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  • Caribbean Trade and Development News Digest – June 6 – 12, 2021

    Caribbean Trade and Development News Digest – June 6 – 12, 2021

    Welcome to the Caribbean Trade and Development News Digest for the week of June 6-12, 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

    Lots of interesting developments happened this week. Where do we start? Leaders of the Group of Seven (G7) are meeting in Cornwall, United Kingdom (UK) on June 11-13, for their first in-person G7 summit since the start of the COVID-19 pandemic. Among the decisions so far has been a declaration on pandemics and a commitment to increase climate change finance contributions.

    Ahead of the Summit, US President Joe Biden and UK Prime Minister Boris Johnson agreed on a New Atlantic Charter covering US-UK bilateral and multilateral cooperation in a number of areas, including climate change and security. Access the new document and the Joint Statement by the two leaders here.

    Rebeca Grynspan of Costa Rica has been chosen to be the new head of UNCTAD, becoming the first Central American to hold the position and the first woman appointed. She will take over from interim SG Isabelle Durant. Read more here

    According to a WTO press release, WTO members have moved closer to a text-based process to address the proposals put forward by delegations aimed at improving the international response to COVID-19 and to providing equitable access for COVID-19 vaccines and medical supplies. Read here.

    US Trade Representative (USTR) Ambassador Katherine Tai outlined the Biden Administration’s “Worker-Centred Trade Policy”. Read her full remarks doing so here.

    Post-Brexit relations between the UK and the European Union (EU) remain tense as the latter has fired a warning that it would react swiftly if the UK acted alone to change post-Brexit trading arrangements for Northern Ireland. Read the full story here.

    Articles on the Proposed Global Minimum Corporate Income Tax

    I was pleased to co-author an article with Tammi Pilgrim entitled “What might the proposed global minimum corporate income tax mean for Caribbean International Financial Centres (IFCs)?”. I thank the Barbados Business Authority (the leading business magazine in Barbados) and Barbados Today for publishing.

    I also highly recommend Bruce Zagaris’ excellent recent article for Tax Notes on this same issue here.

    REGIONAL NEWS

    Caricom concerned about G7 tax initiative

    Jamaica Observer: Caribbean Community (Caricom) Secretary General Irwin LaRocque says Caribbean countries must be “concerned about the soundings” being made by the Group of Seven (G7) nations that last week announced a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on United States tech giants such as Amazon and Facebook. Read more

    There could be greater achievements, says CARICOM SG

    Jamaica Observer: Outgoing Caribbean Community (Caricom) Secretary General Irwin LaRocque is suggesting that “another mechanism” be utilised in getting member countries to greater strengthen their existing cooperation and collaboration for the future development of the region. Read more

    Irwin LaRocque recommends other mechanism for quicker implementation of CARICOM decisions

    Dominica Online: Outgoing Secretary-General of the Caribbean Community (CARICOM), Ambassador Irwin LaRocque is proposing that another mechanism be put in place to speed up the implementation of decisions for greater achievement among countries in the region. Read more

    Campbell to CARICOM: Build resilience at front end of all future planning

    EyeWitness News: If the global COVID-19 Pandemic has taught regional countries one lesson, it would be the need for regional planners to place greater focus on building resilience at the front end of all future planning to create sustainable, preventative programmes for potential crises. Read more

    Tobacco sector generates more than 110,800 jobs in the Dominican Republic

    Dominican Today: Of the 15 products leading the Dominican Republic’s total exports during 2021, tobacco (or cigars) ranks second, trailing only gold, according to data published by the Dominican Republic’s Export and Investment Center (ProDominicana). Read more

    The US continues as the DR’s main export destination

    Dominican Today: According to data published by the Center for Exportation and Investment of the Republic Dominicana, of the 15 products that lead the total exports of the Dominican Republic during 2021, tobacco (or cigars) occupies second place, only remaining below gold (ProDominicana). Read more

    Cuba suspending cash bank deposits in dollars, citing U.S. sanctions

    Reuters: Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers. Read more

    Cuba: locally-made disposable face masks to be sold

    OnCuba: The distribution of Cuban masks will begin with health workers, while their commercialization will be carried out in establishments in freely convertible currency and in others in Cuban pesos (CUP) “at very affordable prices.” Read more

