Caribbean Trade Law and Development

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  • Caribbean Trade and Development News Digest – September 12-18, 2021

    Caribbean Trade and Development News Digest – September 12-18, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of September 12-18, 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.

    We continue to express our solidarity with our brothers and sisters in Haiti who were affected by a 7.2 magnitude earthquake on August 14, and then by Tropical Storm Grace just days later. Even though the international media has largely moved on from the ‘story’, our Haitian brothers and sisters still need your help. Please assist by reaching out to reputable charities/aid agencies if you are so able.

    THE WEEK’S HIGHLIGHTS

    China made its formal application this week to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), but this decision has stirred up significant debate about the geopolitical implications of this announcement. See this report from Strait Times here.

    UNCTAD XV Youth Forum Session on “Redefining Trade Governance”

    This week I had the honour and pleasure of being a presenter on the “Redefining Trade Governance” panel at the United Nations Conference on Trade and Development (UNCTAD) Youth Forum, one of the pre-events of the UNCTAD XV Quadrennial being held virtually by Barbados. I wish first to congratulate and thank Ms. Roshanna Trim, UNCTAD Youth Forum Lead and her team, for a very thought-provoking and well-organised forum. In this article, I wish to share a few thoughts some of which, due to time constraints, I had been unable to flesh out fully during what was otherwise a very interesting session at the Youth Forum. Read more here.

    Afronomics Law Blog Symposium on Africa-Caribbean Economic Relations Continues!

    I am truly pleased to have co-convened this Afronomicslaw. org Blog Symposium with the brilliant Dr Ohiocheoya Omiunu (PhD) on “Prospects for Deepening Africa-Caribbean Economic Relations“! The insightful contributions to this symposium are being released every other day and can be read on the Afronomics Law Blog. I also wish to extend my deepest appreciation to the expert contributors – academics and practitioners – for taking time out of their busy schedules to share their invaluable contributions, without which this Symposium would not be possible!

    REGIONAL NEWS

    US$655.1 Million In Export Earnings Between January And May

    JIS: Jamaica generated export earnings of US$655.1 million between January and May 2021, representing a 24.6 per cent increase over the US$525.7 million for the corresponding period last year. The information is contained in a statement from the Statistical Institute of Jamaica (STATIN) on Tuesday (September 14). Read more

    Taiwan to continue strengthening relations with Belize: President Tsai

    Focus Taiwan: President Tsai Ing-wen (蔡英文) said the partnership between Taiwan and its diplomatic ally Belize will grow stronger over time at a virtual ceremony on Friday held to commemorate the 40th anniversary of the Caribbean nation’s independence. Read more

    Belize to trade “Superbond” for TNC’s Blue Bond

    Amandala: It is a historic agreement that is expected to free the country of its overwhelming international debt of US $572 million, and according to a release from the Ministry of Finance, “pave the way for strong and long-lasting economic growth”. Read more

    BELTRAIDE and DFC sign agreement to provide financial support to businesses

    BBN: This week, the Belize Trade and Investment Development Service (BELTRAIDE) signed a memorandum of understanding (MOU) with the Development Finance Corporation (DFC), which will be aimed at getting financial support for Belizean businesses. Read more

    ‘Burdensome’ measures stifling scrap metal trade – exporters

    Newsroom: Guyana’s scrap metal trade has taken a hit despite being reopened in April according to the General Secretary of the Guyana Metal Recyclers Association, Stephen Bourne. Read more

    INTERNATIONAL NEWS

    China formally applies to join TPP

    Bloomberg: China has applied to join an Asia-Pacific trade pact once pushed by the U.S. as a way to isolate Beijing and solidify American dominance in the region. Read more

    Mainland China bans Taiwan wax and sugar apple imports as cross-strait relations continue to worsen

    South China Morning Post: Mainland China has banned imports of sugar apples and wax apples from Taiwan from Monday, citing biosafety fears over plant pests. Read more

    US trade rep says India’s Mastercard crackdown ‘draconian’: Report

    Al Jazeera: The US has been frustrated since India’s central bank banned new card issuance on the back of breaking data-storage rules. Read more

