Caribbean Trade Law and Development

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  • Caribbean Trade and Development News Digest – October 18 – 24, 2020

    Caribbean Trade and Development News Digest – October 18 – 24, 2020

    Welcome to the Caribbean Trade & Development News Digest for the week of October 18-24, 2020! For October, we are going pink for Breast Cancer Awareness Month! 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

    According to the World Trade Organization (WTO), “Global trade in services in the second quarter of 2020 plunged by a record 30% year-on-year, with the travel sector particularly hard hit by COVID-19 and associated restrictions”. Read more here.

    UNCTAD estimates show a 5% drop in world trade in the third quarter of 2020 compared to 2019. While this is an improvement from the 19% decline in the second quarter, UNCTAD notes that it is insufficient to pull trade out of the red. Read more here.

    REGIONAL

    Belize files lawsuit against St Kitts and Trinidad and Tobago over sugar exports

    LoveFM: The Government of Belize is suing St Kitts along with Trinidad and Tobago over sugar importation. Love News understands that the two countries have been acquiring sugar from Guatemala without paying the required taxes. According to the Minister of Food and Agriculture Godwin Hulse the lawsuit was filed earlier this month. Read more

    Cuba to promote exports to Caribbean countries

    Prensa Latina: Cuba will promote exports of products and services to representatives of Caribbean nations, the Chamber of Commerce reported. Read more

    IMF describes COVID-19 pandemic as a ‘crisis like no other’ for Caribbean

    NYCaribNews: The International Monetary Fund (IMF) on Friday said the economic impact of the coronavirus (COVID-19) pandemic on the Caribbean has been “massive”, particularly for tourism-dependent countries in the region, but that lower commodity prices were also having a “major impact” on Caribbean commodity exporters. Read more

    John Beale looking to strengthen Barbados-Belize trade

    Barbados Today: Beale, who spoke to Barbados TODAY after receiving his official accreditation at the Ministry of Home Affairs, today, said during his tenure he will be focusing on strengthening the relationship between the two countries, particularly in the area of trade. Read more

    Caribbean Export Development Agency launches first virtual expo event

    EU Reporter: The Caribbean Export Development Agency (Caribbean Export) has announced the launch of its first virtual expo event named ‘Absolutely Caribbean, unlocking the profit potential of the Caribbean’. Taking place on 17th and 18th November 2020, the event will bring together around 50 producers to showcase some of the best products that the Caribbean has to offer. Read more

    Caribbean Export builds services supplier registry for region

    Jamaica Observer: The Caribbean Export Development Agency (Caribbean Export) has announced its development of an online registry for suppliers of Caribbean-based services. Read more

    TT signs trade agreement with Chile

    Newsday: Caricom and Foreign Affairs minister Dr Amery Browne said the signing of the general framework agreement for the partial scope trade agreement between TT and Chile will allow for deepening, widening and enhancing of bilateral ties between the two countries. Read more

    Private sector groups want 2-year tax relief on digital devices

    Jamaica Observer: Some of the country’s major private sector groups yesterday jointly urged the Government to remove “all duties and taxes” on digital devices for at least two years. Read more

    INTERNATIONAL

    New portal tracks trade’s contribution to sustainable development

    UNCTAD: The SDG Trade Monitor offers a one-stop shop for users to obtain updated and disaggregated official data on global trade’s contribution to the UN Sustainable Development Goals. Read more

    Africa: Trade Experts Call for Implementation of AfCFTA

    AllAfrica: African trade experts have called for the swift implementation of the African Continental Free Trade Area (AfCFTA) to lift the continent out of an economic downturn caused by COVID-19. Read more

    Africa trade bloc will drive investment

    New Vision: The Economic Commission of Africa’s (ECA) Regional Integration and Trade Division Director, Stephen Karingi, said this while presenting discussion reports by the ECA on investment issues during the Annual Investment Meeting (AIM2020) Africa. Read more

    Positive reaction for PACER Plus ratification in Australia and NZ

    RNZ: Australia’s government says trade and prosperity in the Pacific will thrive when the PACER Plus regional trade agreement comes into force within two months. Read more

    South Pacific trade deal comes into force

    Australia Financial Review: Australian producers will gain hundreds of millions of dollars in new sales with tariffs on beef, dairy products, car parts and toiletries to be reduced or eliminated when a Pacific islands free trade deal comes into force in December. Read more

    China’s purchases of U.S. farm goods at 71% of target under trade deal: U.S.