    Dominica Signs Agreement To Begin Construction Of International Airport

    News 784: A monumental signing for the Commonwealth of Dominica’s international airport took place at Windsor Park Stadium on Wednesday. The agreement saw the Government of Dominicaand Montreal Management Consultants (MMCE) move one step closer to the development and construction of the airport. Read more

    GOB Optimistic that Belize will see an Increase in Exports to Guatemala

    LoveFM: Following the formalities between the leaders and delegations for Belize and Guatemala, the official discussions began with one of the main topics being the idea of a partial scope agreement. Read more

    Antigua calls for tax cuts in airline ticket prices in region

    Jamaica Observer: Antigua and Barbuda Prime Minister Gaston Browne says the novel coronavirus pandemic has provided Caribbean governments with the opportunity to implement tax cuts for airline tickets across the region. Read more

    52nd meeting of COTED: emerging issues on regional affairs

    Jamaica Gleaner: The Council for Trade and Economic Development (COTED) of the Caribbean Community (CARICOM) held its 52nd session virtually on June 1-2. It was chaired by Jamaica’s Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith. Read more

    Vietnam, Barbados examine ways to step up bilateral cooperation

    VoV: Vietnamese Ambassador to Venezuela, and Barbados Le Viet Duyen on June 3 had an online meeting with Permanent Secretary of the Ministry of Foreign Affairs and Foreign Trade of Barbados Simone Rudder to discuss bilateral cooperative ties between the two countries. Read more

    INTERNATIONAL NEWS

    No movement: UK, EU show little sign of defusing post-Brexit row

    CNBC: Britain and the European Union showed little sign of defusing a post-Brexit trade dispute on Saturday, with both sides repeating their opposing positions even after U.S. President Joe Biden encouraged them to find a compromise. Read more

    ‘Whatever it takes’, UK’s Johnson warns EU over post-Brexit trade

    Reuters: Britain will do “whatever it takes” to protect its territorial integrity in a trade dispute with the European Union, Prime Minister Boris Johnson said on Saturday, threatening emergency measures if no solution was found. Read more

    Figures show Brexit continues to depress trade with EU

    Independent: Brexit is continuing to depress UK trade with the EU, with total imports and exports of goods in the first four months of this year down by a quarter compared to 2019, according to new official figures. Read more

    Ambassador Tai Outlined Biden’s Goal of Worker-Focused Trade Policy

    New York Times: The U.S. trade representative called for stronger worker protections in trade policy as the administration looks to curb the negative impact of globalization. Read more

    US, EU, and the unmaking of Donald Trump’s trade war

    DW: Brussels and Washington are expected to put an end to much of the trade tensions fueled by the former US president. DW takes a look at the various trade crises that have strained relations between the two allies. Read more

    EU in talks with US, UK on mutual recognition of COVID-19 travel certificates

    Euractiv: The European Commission is discussing with the United States and the United Kingdom the recognition of the COVID-19 travel certificate that will come into force in July in the EU, the European Commissioner for Justice has announced. Read more

    EU ministers approve strategy on climate change adaptation

    Euractiv: European Union environment ministers on Thursday (10 June) approved the EU’s new climate change adaptation strategy, which sets out a vision up to 2050 to make Europe resilient and “fully adapted to its inevitable impacts”. Read more

    UK-Africa Forum on Trade, Policy and Reform to examine the future of trade and avenues for policy reform

    Africa News: Invest Africa (www.InvestAfrica.com), a Pan-African business and investment platform, aims to build constructive dialogue between policy makers and business leaders from the UK and Africa during the Forum. James Duddridge MP, Minister for Africa, Emma Wade-Smith OBE, H.M. Trade Commissioner for Africa, and His Excellency Ken Ofori-Atta, Minister of Finance of the Republic of Ghana will feature in the programme. Read more

    WTO council offers hope for TRIPS vaccine proposal

    Devex: It has been more than eight months since South Africa and India’s delegations to the World Trade Organization tabled a proposal to waive intellectual property protections for COVID-19 vaccines and therapeutics. Yesterday, delegates to the global body’s Council for Trade-Related Intellectual Property Rights, or TRIPS, finally agreed to move to the next stage of text-based negotiations amid growing international support for some version of the waiver. Read more