    Trade group wants restrictions on U.S. natural gas exports

    Reuters: A manufacturers trade group on Friday urged the Department of Energy to order U.S. liquefied natural gas (LNG) producers to reduce exports, warning of price increases and supply shortages this winter. Read more

    U.S. trade chief urges ASEAN envoy to visit Myanmar soon, promote dialogue

    Reuters: U.S. Trade Representative Katherine Tai has urged the Association of Southeast Asian Nations (ASEAN) to send its special envoy to visit Myanmar as soon as possible to promote dialogue, her office said on Tuesday, days after opponents of the country’s military rulers declared a revolt. Read more

    France denies quitting trade talks with Australia over AUKUS row

    Euronews: French and Australian officials said on Monday that France’s anger over a cancelled submarine contract will not derail negotiations of an Australia-EU trade deal. Read more

    EU wants long-term solutions for post-Brexit trade, says diplomat

    Euronews: European Union ministers meeting on Tuesday will discuss how to ease tensions with London over trade between Great Britain and Northern Ireland but the bloc will not renegotiate provisions for the sensitive frontier agreed in the Brexit divorce deal, a senior EU diplomat said on Monday. 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:

  • Youth and Trade Governance: Pulling up and Changing di Riddim

    Youth and Trade Governance: Pulling up and Changing di Riddim

    Alicia Nicholls

    This week I had the honour and pleasure of being a presenter on the “Redefining Trade Governance” panel at the United Nations Conference on Trade and Development (UNCTAD) Youth Forum, one of the pre-events of the UNCTAD XV Quadrennial being held virtually by Barbados. I wish first to congratulate and thank Ms. Roshanna Trim, UNCTAD Youth Forum Lead and her team, for a very thought-provoking and well-organised forum. Second, I am grateful for the opportunity kindly extended to me as a proud Barbadian to participate in this historic moment for our country – the first Small island Developing State to host an UNCTAD quadrennial starting officially from October 3-7, 2021. Third, as a young trade professional, I relished the opportunity to engage with my brilliant fellow panelists who hailed from Kenya, Indonesia and South Africa and who are all doing great things in their countries of origin. 

    In this article, I wish to share a few thoughts some of which, due to time constraints, I had been unable to flesh out fully during what was otherwise a very interesting session at the Youth Forum.

    Pull Up, Change Di Riddim

    In preparing for the session, the creative theme chosen by the UNCTAD Youth Forum organizers: ‘Pull up: Change di riddim’ gave me plenty of food for thought. Without doubt, the current soundtrack for the contemporary trade and development governance regime, both at national, regional and the multilateral levels, needs to be changed or remixed to create a more inclusive and equitable space that benefits marginalized groups, particularly the youth and in keeping with the overall UNCTAD XV theme of “from inequality and vulnerability to prosperity for all”.

    But what would this new or remixed ‘riddim’ sound like? It would be, for example, the rhythm of an updated World Trade Organization (WTO) trade rulebook with equitable trade rules on existing and emerging trade issues, allowing for sustainable job creation and facilitating youth-owned enterprises. It would be the rhythm of giving the youth opportunities to contribute meaningfully at national, regional and international levels solutions-oriented approaches to trade and development issues confronting our world.

    But whose responsibility is it to ‘pull up’ and change this rhythm? I will briefly outline my thoughts on some of the ‘DJs’ responsible for mixing and harmonizing this new riddim for trade governance. These include a wide range of actors, but in this article I am focusing on just a few.

    UNCTAD

    Nearly six decades ago, the Geneva-based UNCTAD was conceived and birthed out of the recognition that marginalized countries in the global trading system – developing countries – needed a voice in the trade and development conversation. UNCTAD already has commendably demonstrated that it values inclusion of youth and young women, including, for example, through its Youth Network and programmes like the Emtrepec Women in Business Award.