    Reuters: China has substantially increased purchases of U.S. farm goods and implemented 50 of 57 technical commitments aimed at lowering structural barriers to U.S. imports since the two nations signed a trade deal in January, the U.S. government said on Friday. Read more

    Norway, Britain in provisional trade agreement on goods for no-deal Brexit scenario

    Reuters: Norway and Britain have signed a temporary, limited agreement to help maintain trade in goods in case there is no final Brexit trade deal in place by year-end, the Norwegian Industry ministry said on Wednesday. Read more

    6 home truths for the new head of the WTO

    WTO: The race to be the next Director-General (DG) of the World Trade Organisation is now down to two candidates: Ngozi Okonjo Iweala of Nigeria, and Yoo Myung-hee of South Korea. Whoever prevails will face the reality as the global trade body chief. Read more

    WTO members discuss proposal of India, South Africa for easing IP rules for COVID-19

    Financial Express: The WTO states the proponents of the proposal argued the relaxations would avoid barriers to the timely access to affordable medical products, including vaccines and medicines. Read more

    India opposes binding pact on open services trade at WTO

    Hindu Business Line: New Delhi insists on flexibility on movement of professionals. Read more

    UK-US trade deal cannot happen if Brexit talks fail, ex-official says

    Telegraph: US presidential candidate Joe Biden says the UK must honour the Good Friday agreement in EU negotiations. Read more

    Brexit: EU-UK trade deal talks to resume after London has a change of heart

    Euronews: London will resume talks over a post-Brexit trade deal with the EU from Thursday – less than a week after threatening to walk away from negotiations. Read more

    EU leaders weigh up hard choices over Brexit trade deal

    BBC: On the eve of their two-day summit in Brussels, the prime minister reminded EU leaders of his words back in early September. Read more

    Brexit: Hopes of EU trade deal rise as Michel Barnier stays on for more talks

    The Times: Michel Barnier has remained in London for intensive talks, prompting hopes that a trade deal with the EU will be concluded. Read more

    Whether Trump or Biden wins, US-China relations look set to worsen

    The Guardian: Tensions will persist whoever is in the White House. The key difference, observers expect, will be in approach. Read more

    U.S. to Sign Limited Trade Deal With Brazil

    New York Times: The new pact is expected to ease trade barriers, strengthen regulation and crack down on corruption. 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:

  • UNCTAD-SRC Webinar on International Investment Agreement Reform and COVID-19 – Oct 21st!

    UNCTAD-SRC Webinar on International Investment Agreement Reform and COVID-19 – Oct 21st!

    Coming up this Wednesday, October 21st, I will be moderating this exciting UNCTAD-SRC Webinar on “International Investment Agreement (IIA) Reform in the Caribbean and the COVID-19 Pandemic“! See the flyer below.

    Register in advance for this free Webinar by clicking the Zoom link here: https://zoom.us/webinar/register/WN_w1n4JH2QTV6j88PkZxTLOA

  • Caribbean Trade & Development News Digest – October 11-17, 2020

    Caribbean Trade & Development News Digest – October 11-17, 2020

    Welcome to the Caribbean Trade & Development News Digest for the week of October 11-17, 2020! We are going pink for Breast Cancer Awareness Month! 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

    UK Prime Minister, Boris Johnson, has declared Brexit talks with the EU ‘over’ and according to this BBC report, argued that “there was “no point” in discussions continuing next week unless the EU was prepared to discuss the detailed legal text of a partnership”. Read more here.

    A WTO arbitrator issued its decision on the level of countermeasures the EU may request with respect to the US in “United States — Measures Affecting Trade in Large Civil Aircraft — Second Complaint” (DS353). Read the decision here.

    US President Donald Trump has signed H.R. 991 the “Extension of the Caribbean Basin Economic Recovery Act” into law which extends the preferential access certain Caribbean countries enjoy for eligible goods into the US market under the CBERA and the CBTPA, the latter of which was to expire September 30, 2020.

    Speaking on behalf of the CARICOM Group at the WTO, the OECS Permanent Delegation at Geneva raised the issue of the EU’s blacklisting of certain CARICOM Member States before the WTO’s General Council this week. Read the press release which includes the full statement here.

    REGIONAL NEWS

    U.S. Congress Passes Haiti-Led Trade Agreement Between America And The Caribbean

    Haitian Times: The renewal of the Caribbean Basin Trade Partnership Act is expected to secure 60,000 jobs in Haiti, mostly in textiles and apparel. The U.S. Congress has renewed the Caribbean Basin Trade Partnership Act, an agreement that allows countries in the region to continue importing and exporting goods with America. Read more

    CBERA extended, US-Caribbean trade ties strengthened

    Trinidad Guardian: According to a news release from T&T’s Ministry of Trade and Industry, the new law –which was signed by President Donald Trump on October 10th, will remain in force until 30th September 2030, ensuring continued preferential duty treatment for certain goods produced in the Caribbean Basin. Read more

    Blue BioTrade project set to improve fortunes in the eastern Caribbean

    UNCTAD: A new project launched on 7 October by UNCTAD, the Organisation of Eastern Caribbean States (OECS) and the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) seeks to change the fortune of small scale coastal producers of queen conch in the Eastern Caribbean. Read more

    Belize accuses St Kitts & Nevis of importing sugar outside of CARICOM

    SKNVibes: The Government has been informed that it would face the court for allegations of breaching several sections of the Revised Treaty of Chaguaramas by reportedly importing sugar from outside the Caribbean Community. Read more

    Trade-related claim against SKN discussed in National Assembly

    ST Kitts & Nevis Observer: The public was updated on a trade-related claim that has recently been brought by the Government of Belize against the Government of St. Kitts and Nevis and the Government of Trinidad and Tobago regarding sugar imports from two non-CARICOM Member States by Minister of International Trade, Industry, Commerce and Consumer Affairs, the Honourable Wendy Phipps during a Sitting of the National Assembly on October 15. Read more

    OECS Permanent Delegation Protests Blacklisting Of Caribbean ‘Tax Havens’ At World Trade Organization

    St Kitts & Nevis Observer: At the General Council of the World Trade Organization, the organization’s highest decision-making body, the Permanent Delegation of the Organization of Eastern Caribbean States (OECS), speaking on behalf of the CARICOM group, addressed several critical issues currently affecting Caribbean countries, including efforts by some WTO members to blacklist, CARICOM Member States. Read more

    CARPHA Partners with, PAHO to Ensure Caribbean States’ Equitable Access to COVID-19 Vaccine

    CARICOM: The Caribbean Public health Agency (CARPHA), with funding from the European Union (EU), has entered into an agreement with the Pan American Health Organisation (PAHO) to support Member States’ participation in the COVAX Facility. Read more

    CARICOM complaints form available

    Nation News: Caribbean Community (CARICOM) nationals who believe that they may have been hindered from accessing the rights afforded to them through the CARICOM Single Market and Economy (CSME), now have a mechanism by which their concerns may be addressed. Read more

    Caricom stakeholders push for legally binding Caribbean Sea biodiversity agreement

    Newsday: Caricom stakeholders are calling for regional collaboration and strong stakeholder involvement in global efforts to ensure Caricom people get equitable access to and shared benefits from the ocean. Read more

    CARICOM Ambassador says hefty air taxes need to be re-examined

    CARICOM: The COVID-19 pandemic is forcing Caribbean countries to re-examine intra-regional travel and seek solutions to the high travel taxes problem. Read more

    CARIFESTA XV in Antigua postponed until 2022

    Caribbean Life: The Gaston Browne administration in Antigua and Barbuda announced on Oct. 8 that, after consultations with the Guyana-based Caribbean Community (CARICOM) Secretariat, the Caribbean Festival of Arts (CARIFESTA) XV has been postponed until 2022. Read more

    INTERNATIONAL NEWS

    Brexit: Trade talks with the EU are over, says No 10

    BBC: Talks between the UK and EU over a post-Brexit trade agreement are “over”, Downing Street has said. No 10 argued there was “no point” in discussions continuing next week unless the EU was prepared to discuss the detailed legal text of a partnership. Read more

    Brexit brinkmanship: Johnson says prepare for no-deal, cancels trade talks

    Reuters: Prime Minister Boris Johnson said on Friday it was now time to prepare for a no-trade deal Brexit unless the European Union fundamentally changed course, bluntly telling Brussels that there was no point in continuing the negotiations. Read more

    WTO Members Advance Text Negotiations on Fisheries Subsidies

    IISD: World Trade Organization (WTO) members began work on a consolidated draft document towards an agreement on curbing harmful fisheries subsidies. Members reviewed draft language on subsidies contributing to overcapacity and overfishing, subsidies to distant water fishing, transparency provisions, and special and differential treatment of developing and least developed countries (LDCs). Read more

    The China-Cambodia FTA to Become Cambodia’s First Bilateral Free Trade Agreement

    ASEAN Briefing: China and Cambodia signed a free trade agreement (FTA) between the two countries on October 5, 2020. The deal was inked virtually between Cambodia’s Commerce Minister Pan Sorasak and Chinese Commerce Minister Zhong Shan. Cambodia’s Prime Minister Samdech Techo Hun Sen and visiting Chinese State Councilor and Foreign Minister Wang Yi were also present to witness the signing. Read more

    How Biden would use trade agreements to fight global warming

    Politico: The former vice president and key Democrats in Congress want to use trade agreements to fight global warming, but reversing four years of Trump’s “energy dominance” is no easy task. Read more

    WTO boss’ recent early exit a warning shot to multilateralism

    Swissinfo.ch: The embattled World Trade Organization has announced two shortlist candidates to be its new leader. In a historic first, both are women. But they are unlikely to find the job any easier than Brazil’s Roberto Azevedo. Read more

    EU trade policy needs more than just repainting the front door

    Euractiv: The EU’s trade policy needs a radical overhaul following Parliament’s opposition to the EU-Mercosur treaty, write Raphael Glucksmann and Agnes Jongerius. Read more

    UK statement to the WTO Trade Negotiations Committee

    Gov.uk: The UK’s Deputy Permanent Representative to the WTO in Geneva, Andy Staines delivered the following statement to the WTO Trade Negotiations Committee on 12 October 2020. Read more

    WTO DG: Okonjo-Iweala gets the backing of 79 countries so far

    Nairametrics: Okonjo-Iweala has disclosed that she has gotten the endorsement of 79 out of the 164 countries that comprise the WTO. Read more

    Hong Kong lashes out at US ‘Made in China’ labelling rule at the World Trade Organization

    South China Morning Post: Hong Kong has formally denounced at the World Trade Organization (WTO) a Trump administration regulation that goods made in the city for export to the US must be labelled as “Made In China”. Read more

    Trump warns of backlash if the EU levies around $4 billion in tariffs after WTO ruling

    Business Insider: President Donald Trump on Thursday told reporters he will “strike much harder” if the European Union impose tariffs on US goods after winning a World Trade Organization ruling earlier this week. Read more

    Trump’s triple failure: Virus control, stimulus and the trade deficit

    Washington Post: Given the precarious state of the economy, President Trump’s reckless decision to walk away from stimulus negotiations last week was a consequential act of political malpractice. Read more

    China is making up some ground on its U.S. trade deal commitments

    Fortune: On Tuesday, data from China’s General Administration of Customs showed a surge in imports and exports in September, with 13.2% and 9.9% growth year on year, respectively. Read more

    Turkey-South Africa trade to rise in post-pandemic period

    Anadolu: Bilateral trade and investments between Turkey and South Africa are expected to grow as the two countries recover from the effects of the novel coronavirus, the Turkish ambassador to South Africa said. Read more

    More trade, less aid: EU and Africa renew their relationship

    The Brussels Times: Both the EU and the AU made it clear at the Africa-Europe Civil Society Conference 2020 on Friday that they are looking to renew the quality of the Africa-Europe Partnership in the near future, with higher involvement for the people of the two continents. Read more

    AfCFTA To Commence On January 1 As planned

    Modern Ghana: Mr Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), says the continental trade regime will take off as planned on January 1 next year. Read more

    Trade ministers chart final road to AfCFTA

    Southern Times Africa: South Africa’s Trade, Industry and Competition Minister Ebrahim Patel has been elected chair of a continental ministerial body tasked with finalising negotiations on terms for commencement of preferential trade under the African Continent Free Trade Area (AfCFTA). Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG

    COMING UP THIS WEEK!

    Coming up this Wednesday, October 21st, I will be moderating this exciting UNCTAD-SRC Webinar on “International Investment Agreement (IIA) Reform in the Caribbean and the COVID-19 Pandemic“! See the flyer below.

    Register in advance for this free Webinar by clicking the Zoom link here: https://zoom.us/webinar/register/WN_w1n4JH2QTV6j88PkZxTLOA

    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:

  • Applied Intelligence: A Strategy for the Caribbean’s Future Prosperity

    Applied Intelligence: A Strategy for the Caribbean’s Future Prosperity

    Image by Gerd Altmann from Pixabay

    “China’s engagement in the region does not necessarily have to be negative, it could be a big positive for growth… There must be a better more equitable vision for a mutually beneficial operating model, for the management of the relationship with China.“

    Perry Douglas

    Perry Douglas, Guest Contributor

    Perry Douglas, Guest Contributor

    In the recent article titled: China’s Opaque Caribbean Trail: Dreams, Deal, and Debt by Caribbean Investigative Journal Network (CIJN.), this piece is filled with many examples of the Chinese debt-trap strategy.  For Caribbean countries, one of the most visible, expansive, and expensive forms of Beijing’s engagement with the region is its financing of large-scale infrastructure projects.  The CIJN investigation unveiled a trail of official secrecy, questionable procurement processes, and the looming threat of potentially insurmountable debt.  The Chinese playbook is the same everywhere—huge hotel projects, highways, agriculture projects, even building a Prime Ministers fancy new house.  According to CIJN, “China’s Caribbean portfolio is extensive. It includes highways and bridges, housing, energy, mining, air and seaports, tourism projects, hospitals, and even official residences, forming a part of that country’s strategic thrust into Latin American and the Caribbean.”

    The investigating team uncovered, that in most cases, the precise terms of agreements are not routinely publicized, the procurement processes and concessions are a mystery.  The Chinese often end up with all the labour contracts, and their labour practices lack adherence to any type of building code and other health and safety standards. 

    A 2012 independent forensic audit of the Jamaica Development Infrastructure Programme (JDIP) and the Palisadoes Shoreline Protection, and Rehabilitation Works Project concluded there was “non-adherence to allocations approved by Parliament and the Ministry of Finance.  There was also the arbitrary issuance of Variation Orders and selection of sub-contractors along with the unprogrammed and arbitrary allocation of funds for institutional strengthening,” according to the audit document.

    According to clause 13.3 of the contract ($630 million North-South Highway project signed with China Harbour Engineering Corporation (CHEC) on June 21, 2012): 

    “The Government shall unconditionally and irrevocably waive any right of immunity (to the fullest extent permitted by applicable law) which it or any of its assets now has or may acquire in the future in any jurisdiction.”

    To add insult to injury, the highway deal, in a case study conducted by the Caribbean Development Bank (CDB,) found there was “no way costs could be recouped through toll payments.”  Hence, China now said that since the investment couldn’t be recouped through toll payments, land adjacent to the highway should be given as compensation.  Jamaica of course had already agreed to those terms in the clause.  China of course enforced it and the Chinese company promptly brought in 1000+ workers from China to begin work on a commercial project—free land, no Jamaican worker participation, no contracts for Jamaican firms, no economic benefit to Jamaica.

    “New roads, new businesses, new hotels, and booming Chinese immigration has led to many companies being staffed with more Chinese workers than local Bahamians.” Forbes

    In practical terms, this meant that the Jamaican state allowed China, in a case of a breach of contract by the Government of Jamaica, or actions that the Chinese have determined results in non-performance, would be actionable on Jamaica’s sovereignty.  When contextualized, the clause essentially allows for the GOJ to forfeit any current or future owned assets to China, for debt recovery by seizure.  A blatant neocolonialism play and encroachment on sovereignty.

    In Trinidad and Tobago, the sudden termination of the Government’s $71.7 million project between China Gezhouba Group International Engineering Company and the Housing Development Corporation (HDC) in 2019 has drawn attention to a lack of transparency in the awarding of the contract, and what has been described as overly generous concessions to this Chinese company.

    In Suriname, there are increasingly alarming rising fears that mounting debt to China, spanning decades, can have the impact of stalling future development and exposing the country to liabilities way above its ability to pay.

    Economics has never been a morality play; so, it’s not China’s responsibility to look after the interest of our people, it is the responsibility of leaders, in consultation with the people, to lead and look after the interest of their nations.  We must be committed to real change, otherwise, nothing will ever change!  The highly skilled Chinese negotiators need to be matched with our powerful team of negotiators, weaponized with the tools and resources of Artificial Intelligence and Machine Learning algorithms, and systems that can process and provide actionable solutions at a simple keystroke.

    China’s engagement in the region does not necessarily have to be negative, it could be a big positive for growth. Notwithstanding, it will all depend on how we play our cards—understand the historical colonialism playbook of others and develop counter offenses…be proactive, not reactive, and control the narrative.  There must be a better more equitable vision for a mutually beneficial operating model, for the management of the relationship with China. 

    This operating ecosystem must be formattable, backed up by strong executable mechanisms, progressive regulatory environments, compliance, and governance, abiding by sturdy democratic principles…the rule of law, freedom of information, and enhanced transparency, in the context of an anti-corruption agenda.

    Assets belonging to the people becoming collateralized property in business deals is beyond the pale, way beyond the bounds of any acceptable actions and behaviour by any government, and it is fundamentally illegal.  Sovereignty represents a state’s most precious right and freedom under international law. 

    “The borrower hereby irrevocably waives any immunity on the grounds of sovereignty or otherwise for itself or its property in connection with any arbitration proceeding…or with the enforcement of any arbitral award pursuant thereto.”  Project in Guyana signed on January 9, 2017; in Article 8.1:

    “This is Guyana dangerously agreeing to cede sovereignty. It plays into the Chinese strategy of using economic weaponry in the pursuit of influence and domination,” says attorney and chartered accountant Christopher Ram.  In short, these governments have signed away their nation’s sovereignty, dignity, and basic self-respect, to China.  China could simply walk in and take control of Guyana’s assets through its pre-set “debt trap.”

    Very recently, July 2020, a Kenyan Appellate Court halted a construction deal, by pronouncing the $3.2 billion contract between Kenya and China for the construction of the Standard Gauge Railways (SGR,) as illegal.  The recent judgment effectively lifted the lid on the “dragon’s debt-trap diplomacy.”  China had been pressuring Kenya to pay the huge debt, while in the middle of battling a pandemic. 

    Since 2013, Kenya has saddled itself with more than $5 billion in loans from China for construction on the project.  However, in just its first year of operation, the project reported losses of about $98 million US, making servicing the debt impossible.  And of course, the terms of the deal made it such, that if Kenya couldn’t repay, it could end up giving China control over some of its most important assets.  In this case, it would have been Mombasa Port, Kenya’s largest and most valuable port in east Africa, the gateway into Kenya and landlocked neighboring nations Burundi, Congo, Rwanda, South Sudan, and Uganda. “Therefore, losing control over the port would mean erosion of Kenya’s sovereignty.”  The implications are freighting, thousands of port workers would be forced to work under its Chinese lenders—colonialism would have crept back.  Fortunately, Kenya’s court system saved the day, bringing a wakeup call to all those involved in similar entanglements with China.  We hope Caribbean leadership took the call!

    COVID-19 has provided us with a pause, an inflection point, to shift our thinking and strategy focus towards a better future, we can’t get stuck in the past, behind amateurish politicians, with nothing but stale ideas that have never worked out for the people.  If we stand still, we perish; we must move in the same direction the world is moving in or be left behind!

    (c) Perry Douglas – Douglas Blackwell

    In short, greater investment focus on digital commerce needs to be applied, become the priority.  It is counterintuitive to build backward and in line with China’s geopolitical and economic objectives when the rest of the world is moving in another direction. 

    Domestic success depends on global commerce, but for over 400 years we’ve been on the wrong side of that curve.  Digital transformation underpins a prosperity reality and must be the government’s top policy development priority.  Resources need to be mobilized with the stated objective being to leapfrog the regional economy into the more prosperous global economy, our ambitions have to be focused, and big!  We can’t just sit there, letting others decide our future for us. 

    We must invest to diversify the entire region to protect our society from future global shocks, as witnessed by the pandemic, which has essentially wiped out the tourism economy.  We need diversification and foresight. 

    If we had a vibrant commerce based agricultural and fisheries industry, for example, with robust global digital sales and marketing capabilities, we would be able to achieve food security and effectively export meaningfully for-profit simultaneously.  Pandemic or no pandemic! 

    A diversified economy is a resilient economy. 

    A fundamental change in approach and the underlying variables is relative to how development should logically be carried out—a fundamental change in basic thinking, concepts, and practices, highly relevant to the digital era in which we live in, is paramount!  Grenada needs a new Investment Policy Statement, a new operating paradigm, one that is progressive, inclusive, with empathy towards sustainable socio-economic development.  Politicians should no longer be put in charge of investment decisions, instead, a professional data and applied intelligence-driven performance approach must be taken up immediately!  Scientific ecosystems coupled with highly qualified investment committees, responsible to the people, is the push!  Driven by intelligent scientific data-based decisioning and predictable modeling, powered by Artificial Intelligence, followed up with fearless implementation and actions, transparent and measurable—is the push!  This new paradigm includes an advanced level of due diligence, governance, and transparency, all of which must be brought to the investment decisioning forefront, in examining the probability of desired outcomes in future ‘worlds’ scenarios.

    (c) Perry Douglas – Douglas Blackwell

    Throughout history, technology-driven economic investment and infrastructure development have driven civilizations to prosperity, always!  History shows, through evidence and analysis, that those nations that have deliberately focused on facilitating technology-led growth, went on to forge empires.  Today, the world is at another transitioning inflection point, and good decisions taken here can change the directional curvature of prosperity for the entire Caribbean.  History shows, like other periods of great technological transition opportunities before it, mishandling it at this critical juncture, will set the entire region back behind the prosperity curve, for generations to come!

    The genesis of our future prosperity begins with how we first choose to think!  Instinctive and emotional thinking must be put aside for a more slow, deliberative, and logical process—with an entrepreneurial mindset being at the forefront.  Increased efficiencies and productivity will increase a nation’s profits and intergenerational wealth curve trajectory, upwards.  Growing the standard of living through the development of a highly-skilled, tech-savvy middle-class, throughout the region.  This is our best and most optimal opportunity; lets push! Socioeconomic also history tells us that we must resist the intuitive nature of our human condition, towards decision-making processes and choices.  Think and focus logically instead, find the data-driven solutions, and put emotions and ego aside. Playing the long game is critical to future success.  Decisions based on intelligence gathering and actions are central to good outcomes.  Such focused thinking is paramount and can be the genesis of a true Caribbean Renaissance.

    Perry C. Douglas is an Entrepreneur and Innovator…for Inclusive Caribbean Economies. Read more of his work at his blog The Inclusive Agenda: http://theinclusiveagenda.blogspot.com.

    The views and opinions expressed herein are solely those of the guest author and are not necessarily representative of those of the Caribbean Trade Law & Development Blog.