    Argentina still resists drive to make Mercosur more flexible

    Mercopress: A top official from the Argentine Government spoke yet again against a bid from Brazil and Uruguay to make Mercosur more flexible and allow members to broker one-on-one deals with other countries or blocs. Read more

    Push to change Mercosur rules opens rift among members

    BNAmericas: The Mercosur trade bloc is confronting a rift among key members Argentina, Brazil, Paraguay and Uruguay over a potential rule change. Read more

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  • G7 finance ministers commit to 15% global minimum corporate income tax rate

    G7 finance ministers commit to 15% global minimum corporate income tax rate

    Alicia Nicholls

    Finance ministers and Central Bank governors of the Group of 7 (G7) have committed to a global minimum tax of at least 15% on a country-by country basis. They also agreed on “the importance of progressing agreement in parallel on both Pillars and look forward to reaching an agreement at the July meeting of G20 Finance Ministers and Central Bank Governors”.

    This was one of the decisions outlined in their communique released on June 5. This development, hailed by some as ‘historic’, will form the basis of what rich countries are hoping to be a multilateral deal. The aim of a global minimum tax rate is to stop corporate tax competition among countries and discourage multinationals from shifting profits to more tax competitive jurisdictions. It should be noted that the proposed global minimum corporate tax rate of 15% falls below the average statutory income tax rate among OECD countries of 21%.

    The Finance Ministers and Central Bank Governors of the G7, met virtually on 28 May 2021. This was followed by a further meeting of Finance Ministers and Heads of major global financial institutions, the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, Financial Stability Board (FSB) on 4-5 June 2021.

    Read the full communique here.

  • Caribbean Trade and Development News Digest – May 30 – June 5

    Caribbean Trade and Development News Digest – May 30 – June 5

    Welcome to the Caribbean Trade and Development News Digest for the week of May 30-June 5, 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 biggest news from the G7 meetings held this week is that the grouping of some of the world’s richest nations has committed to a 15% global minimum corporate income tax rate. This development will have implications for international financial centres (IFCs), including those in the Caribbean and others around the world like the Republic of Ireland which has resisted the EU’s attempt at a minimum corporate income tax rate for that bloc.

    The UK has reached a trade deal with Norway, Iceland and Liechtenstein. Read more here. The countries of the  Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to hold accession talks with the UK, placing that country one step closer in its bid to join the trading bloc.

    This week the Caribbean Community (CARICOM) Council for Trade and Economic Development (COTED) held its 52nd annual meeting on June 1-2. WTO Director-General Ngozi Okonjo-Iweala addressed the grouping.

    CARICOM is among the priority regions to which the Biden Administration will provide vaccines through the COVAX Facility. Read the announcement from the White House here.

    Contrary to the Obama/Biden administration, the Biden/Harris Administration has shown no sign of loosening the US’ illegal trade, financial and economic embargo on Cuba or of reversing the retightening of policies under the Trump administration. Read more here.

    REGIONAL NEWS

    Caricom-Mercosur Chamber to attend WHO forum on post covid-19 trade

    Mercopress: The World Trade Organization (WTO) has invited the Inter-Regional CARICOM–MERCOSUR Trade Council (CCICaMe) to take part in the 2021 Public Forum “Trade after covid-19: Building Resilience,” to be held at its headquarters in Geneva, Switzerland, it was announced. Read more

    New Chamber seeking to boost Africa – Guyana trade, start direct flights

    News Guyana: Guyana and other countries across the Caribbean region are being presented with a new opportunity to access Africa directly and improve trade with the world’s second-largest and second-most-populous continent. A newly operational African Caribbean Chambers of Trade, Commerce and Industry, has moved in the direction of CARICOM and has opened its head office along Lamaha Street, Georgetown. Read more

    CARICOM SG calls for fairness in international financing for SIDS

    CARICOM: CARICOM Secretary-General Ambassador Irwin LaRocque has made a call for fairness in international financing for Small Island Developing States (SIDs), noting that they have been experiencing a battering from climate impacts, not of their own making. Read more