    Like other UN agencies, UNCTAD has an internship programme which allows those lucky youth chosen a front row seat on global trade and development issues and work alongside some of the world’s foremost experts on these issues. But these, like other UN system internships, are unremunerated positions, and interns have to pay for their own visas, travel and accommodation in Geneva which is a stunningly beautiful but very expensive city. Offering paid internships would extend this amazing opportunity to more youth, particularly those of poorer backgrounds and whose contributions are no less valuable.

    UNCTAD, as part of a Youth and Trade and Development work programme, can also serve as a forum for its 195 Member States to share best practices and providing technical assistance and capacity building on youth mainstreaming in trade and development policy making.

    National Governments

    Research from the Caribbean Development Bank in 2015 shows that youth unemployment in the Caribbean region is among the highest in the world at 25% and nearly three times the adult unemployment rate of 8%. An increasing number of youth are unable to find decent employment commensurate with their qualifications and skills and made worse by the COVID-19 pandemic. As a result, anecdotally, there has been an increase in youth in the region choosing to pursue entrepreneurial activities as opposed to working for someone else. These include from farming to soap-making to designing application software. But many of those businesses are in the informal sector and, therefore, often not eligible for assistance programmes, such as COVID relief.  

    Business facilitation, although there have been improvements, especially due to COVID-19 imperatives, remains a frustration, particularly for youth-owned SMEs. While Jamaica leads the region and is ranked sixth on the “starting a business” indicator, no Caribbean country currently ranks among the top 50 countries on the World Bank Doing Business Index overall. Improving access to information and reducing waiting times for simple things, such as registering a business or incorporating a company would help to incentivize business formalization.

    Governments can also expand the number of internship programmes in their ministries of trade, and other trade-related agencies so more young people can see international trade and international trade policy making and implementation in action at the national level.

    Another barrier facing youth-owned SMEs is lack of information, especially market intelligence information and having to deal with non-tariff barriers in markets they seek to access. Establishing and/or expanding bespoke youth-targeted export promotion programmes can help more youth make the transition from entrepreneurial exploits to exports to global markets and as part of global value chains.

    Youth concerns should be mainstreamed in national trade policies. As an example, Belize’s National Trade Policy includes a section on the youth. Moreover, we cannot create youth policies in a vacuum. Better data is needed for creating evidence-based youth policies and monitoring and evaluating the impact of trade and economic policies on the youth.  Additionally, we must move away from the notion that having a young face on a board or at a meeting is enough to qualify as involving a youth voice. The youth should be an important stakeholder in trade discussions, the way we would include the private sector and labour.

    Private Sector

    The private sector can play a role by mentoring and/or offering more internships to young people interested in trade. Mentorship of the youth, especially those interested in careers in the trade and development field is sorely lacking in the region. We must see investing in young people not as a threat or risk, but as an opportunity and investment that pays dividends.

    Access to finance is a major problem for SMEs, including youth SMEs which are often seen as risky. It is made harder by increased bank fees and stricter know your customer (KYC) requirements due to global anti-money laundering/countering the financing of terrorism (AML/CFT) rules. Not every young person has two forms of ID in order to open a bank account. Some also lack the financial records needed to borrow at non-prohibitive interest rates. Banks can do more to facilitate lending to young entrepreneurs.

    The ‘youth’ Diaspora

    Due to migration, there is a growing number of young professionals in our diasporas in the US, UK, Canada and even as far as China and Dubai. Caribbean governments need to have systematic ways of engaging our ‘youth diaspora’, many of whom have migrated to pursue better opportunities abroad but still want to give back to their home countries. The value of the youth diaspora is not limited to remittances. It is through the networks, know-how and knowledge they have which can be harnessed for our trade and development.

    Let’s take the area of sports which as I wrote a few years ago has tremendous potential for export diversification. I recently heard a Brasstacks discussion where our well-respected Olympic champion Obadele Thompson had indicated providing a comprehensive plan for high performance sport to our Olympic Association for their consideration. That is just one example of the eagerness displayed by some in the ‘youth’ diaspora in contributing to development ‘back home’. Additionally, members of the Caribbean diaspora, many of whom are professionals, can also be more fully engaged as potential mentors, particularly for other young entrepreneurs.

