive 2017 Atlantic Hurricane Season, the Caribbean Development Bank (CDB) is reporting a year of several developmental gains for the Region. Read more 

    Positive economic growth expected for Caribbean Region in 2018, but resilience-building measures needed

    CDB: The Caribbean Development Bank (CDB) is projecting regional economic growth of 2% in 2018. This follows a return to positive figures last year, during which the Region experienced overall growth of 0.6%–despite the devastation caused by the Atlantic Hurricane Season. Read more 

    Barbados ratifies Trade Facilitation Agreement

    BGIS: Barbados has ratified the World Trade Organization’s (WTO) on Trade Facilitation Agreement (TFA). Read more 

    Jamaica Prime Minister Tables Report on CARICOM

    JIS: Prime Minister, the Most Hon. Andrew Holness, tabled a copy of the Report of the Commission to Review Jamaica’s Relations within the CARICOM and CARIFORUM Frameworks in the House of Representatives,  yesterday (February 6). Read more

    CDB President announces up to US$800M for disaster recovery, amid strong Bank performance in 2017

    CARICOM: President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith, today announced that the institution is making USD700 to 800 million (mn) available to help Borrowing Member Countries (BMCs) recover from the impact of the 2017 Atlantic Hurricane Season. Read more 

    INTERNATIONAL

    Brazil Circulates Proposal for WTO Investment Facilitation Deal

    ICTSD Bridges: Brazil submitted an extensive draft proposal for a potential agreement on investment facilitation to the WTO’s General Council last week, in a bid to jumpstart more “structured discussions” on the subject. Read more 

    EU-Chile trade talks: Commission releases its proposals and reports about progress

    EU: The Commission also published a report of the second round of talks that took place in Santiago (Chile) from 15 to 19 January 2018. These were the first substantive discussions on trade following the launch of talks in November last year. Read more 

    Commission imposes definitive anti-dumping duties on Chinese corrosion resistant steel

    EU: The investigation confirmed that Chinese producers were dumping the product on the EU market, a finding that already led to imposition of provisional duties in August 2017. The measures that will be in place for the next 5 years range from 17.2% to 27.9%. Read more 

    African Leaders Prep for Summit on Continental Trade Deal

    ICTSD Bridges: African national leaders concluded the 30th Ordinary Session of the Assembly of the African Union last week, with the summit adopting a series of decisions on issues related to continental economic integration – including on the next steps for the Continental Free Trade Area (CFTA), as well as the free movement of people and air travel. Read more 

    No blanket EU trade ban, says Mustapa

    The Star: As Malaysia is an open economy, the government cannot impose a blanket ban on trade with the European Union (EU), but it can collaborate with government-linked companies to determine where to buy and sell goods amid the economic bloc’s threat to palm oil, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.
    Read more 

    Mozambique joins the Economic Partnership Agreement between the EU and Southern African States

    EU: Mozambique was the last piece of the SADC-EPA jigsaw to fall into place. The other five countries – Botswana, Lesotho, Namibia, South-Africa, and Swaziland – have been implementing the agreement since October 2016.  Read more

    Ministers admit almost 65 existing trade deals with non-EU countries are ‘at risk because of Brexit

    The Independent: Ministers have admitted for the first time that about 65 existing trade deals with non-EU countries are at risk because of Brexit, it has been claimed. Read more 

    This doesn’t help the little guy! Trader reveals why Germans are furious at EU trade deal

    The Express: The European Union has not learned lessons from its trade deal with Canada and the public will slowly start to resent Brussels bureaucrats and turn against the bloc, an expert has warned. Read more 

    How can East Asia defend the WTO?