    Persaud highlights recommendations of CARICOM Commission on the Economy Report

    Barbados Advocate: During a recent web forum, Professor Avinash Persaud, Chairman of the CARICOM Commission on the Economy, highlighted that he believes CARICOM and the region’s economy could benefit greatly from enhanced co-operation and subsidiarity. Read more

    Caribbean Export, Caribbean Development Bank Join Forces to Provide Grants to MSMEs

    Caribank: The Caribbean Development Bank (CDB) and the Caribbean Export Development Agency (Caribbean Export) in collaboration with the European Union, have entered a partnership to support regional MSMEs with financial assistance to help businesses retool and preserve jobs. Read more

    With CARICOM economies in double-digit decline, PM prescribes a remedy

    Barbados Today: With ominous signs of emerging debt and other financial crises looming for Caribbean economies pummeled by the COVID-19 pandemic, Prime Minister Mia Mottley has told regional counterparts that increasing cooperation and deepening regional integration are the best options to kickstart the recovery. Read more

    Barbados Minister Discusses Areas Of Cooperation With EU

    BGIS: New models for climate financing, the setting up of a specialist centre in health care, and nutrition security were among the areas discussed, during a courtesy call with Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle, and Head of Delegation of the European Union (EU) to Barbados and the Eastern Caribbean, Ambassador Malgorzata Wasilewska. Read more

    A pre-taste of UNCTAD15 with flavours from Barbados

    UNCTAD: With the 15th UNCTAD ministerial conference approaching, it’s time to give you a taste of what we are cooking for you. As the conference will be held online, we invite you to embark for virtual Barbados from 3 to 7 October 2021. Read more

    Regulations For Cannabis Import/Export In Final Stages

    JIS: Chairman of the Cannabis Licensing Authority (CLA), LeVaughn Flynn, says the Dangerous Drugs (Cannabis Import and Export Licensing) Regulations 2020 is now in the final stages before promulgation. Read more

    New loan window for SME exporters

    Jamaica Gleaner: JMMB Bank has partnered with EXIM Bank on a $150-million loan window for small to medium-sized businesses, or SMEs, involved in exports. Read more

    China woos Jamaican seafood exporters

    Jamaica Gleaner: Chinese Ambassador Tian Qi has agreed to facilitate further exploration of the economic ties between China and Jamaica to increase exports of deep-sea foods to his country. Read more

    INTERNATIONAL NEWS

    UK strikes trade deal with Norway, Iceland and Liechtenstein

    The Guardian: Digital documents to be used to cut post-Brexit paperwork under agreement hailed by Liz Truss as ‘massive boost’. Read more

    UK begins process to join Asia-Pacific bloc

    BBC: The 11-member Trans-Pacific Partnership trade bloc has agreed to open accession talks with the UK. The British government, which asked to join the TPP in February, said membership was a huge opportunity in a post-Brexit world. Read more

    UK and Australia bid to strike trade deal by mid-June

    Reuters: Britain and Australia are seeking to strike a trade agreement by mid-June, the British envoy said on Thursday, following another round of bilateral talks. Read more

    EU reaches deal on tax transparency for multinational firms

    Euractiv: European Union government and parliament negotiators reached a deal on Tuesday (1 June) on rules that will force large multinational companies to disclose how much revenue and tax they pay in the 27-nation bloc and how much in countries considered tax havens by the EU. Read more

    EU counters Biden’s vaccine patent-waiver with WTO plan

    EUObserver: The EU has submitted to the World Trade Organization (WTO) a plan aimed at expanding the production of Covid-19 vaccines – which Brussels sees as a quicker and more-targeted solution to unequal global distribution of vaccines than the intellectual property right-waiver proposal backed by the US. Read more

    EU’s Borrell: Palm oil issue shouldn’t hamper trade talks with Indonesia

    Reuters: Ongoing negotiations between the European Union and Indonesia on a trade and investment deal should not be hampered by differences over palm oil, the EU’s top diplomat said, even as the bloc aims to phase out use of palm oil in fuel. Read more

    Hungary to block EU’s Africa-Pacific trade and development deal

    Reuters: Hungary cannot approve a new European Union trade and development accord with African, Caribbean and Pacific countries because it would bring more migrants into the bloc, the country’s foreign minister said on Thursday. Read more