    Society

    While we may not wish to admit it, a big hindrance to greater youth involvement on trade and development matters is the anti-youth bias that pervades many of our societies and which rears its ugly head when youth try to insert their voices into debates on matters of public interest.  We need to get away from the belief that calls by the youth for inclusion are conceived in ‘millennial entitlement’ when really they are out of the desire for a voice and for opportunities to contribute meaningfully to the societies which invested in our education and where many of us which to retire some day.

    Youth ourselves as DJs

    We, as youth ourselves, are DJs and have a role in this riddim. The world is our oyster thanks to the internet. The COVID-19 pandemic has given greater imperative to create and expand spaces for ourselves to network, share information, ideas, opportunities, best practices, with other youth not just nationally, but regionally and across the world. We must also continue to advocate on trade and development issues.

    In conclusion, as a SIDS, Barbados’ virtual hosting of the UNCTAD 15 Quadrennial Conference and its concomitant chairmanship of UNCTAD for the next four years provides a unique opportunity for mainstreaming the voice of the youth, particularly from marginalized states like SIDS, in setting and advancing the trade and development governance agenda. This includes on trade issues such as special and differential treatment and solving the WTO Appellate Body crisis, but also non-trade issues like migration, climate change and the blue economy. A youth voice is also pertinent on issues of concessional financing and debt relief because it is the youth who are among today’s and tomorrow’s taxpayers. Every dollar spent in debt repayment is money that could be invested in education, in youth programmes and the like.

    Ultimately, the youth can be a valuable actor and change agent in helping to ‘pull up and change di riddim’ so we can have national, regional and international trading systems that move from inequality and vulnerability to prosperity for all.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. All views herein expressed are her personal views and should not be attributed to any institution with which she may from time to time be affiliated. You can read more of her commentaries and follow her on Twitter @LicyLaw.

  • Caribbean Trade and Development News Digest – September 5-11, 2021

    Caribbean Trade and Development News Digest – September 5-11, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of September 5-11, 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.

    We continue to express our solidarity with our brothers and sisters in Haiti who were affected by a 7.2 magnitude earthquake on August 14, and then by Tropical Storm Grace just days later. Even though the international media has largely moved on from the ‘story’, our Haitian brothers and sisters still need your help. Please assist by reaching out to reputable charities/aid agencies if you are so able.

    THE WEEK’S HIGHLIGHTS

    On Tuesday, September 7, the first ever CARICOM-Africa Summit was held! It was hosted by the Government of Kenya and chaired by Kenyan President, His Excellency Uhuru Kenyatta under the theme “Unity Across Continents and Oceans: Opportunities for Deepening Integration”. Read more here.

    My Article for IFC Review ‘Why FATF’s Workstream on ‘unintended consequences’ matters for IFCs”

    Pleased to share my latest piece for IFC Review which looks at the importance of the Financial Action Taskforce (FATF)’s workstream on ‘unintended consequences’ for Caribbean IFCs. Have a read of the online version here.

    Afronomics Law Blog Symposium on Africa-Caribbean Economic Relations Continues!

    I am truly pleased to have co-convened this Afronomicslaw. org Blog Symposium with the brilliant Dr Ohiocheoya Omiunu (PhD) on “Prospects for Deepening Africa-Caribbean Economic Relations“! The insightful contributions to this symposium are being released every other day and can be read on the Afronomics Law Blog. I also wish to extend my deepest appreciation to the expert contributors – academics and practitioners – for taking time out of their busy schedules to share their invaluable contributions, without which this Symposium would not be possible!