    East Asia Forum: A confident, rules-based environment for international trade has made possible the remarkable improvements in East Asian living standards over the past 50 years. This environment — created by the General Agreement on Tariffs and Trade (GATT) and its successor in the World Trade Organization (WTO) — remains essential for the future. But its survival cannot be taken for granted. Read more 

    BiH near membership in the WTO

    IBNA: Bosnia and Herzegovina can reach full membership in the World Trade Organisation till summer this year, and is on the right path to finish negotiations. Read more 

    Bosnia and Herzegovina’s WTO accession negotiations advance towards conclusion

    WTO: At the 13th meeting of the Working Party on the Accession of Bosnia and Herzegovina held on 7 February, WTO members supported the swift conclusion of the negotiations and welcomed the strong commitment and desire by Sarajevo to finalize this process in the coming months. Read more 

    US blocks India’s request for WTO compliance panel on solar dispute

    Hindu Business Line: Moving on expected lines, the US, on Friday, blocked India’s first-time request for the establishment of a panel to settle a dispute on whether the country complied with a World Trade Organisation (WTO) ruling against domestic sourcing of solar cells and modules mandated in its national solar power generation programme. Read more 

    FM: Belarus has no plans to slow down WTO accession talks

    BELTA: In 2017 Belarus considerably intensified the talks on joining the World Trade Organization (WTO) and is intended to keep the pace, Belarus’ Minister of Foreign Affairs Vladimir Makei said in an interview to the Russian newspaper Izvestia, BelTA has learned. Read more 

    Italy eyes stronger ties with ASEAN countries

    Indian Express: “Italy wants to strengthen relations with ASEAN and will organise the 2nd High Level Dialogue ASEAN-Italy Economic Relations in Singapore in April,” said Foreign Minister Angelino Alfano. Read more 

    Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

  • Barbados ratifies WTO Trade Facilitation Agreement

    Barbados ratifies WTO Trade Facilitation Agreement

    Alicia Nicholls

    On January 31, 2018, Barbados became the 130th World Trade Organisation (WTO) member to ratify the WTO’s Trade Facilitation Agreement.

    According to the press release from the Barbados Government Information Service (GIS), “the instrument of ratification was formally handed over by Ambassador to the United Nations and Other International Organisations, Bentley Gibbs, to Secretary General of  the WTO, Robert Azevedo, in Geneva, Switzerland”.

    The Trade Facilitation Agreement came out of the WTO’s Bali Ministerial in 2013 and entered into force in February 22, 2017 after two-thirds of the WTO’s membership ratified the Agreement. It aims to expedite the movement, release and clearance of goods across borders by reducing red tape, improving transparency and facilitating cooperation among customs authorities.

    The benefits of these provisions, once implemented, include reducing trade costs for businesses, increasing participation in global value chains and improving trade flows. Ratification of the Agreement is, therefore, an important signal to investors of a country’s commitment to improving its business environment for trade.

    In keeping with the principle of Special and Differential Treatment, there are implementation flexibilities in Section II for developing and least developed countries, recognising they may need more time to implement the provisions of the Agreement. Like other developing and least developed countries, Barbados has access to the Trade Facilitation Agreement Facility which provides assistance for notification, capacity-building support and grants.

    The following other Member States of the Caribbean Community (CARICOM) have already ratified the Trade Facilitation Agreement: Trinidad & Tobago, Belize, Guyana, Grenada  and St. Lucia (2015), Jamaica and St. Kitts & Nevis  (2016), St. Vincent and the Grenadines, the Dominican Republic and Antigua & Barbuda (2017).

    Alicia Nicholls, B.Sc., M.Sc., LL.B., is an international trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

  • Golding Report on CARICOM-Jamaica Relations Tabled in Jamaican Parliament

    Golding Report on CARICOM-Jamaica Relations Tabled in Jamaican Parliament

    Alicia Nicholls

    The long-awaited report of the CARICOM Review Commission chaired by former Jamaican Prime Minister, Bruce Golding, has been tabled in the Jamaica Parliament by Prime Minister, the Most Excellent Andrew Holness, O.N. The CARICOM Review Commission, which was commissioned by Mr. Holness in July 2016 to review Jamaica’s relations within the Caribbean Community (CARICOM) and CARIFORUM (CARICOM plus the Dominican Republic) frameworks,  submitted its report in April 2017.

    For those who may have feared that the Review was intended to pave the way towards a Jamxit (Jamaica exit from CARICOM), these have been allayed to some extent. In giving its support for regional integration, the Golding Commission noted that “the value of regional integration…is as relevant and useful and perhaps, even more urgent today than it was at [CARICOM’s] inception”. However, it lamented the limited progress on many of the commitments signed on to by CARICOM Member States.