    Suez Canal disruption hits North African ports

    GTR: The Suez Canal – a vital artery for global trade – was brought to a sudden standstill in March, when giant container ship Ever Given became wedged sideways across it. Read more

    Uruguayan ministers travel to Paraguay to discuss flexibilization of Mercosur

    Mercopress: Uruguay’s Economy Minister Azucena Arbeleche and Foreign Minister Francisco Bustillo travelled to Paraguay Friday to discuss with the local administration of President Mario Abdo Benítez new steps towards flexibilities Mercosur’s rules. Read more

    Minister Guedes says Brazil favors the modernizing of Mercosur

    Mercopress: “We are liberal but not stupid,” said Brazil’s Economy Minister Paulo Guedes Thursday during a virtual event where he explained that his country has no intention of leaving Mercosur, but it does want to modernize it. Read more

    S. Korea, Mercosur bloc hold 6th round of FTA talks

    Yonhap News Agency: South Korea on Tuesday held the sixth round of free trade talks with a group of South American countries, after around a year of hiatus amid the COVID-19 pandemic. Read more

    India to start FTA talks with UK, EU by year-end

    Livemint: India may begin formal negotiations for free trade agreements (FTAs) with the United Kingdom (UK) and European Union (EU) by end of 2021 after completing ongoing preparatory work, commerce secretary Anup Wadhawan said. Read more

    APEC agree with WTO call for agreement on harmful fisheries by July 31- statement

    Reuters: Ministers from the Asia-Pacific Economic Cooperation (APEC) trade group said on Saturday that they supported the head of the World Trade Organization’s call to reach a “comprehensive and meaningful agreement” on harmful fisheries subsidies by July 31. Read more

    U.S. seeks trade-pact dispute panel to probe Canada dairy quotas

    BNN Bloomberg: The U.S. moved to set up a dispute-settlement panel to review Canada’s dairy quotas, which Washington alleges undermine the ability of American dairy exporters to sell a wide range of products to Canadian consumers. Read more

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  • Caribbean Trade and Development News Digest – May 23-29

    Caribbean Trade and Development News Digest – May 23-29

    Welcome to the Caribbean Trade and Development News Digest for the week of May 23-29, 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

    Global merchandise trade is continuing to recover in 2021 following a steep COVID-19 related drop in the second quarter of last year, according to the latest WTO Goods Trade Barometer released on 28 May. Read more here.

    The G7 Trade Ministers held their first meeting under the inaugural G7 Trade Track. The Joint Communiqué issued may be read here and the Chair’s Statement can be accessed here.

    According to Guardian (UK) reportng, Switzerland has walked out of talks on a closer trading relationship with the European Union (EU). Read the full story here.

    The Inter-American Development Bank (IDB), in its latest Caribbean Quarterly Bulletin entitled “Imagining a Post-COVID Tourism Recovery: Regional Overview”, has called on Caribbean countries to undertake reforms to better position their tourism sectors to take advantage of the post-COVID-19 global tourism recovery when it occurs. Read the report here.

    Coming up this week will be the Fifty-Second Ministerial Meeting of the Caribbean Community (CARICOM) Council for Trade and Economic Development (COTED) on 1-2 June 2021.

    Call for Blogs – Afronomicslaw Symposium: Prospects for Deepening Africa-Caribbean Economic Relations (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

    Export revenues up more than 10 percent for first four months of 2021

    Breaking Belize News: Belize’s revenues made from exports were up more than 10 percent for the first four months of 2021, according to new data published by the Statistical Institute of Belize (SIB). Read more

    Clean and Green – The New Economy Set to Transform the Caribbean

    Caribbean Export: Seismic shifts are taking place in the global economic architecture as countries accelerate efforts to transition clean and green economies. In 2015, at the United Nations Climate Change Conference known as COP21, world leaders signed the landmark Paris Agreement. Read more

    Trinidad & Tobago’s Trade Ministry tells businesses: Seek opportunities in UK, Cariforum trade

    Newsday (T&T): Officials of the Trade and Industry Ministry encouraged local business people on Thursday to continue to explore potential investment opportunities in the United Kingdom. They did so during a virtual awareness session hosted by the ministry on the Cariforum-UK Economic Partnership Agreement (EPA) for exporters in the manufacturing and services sectors. Read more