    REGIONAL NEWS

    Caricom trade teetered in 2020; Jamaican exports fell by 15 per cent

    Jamaica Observer: Conditions caused by the novel coronavirus pandemic disturbed trading activity globally and the same was seen among countries which make up the trading community of Caribbean Community (Caricom). Read more

    Guyana sidesteps India oil supply deal – Report

    Stabroek: Even as speculation had become rife that India’s oil supply challenges arising primarily out of an idiosyncratic production posture on the part of the Organization of Petroleum Exporting Countries (OPEC) might have been eased somewhat by the prospect of a long-term oil supply deal with Guyana, a media report published on Monday by the media group Caribbean News Global (CNG) says that Guyana has walked aside from such a deal. Read more

    Belize exports 195 head of beef cattle to Mexico

    Breaking Belize News: Belarmino Esquivel, Principal Agriculture Office and Livestock Director at the Ministry of Agriculture, Food Security, and Enterprise (MAFSE) said Thursday’s export to Mexican multinational SuKarne consisted of 91,000 pounds of live weight, worth $164,000 in foreign exchange to Belize’s economy. Read more

    Barbados Prime Minister shares proposals to strengthen relations

    GIS: Prime Minister Mia Amor Mottley has put forward several proposals to strengthen relations between Africa and CARICOM, including the establishment of a regular weekly direct flight and a mass media mechanism for sharing information.Read more

    President Kenyatta roots for closer cooperation

    CARICOM: President Uhuru Kenyatta on Tuesday advocated for the forging of closer working partnerships between African and Caribbean nations so as to raise their power of overcoming common challenges such as Covid-19, climate change and public debt. Read more

    Placing Caribbean-Africa relations on proper footing

    Searchlight: The inaugural Caribbean Community (CARICOM)-Africa Summit was held virtually on 7th September 2021. The Summit was hosted by Kenya under the theme ‘Unity Across Continents and Oceans: Opportunities for Deepening Integration’. The President of Kenya, His Excellency Uhuru Kenyatta, chaired the Summit. Read more

    INTERNATIONAL NEWS

    UK ‘cut climate pledges’ to clinch Australia trade deal

    BBC: Ministers agreed to cut key climate pledges to help clinch the UK trade deal with Australia it has emerged. Read more

    Uruguay’s FM says other unilateral trade deals may be announced shortly

    Mercopress: Uruguay’s Foreign Minister Francisco Bustillo Friday said that in addition to China there were several other countries interested in reaching one-on-one trade deals with his country. Read more

    Lacalle Pou: Uruguay and China in talks over bilateral free-trade deal

    Buenos Aires Times: Uruguayan President Luis Lacalle Pou says his government is “in a hurry” to close a FTA with China – a development that’s sure to increase tensions with other Mercosur member states. Read more

    India, Australia working for ‘early harvest’ trade deal, says foreign minister Marise Payne

    Hindustan: Australian foreign minister Marise Payne and defence minister Peter Dutton are in New Delhi to participate in the maiden India-Australia 2+2 dialogue of the defence and foreign ministers. The decision to elevate the dialogue to the ministerial level was made last year. Read more

    Cambodian parliament ratifies RCEP, world’s biggest free trade pact

    Xinhua: The National Assembly of Cambodia on Thursday ratified the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement (FTA), which comprises 15 Asia-Pacific countries. Read more

    Trade agreements are ‘always hard-fought’: Keith Pitt

    Sky News: Resources Minister Keith Pitt says trade deals are “always hard-fought” and “everyone wants an advantage” which benefits themselves and their country. Read more

    China Lobbies Australia For Help to Join Trade Pact Despite Spat

    BBN Bloomberg: China is lobbying the Australian government for its support to join a multilateral regional trade pact — despite the two nations being in a worsening geopolitical dispute that’s spilled over into economic reprisals. Read more

    UAE targets new Kenya trade deal

    Business Daily: The United Arab Emirates (UAE) plans to sign a comprehensive economic partnership agreement with Kenya to consolidate its position as a gateway for global trade and investment. 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:

  • My latest piece for IFC Review: “Why FATF’s Workstream on Unintended Consequences Matters to IFCs”

    My latest piece for IFC Review: “Why FATF’s Workstream on Unintended Consequences Matters to IFCs”

    Please see the link to the online version of my latest piece in IFC Review’s Economic Review entitled “Why FATF’s Workstream On ‘Unintended Consequences’ Matters To IFCs” for IFC Review. It can be accessed here.