    In this vein, the Commission made thirty-three timely, pertinent and wide-ranging proposals aimed at addressing the structural and organisational deficiencies in CARICOM. Many of the Commission’s recommendations include things which most CARICOM Member States have already committed to under the CARICOM Single Market and Economy but have yet to be fully realised, while others are reminiscent of those made by the Ramphal Commission in its A Time For Action Report in 1992.  Other recommendations were more novel and include instituting sanctions for wilful non-compliance with commitments made, as well as the establishment of a Central Dispute Settlement Body similar to that of the World Trade Organisation (WTO) which would offer non-judicial options for settlement of disputes.

    The Commission also recommended that Jamaica establish closer ties with Northern Caribbean countries, namely the Dominican Republic and Cuba, including in the negotiation of trade agreements with third States.

    To address CARICOM’s implementation deficit, the Golding Commission has called for time-bound commitments and public progress reports on  Member States’ advancement towards meeting the various commitments. It also called for greater engagement of the private sector and the people of CARICOM.

    Failing commitment by Member States to make the commitments outlined in the report, the Commission recommended that Jamaica should withdraw from the CSME, but remain a member of CARICOM.

    The full report may be viewed here.

    Alicia Nicholls, B.Sc., M.Sc., LL.B., is an international trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

     

     

  • Caribbean Trade & Development Digest – January 28 – February 3, 2018

    Caribbean Trade & Development Digest – January 28 – February 3, 2018

    Welcome to the Caribbean Trade and Development Digest for the week of January 28- February 3, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

    REGIONAL

    Caribbean Integration Too Slow, Too Weak – High-Ranking EU Diplomat Cautions Region Against Segmented Trade Market

    Jamaica Gleaner: The region’s attempt at integrating into a single market is taking too long and the progress is moving too slowly, Director-General of the European Commission’s Directorate General for International Cooperation and Development Stefano Manservisi has charged. Read more 

    Some CARICOM Countries To Benefit From PAHO Agreement

    Jamaica Gleaner: Seven Caribbean Community (CARICOM) countries are to benefit from a new multi-country strategy for technical cooperation in health through 2024. Read more 

    INTERNATIONAL

    23 African nations sign major aviation trade agreement

    ENCA: Africans have for years paid sky-high airfares when travelling within the continent but a major aviation trade agreement launched Monday by the African Union aims to change that. Read more 

    Trump stance on Korea-US free trade agreement softening

    Asia Times: Observers are optimistic the Trump administration will take a pragmatic approach to renegotiating KORUS, partly due to national security considerations. Read more 

    WTO members discuss how to organize work on fisheries subsidies negotiations after MC11

    WTO: WTO members meeting as the Negotiating Group on Rules on 30 January discussed how to organize work on fisheries subsidies to fulfil the 11th Ministerial Conference (MC11) decision to continue negotiations with a view to adopting an agreement by the next Ministerial Conference in 2019.  Read more 

    Russia initiates WTO compliance proceedings over pig products import restrictions

    WTO: The Russian Federation has requested WTO consultations with the European Union to address Russia’s claim that it has complied with a WTO ruling regarding its import restrictions on live pigs, pork and other pig products from the European Union. The request was circulated to WTO members on 30 January. Read more 

    UAE initiates WTO complaint against Pakistan over film duties

    WTO: The United Arab Emirates (UAE) has requested WTO consultations with Pakistan concerning certain anti-dumping measures on imports of biaxially oriented polypropylene (“BOPP”) film from the UAE. The request was circulated to WTO members on 29 January. Read more 

    European Commission’s new expert group on EU trade agreements holds first meeting

    EU: The European Commission’s new expert group on EU trade agreements held its first meeting today in Brussels. Read more 

    European Commission imposes measures on cast iron products from China

    EU: The Commission has today imposed definitive anti-dumping duties on iron castings from China. The measures range from 15.5% to 38.1%. Read more 

    Joint communique from Ghana-EU Interim EPA Committee 

    EU: The first meeting of the EPA Committee under the Interim Economic Partnership
    Agreement (IEPA) between Ghana and the EU was held in Accra, Ghana on 24 January
    2018. Read more 

    Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.