    Trade between US, Jamaica remains resilient during COVID-19, says US official

    Jamaica Observer: Chargé d’Affaires at the United States Embassy in Kingston, John McIntyre, says trade between the US and Jamaica has remained resilient during the COVID-19 pandemic. Read more

    Jamaica – US$0.50 per Pound Levy on Exported Conch

    JIS: A levy of US$0.50 has been imposed on each pound of conch exported during the 2021 conch season. Read more

    Jamaica announces plans to strengthen relations with Africa through trade, investment and tourism

    The Voice: Prime Minister Andrew Holness has announced plans to strengthen relations between Jamaica and Africa. Speaking during a webinar to mark Africa Day, the Prime Minister said there are notable opportunities for trade and investment between Africa and the Caribbean region. He also noted tourism links and connectivity would be vital going forward. Read more

    Anti-Illicit Trade Task Force appointed in Trinidad & Tobago

    Daily Express: Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry, appointed eleven (11) members to the Anti-Illicit Trade Task Force (AITTF) at its Inaugural Virtual Meeting on May 17, 2021. Read more

    Dominican exporters see a hub in rebuilt port

    Dominican Today: Dominican Exporters Association (Adoexpo) president Elizabeth Mena, highlighted the positive impact that the rehabilitation of the port of Barahona will have in their sector. Read more

    Guyana government discussing regional energy corridor with Suriname, Brazil, French Guiana

    Newsroom: The government is in talks with some of its neighbours to create a regional energy corridor, linking Guyana’s energy infrastructure to Suriname, Northern Brazil and French Guiana. Read more

    Guyana-Canada discuss investment

    MENAFM: Minister of agriculture, Zulfikar Mustapha on Monday received a courtesy call from Canadian High Commissioner to Guyana, H.E. Mark Berman, during which they discussed the many lucrative opportunities in this sector for both local and international investors, according to Department of Public Information, Guyana (DPI). Read more

    GO-Invest launches “Invest 55”

    Guyana Times: The Guyana Office for Investment (GO-Invest) has launched “Invest 55” in observance of Guyana’s 55th Independence Anniversary. The project aims to promote investment opportunities here through global partnerships, increased competitiveness, while globalising Guyana’s economic sectors. Read more

    Advantages of nearshoring in Barbados

    Barbados Advocate: Reasons why nearshoring in Barbados would be beneficial to financial services and technology firms came into sharp focus on Wednesday during an online webinar. Read more

    BVI leads conversations on UN support for Caribbean sustainability and resilience

    WIC News: The British Virgin Islands (BVI) has led the regional talks on the United Nations’ comparative advantage of supporting the Caribbean Islands in achieving the Sustainable Development Goals (SDGs). Read more

    Increased tariff on soaps in keeping with COTED ruling – Finance Ministry

    Newsroom: The Ministry of Finance has taken note of a release by the A Partnership for National Unity /Alliance For Change (APNU/AFC) leadership which attempts to convey that party’s indignation at a notice published by the Guyana Revenue Authority (GRA) regarding Guyana’s intended reinstatement of CARICOM’s Common External Tariff (CET) on soaps falling under the tariff heading HS 3401. Read more

    Call for unity between Caribbean countries and Africa

    Barbados Advocate: Former Prime Minister of Jamaica, P. J. Patterson suggests in order for Africa and the Caribbean to overcome the deficit and legacy of slavery, the two must work together in unity, purpose and action. Read more

    Incoming Caricom secretary general sets priorities

    Jamaica Observer: The incoming Caribbean Community (Caricom) secretary general, Dr Carla Barnett, says one of her first priorities will be to extend outreach of the 15-member regional integration grouping as well as implementation across member states. Read more

    INTERNATIONAL NEWS

    What’s the future of EU-Swiss relations now talks have collapsed?

    Euronews: Switzerland, a small nation of 8.6 million at the heart of Europe, is surrounded by European Union countries. So why has the Swiss government just pulled out of a seven-year negotiation with the EU to modernise the pair’s relationship? Read more

    G7 criticises nations who undermine global trade in rallying cry for reform

    Reuters: Trade ministers from the Group of Seven (G7) wealthy nations criticised countries who undermine the global trading system and called for democratic states to rally behind reforms of the international trade rulebook. Read more

    Brexit: EU-UK ‘compromise needed for NI Protocol to work’

    BBC: The EU and the UK will need to make significant compromises if they want the NI Protocol to work, the former head of the NI Civil Service has said. Read more

    British exports worth billions have faced EU tariffs since Brexit

    BBC: British exports worth billions of pounds have faced tariffs on trade with the EU since Brexit, according to an analysis of official EU statistics. Read more

    UK eyes post-Brexit trade deals with Gulf states

    CITY AM: The UK is setting its sights on a trade deal with oil-rich Gulf states as ministers close in on an investment deal with Abu Dhabi. Read more

    Brexit exclusive: UK-Norway trade deal close to collapsing as Christian-Democrats block pact to protect farmers from British beef and cheese

    City AM: A comprehensive free trade deal between the UK and Norway is at risk of collapsing as the Christian Democrat party fears such a pact would hit farmers in Scandinavia’s richest country too hard. Read more

    Africa’s free trade area offers great promise. But only if risks are managed with resolve

    The Conversation: For all its stutters and missteps, there can be little argument that the European Union (EU) has largely lived up to its ambitious billing: to create stability and growth on a continent that, for a period, was dangerously prone to nationalism and conflict. Read more

    ICC joined Trade Law Centre (TRALAC), UPS and West Blue Consulting to launch the eTradeHubs portal, a one-stop-shop for trade tools and information in Africa.

    ICC: The Women Traders in the African Continental Free Trade Area (AfCFTA), a partnership formed by ICC, TRALAC, UPS, and West Blue Consulting, launched the eTradeHubs portal today to mobilise women small business owners in the AfCFTA. The portal provides timely information, trade management tools and supply chain information related to the AfCFTA to business owners in the region. Read more

    Why the extent of intra-African trade is much higher than commonly believed—and what this means for the AfCFTA

    Brookings Institute: Intra-African trade is widely perceived as low compared to other regions of the world, an argument made ad nauseum in both academic and policymaking circles. Some observers are especially disparaging about its potential. Read more

    Australia’s wine industry prepares to call in World Trade Organization over China tariffs

    ABC (Australia): Australia is on the cusp of calling in the independent global trade umpire to resolve a major dispute with China. Read more

    Canada’s 2021 Foreign Investment Promotion and Protection Agreement (FIPA) Model

    Govt of Canada: The Government of Canada has updated its model Foreign Investment Promotion and Protection Agreement (FIPA). This new modernized and inclusive model FIPA text will serve as the basis for Canada’s future FIPA negotiations, and represents the first comprehensive revision since 2003. Read more

    U.S. requests dispute settlement panel on Canadian dairy quotas under USMCA trade deal

    Reuters: The Biden administration on Tuesday escalated a simmering trade dispute with Canada over dairy import quotas, requesting that the first dispute settlement panel under the U.S.-Mexico-Canada Agreement be formed to review the matter. Read more

    Canada’s oldest oil and gas trade association to drop ‘oil’ from its name in bid to alter image

    CBC: After 72 years, Canada’s oldest oil and gas trade association is announcing a new brand and mandate on Thursday, including the removal of the word “oil” from its name. Read more

    Canada’s cattle sector on guard as beef-labelling talk returns in the U.S.

    CBC: In the annals of North American trade disputes, the fight over mandatory country-of-origin labelling on beef and pork probably deserves its own chapter. Read more

    New Zealand backs Australia in trade spat with China ahead of Ardern-Morrison meeting

    Swissinfo.ch: Australia’s Prime Minister Scott Morrison arrived in New Zealand on Sunday for high-level talks hours after the country’s government chose to support Canberra in its dispute with China on barley tariffs, signalling good will to work on differences in how to approach Beijing. Read more

    Liz Truss calls on G7 partners to modernise World Trade Organization

    Gov.uk: The International Trade Secretary will use the UK-hosted G7 Trade Ministerial meeting this week (27 to 28 May) to rally the world’s leading democracies to the cause of WTO reform. Read more

    China’s trade surplus over $34b in April

    CGTN: China’s international goods and services trade surplus stood at 220.1 billion yuan (about $34.47 billion) in April, official data showed on Friday. 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: