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  • G20 Trade Ministers call for WTO Reform

    G20 Trade Ministers call for WTO Reform

    Alicia Nicholls

    Trade Ministers and Digital Economy Ministers of the world’s twenty most economically advanced nations met on 8 and 9 June 2019 in Tsukuba City, Japan to further strengthen G20 trade and digital economic policy cooperation. The meeting was the first time G20 Trade Ministers and Digital Economy Ministers came together. It was chaired by H.E. Mr. Hiroshige Seko, Minister of Economy, Trade and Industry, H.E. Mr. Masatoshi Ishida, Minister of Internal Affairs and Communication, and H.E. Mr. Taro Kono, Minister for Foreign Affairs, of the Government of Japan.

    Following the meeting the Ministers released a statement on trade and the digital economy. Symptomatic of the division existing among G20 countries on the way forward, a Chair Statement was also released which reflected the views of interest where consensus was unachievable.

    The G20 Statement on Trade and Digital Economy spoke of trade developments, promotion of trade and investment for sustainable development, WTO reform, recent developments in bilateral and regional trade agreements and the interface between trade and the digital economy. It should be noted that the statement did not include a pledge to fight protectionism which was a staple of G20 statements.

    They reiterated that “trade and investment have contributed to widespread and sustainable global growth, inclusivity, poverty reduction and sustainable economic development.”  They noted that “trade and investment growth slowed in 2018 and that this is contributing to a weaker global growth outlook for 2019-20 than previously projected” and further that “while growth is expected to increase in 2020, downside risks arising from the current trade environment could undermine this growth”.

    The statement also indicated that many members also “affirm the need to strengthen international rules on industrial subsidies and welcome ongoing international efforts to improve trade rules affecting agriculture”.

    On WTO reform, the Ministers stated that they “will work constructively with other WTO Members to undertake necessary WTO reform with a sense of urgency, including in the lead-up to the Twelfth WTO Ministerial Conference”.

    They also confirmed “the importance of the role of the WTO in generating opportunities and addressing various challenges.” They reiterated their support for “the work to agree on comprehensive and effective disciplines on fisheries subsidies as mandated in MC11” and further noted “some ongoing initiatives for updating WTO rules”.

    On the pressing issue of the WTO Appellate Body, they agreed that “action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by the WTO Members.”

    The Ministers recommended that G20 leaders consider the topics discussed at the upcoming Osaka Summit.

    The full statement may be read here. The Chair Statement may be read here.

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

    DISCLAIMER: All views expressed herein are her personal views and do not necessarily reflect the views of any institution or entity with which she may be affiliated from time to time.

  • Caribbean Trade & Development News Digest – June 2-8, 2019

    Caribbean Trade & Development News Digest – June 2-8, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of June 2 – 8, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    THIS WEEK’S TRADE HIGHLIGHTS

    After threatening to impose tariffs on Mexico if that country does not stem illegal migration to the US, the Trump Administration this week announced that US and Mexico have reached a deal. Read the Joint Declaration here.

    The WTO issued its Annual Report 2018, as well as its updated one page dispute settlement case summaries (1995-2018) accessible here.

    St. Vincent & the Grenadines was elected to the UN Security Council, becoming the smallest nation ever to hold a Security Council seat. Read the press release here.

    On June 6 and 7, 2019, the United States and the Caribbean Community (CARICOM) held the eighth meeting of the United States-CARICOM Trade and Investment Council (TIC). Read release here.

    The Thirty-Sixth Meeting of the CARICOM Council for Human and Social Development (COHSOD) was Thursday and Friday (June 6-7, 2019) to discuss matters in relation to Culture within CARICOM. Read here.

    REGIONAL NEWS

    Expanding China-Caribbean trade

    Barbados Today: Economic and political ties between the People’s Republic of China (China) and the Caribbean as a whole have undergone a substantial deepening in recent years. Read more

    Grenada nutmeg gets FDA approval

    Nation News: Chairman of the Grenada Cooperative Nutmeg Association (GCNA), Leo Cato says Grenada now has the opportunity to exploit the market in the United States, having recently passed inspection by the Food and Drug Administration (FDA). Read more

    Trump admin imposes new travel restrictions on Cuba, banning cruise ships

    CNN: The US announced major new restrictions on US citizens traveling to Cuba on Tuesday, blocking the most common way Americans are able to visit the island — through organized tour groups that license US citizens to travel automatically — and banning US cruise ships from stopping in the country. Read more

    Government Pursuing Programme to Facilitate Trade

    JIS: Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, says the Government has commenced a programme of trade facilitation to increase Jamaica’s chances of global competitiveness. Read more

    Trade Information Portal to be Promoted Heavily at Diaspora Conference

    JIS: Foreign Affairs and Foreign Trade Minister, Senator the Hon. Kamina Johnson Smith, says the Jamaica Trade Information Portal (JTIP) will be promoted heavily to members of the diaspora at the upcoming Eighth Biennial Jamaica Diaspora Conference. Read more

    BP Payments to Government more than doubled last year

    Saturday Express: Though still far below 2013 levels, the country’s largest natural gas producer more than doubled its contribution to the Government coffers last year to US$360.5 million from US$148.7 million the year before, London-listed BP plc’s Payment to Governments declaration showed last week. Read more

    GRDB rejects Suriname envoy’s reported rice plague statement

    Stabroek News: The Guyana Rice Development Board today “categorically” rejected statements in Suriname’s De Ware Tijd’s, dwtonline quoting Suriname’s Ambassador to Guyana Ebu Jones as saying that an insect plague has broken out in the rice sector. Read more

    Post COTED 48: Highlights of the Agenda

    Directorate General for Foreign Trade (Belize): The 48th Regular Ministerial Meeting of the Council of Trade and Economic Development (COTED) was recently held in Georgetown, Guyana from 29th to 30th April, 2019. COTED, a collection of Trade Ministers designated by member states, is the organ of the Caribbean Community tasked with the responsibility of promoting trade and economic development in the Community. Read more

    CARICOM, Indonesia strengthen ties

    CARICOM Today: A new chapter in the growing friendship between the Caribbean Community (CARICOM) and Indonesia was opened on Friday 31 May 2019, as CARICOM Secretary-General, Ambassador Irwin LaRocque accredited a new envoy of the Southeast Asian country. Read more

    Antigua and Barbuda signs CARIFORUM-UK EPA with UK

    Antigua News Room: Antigua and Barbuda has today signed the CARIFORUM-UK Economic Partnership Agreement (EPA), the trade continuity agreement signed between the UK and a series of countries in the Caribbean on 22 March, and in the UK in April. Read more

    Gopee-Scoon pushes US investment in T&T

    The Guardian: Trade and In­dus­try Min­is­ter, Paula Gopee-Scoon is pro­mot­ing T&T’s in­vest­ment op­por­tu­ni­ties to US firms in­ter­est­ed in ex­pand­ing their busi­ness­es in the Caribbean. Read more

    Duck virus triggers poultry ban from Guyana

    Trinidad Express: Trinidad & Tobago Agriculture Minister Clarence Rambharat has announced an immediate ban on raw and cooked poultry originating from Guyana. Read more

    CDB support for regional trade facilitation initiative

    Nation News: Making regional trade easier is the goal of a recent grant which the Caribbean Development Bank (CDB) approved for the Caribbean Community (CARICOM). Read more

    Regional Ministers of Culture, Officials to meet in Guyana for COHSOD this week

    CARICOM today: The Council for Human and Social Development (COHSOD), will gathehr for its Thirty-Sixth Meeting on Thursday and Friday (June 6-7, 2019) to discuss matters in relation to Culture within CARICOM. Read more

    CARICOM-US Relations: What Of CBI?

    Jamaica Gleaner: You will recall from previous articles that the Caribbean Basin Initiative (CBI) comprises the Caribbean Basin Economic Recovery Act (CBERA) and the Caribbean Basin Trade Partnership Act (CBPTA). CBERA’s duration is indefinite, but CBPTA, which amends provisions of CBERA, will expire on September 30, 2020 and would need to be extended. Read more

    Guyana Livestock Authority Says Trinidad’s Poultry Ban ‘Ill-Advised’

    Jamaica Gleaner: A recent ban on poultry from Guyana by the Government of Trinidad and Tobago has been described as “ill-advised and premature”. Read more

    Mobile number portability for ECTEL Member States

    CARICOM Today: All member states of the Eastern Caribbean Telecommunications Authority (ECTEL), will have access to Mobile Number Portability (MNP), as of Monday. Read more

    Duty-free concessions for entertainers

    Nation News: Local entertainers have been granted duty-free concessions. Days before the official launch of Crop Over 2019, Minister of Culture, Sports and the Creative Economy, John King made the announcement at the National Cultural Foundation (NCF) this afternoon. Read more

    Guyana Agreement remembered on ACP day

    CARICOM Today: Friday, June 7, 2019 is celebrated as ACP Day. The Georgetown Agreement establishing the African, Caribbean and Pacific (ACP) Group of States was signed on Friday, June 6, 1975 in Georgetown, Guyana. Read more

    BIDC Buyers’ Programme opens doors, facilitates new opportunities for local manufacturers

    Barbados Advocate: The fourth Buyers’ Programme now in its fourth year, is being hosted by the Barbados Investment and Development Corporation in collaboration with the Barbados Manufacturers’ Association and the Caribbean Export Development Agency. It is intended to be a supporting activity for BMEX which takes place over the weekend. Read more

    ACP-EU Partnership – Group of 79 Insists On Long-Term Trade Relations

    AllAfrica: The African, Caribbean and Pacific (ACP) Group of states has recognised the importance of maintaining long-term trade relations with the European Union (EU) on the one hand, and with the United Kingdom (UK) on the other hand, which are beneficial to all stakeholders. Read more

    INTERNATIONAL NEWS

    Rare Earths Battle Looms as U.S. Aims to Counter China Export Threat

    Bloomberg: The U.S. and China are heading for a stand-off over critical minerals used in everything from washing machines to military hardware. Read more

    US sanctions on Cuba could hurt Spanish hotel operators

    Deutsche Welle: The Trump administration is imposing tougher sanctions on Cuba, a move that could have serious consequences for Spanish hotel chains operating on the island. How will it affect locals who work in the tourism industry? Read more

    African free trade – ready for the next steps?

    Deutsche Welle: Africa’s new free trade zone only exists on paper. Ministers from the 23 signatory countries are now discussing its implementation. Africa’s biggest economies are not at the table. Read more

    Canada appeals WTO ruling on U.S. lumber duties: official

    Reuters: Canada has appealed against a World Trade Organization (WTO) panel ruling in a case it lost in April that would allow the United States to use “zeroing” to calculate anti-dumping tariffs on lumber, a WTO official said on Wednesday. Read more

    Trump sees possible U.S.-UK trade deal once UK removes ‘shackles’

    Reuters: U.S. President Donald Trump said during his visit to London on Monday that the United States and Britain could soon negotiate a trade deal. Read more

    Nigel Farage to send own team to US for Brexit trade deal talks as UK ‘inferior’
    Express: Farage will pull together his own delegation and send it to Washington to strike a trade deal with the US after it “dawned on” him that the Americans have done their homework and have the upper hand in negotiations. Read more

    Argentina, Brazil say free trade accord with EU at hand

    Yahoo News: The presidents of Argentina and Brazil said Thursday that an agreement is imminent on a free trade agreement between the European Union and the South American trading bloc Mercosur. Read more

    Bill Morneau’s hasty bill to protect the steel industry carries risks

    CBC (Canada): The broad political support greasing the wheels of C-101, Finance Minister Bill Morneau’s new legislation to change Canada’s trade safeguard rules, may obscure the calculated risk the Liberal government is taking with its strategy to protect the steel industry. Read more

    U.S. tightens Venezuela oil sanctions, indicates more actions to come

    Reuters: The U.S. Treasury Department on Thursday tightened its pressure on Venezuela’s state-owned oil company by making clear that exports of diluents by international shippers could be subject to U.S. sanctions. Read more

    In Full: China’s White Paper on U.S. Economic and Trade Talks

    Bloomberg: On Sunday June 2, China released a government white paper of more than 5,000 words on its trade talks with the U.S. and Vice-Minister of Commerce Wang Shouwen held a press conference to discuss the matter that day. What follows is an English translation of the paper. Read more

    U.S. Trade Representative and the U.S. Department of Treasury respond to the “White Paper” issued by China on June 2, 2019

    USTR: The United States is disappointed that the Chinese have chosen in the “White Paper” issued yesterday and recent public statements to pursue a blame game misrepresenting the nature and history of trade negotiations between the two countries. To understand where the parties are and where they can go, it is necessary to understand the history that has led to the current impasse. Read more

    Trade tensions have hit cargo demand in Asia, but there’s a silver lining for regional airlines, experts say

    CNBC: The ongoing trade war between the United States and China is negatively affecting air cargo demand for Asian airlines, according to the director general of the Association of Asia Pacific Airlines, a regional trade body. Read more

    There’s only a ‘very small’ chance of a no-deal Brexit, says UK’s Hammond

    CNBC: The probability of the U.K. leaving the European Union without a deal is “very small,” according to Philip Hammond, Britain’s chancellor of the exchequer. Read more

    China’s Xi says world’s multilateral trade system must be protected

    Reuters: Chinese President Xi Jinping called on Friday for world powers to protect the global multilateral trade system and said it was important to find a solution to trade disputes despite disagreements. Read more

    World trade is projected to grow 2.6 per cent in 2019: WTO

    Gulf Today: Mounting trade tensions, an increase in trade-restrictive measures and continuing economic uncertainty created real challenges for world trade in 2018, with trade projected to grow by just 2.6 per cent this year, according to the 2019 World Trade Organisation, WTO, report. Read more

    UK calls for progress in reforming global trade rules at G20

    Gov.uk: Dr Liam Fox, International Trade Secretary, is attending the G20 Ministerial meeting on Trade and Digital Economy in Tsukuba, Japan this weekend (Saturday 8 to Sunday 9 June). Read more

    G20 finance chiefs to warn of trade risks, but differ on how ‘pressing’ they are

    CBC (Canada): Global trade tensions threaten an expected pick-up in economic growth this year and in 2020, a draft communiqué by the world’s financial leaders showed on Saturday, but the policymakers were divided on whether the need to resolve them was “pressing.” Read more

    G20 ministers agree on guiding principles for using artificial intelligence

    Japan Times: Ministers from the Group of 20 major economies Saturday kicked off two days of meetings on trade and the digital economy, during which they agreed on guiding principles for using artificial intelligence. They also faced another round of discussions likely to highlight divisions over trade issues such as reform of the World Trade Organization. Read more

    EU to propose workaround to avoid U.S. block on WTO judges: document

    Reuters: The European Union is set to propose creating a shadow system to get around a U.S. block on appeals in disputes at the World Trade Organization (WTO), according to a draft proposal circulated to national lawmakers. Read more

    Canada endorses plan to stop Trump administration from disrupting WTO: trade minister

    Global News: Canada’s trade minister is endorsing a European Union plan to prevent the Trump administration from paralyzing the World Trade Organization’s dispute-settlement body later this year. Read more

    India may oppose efforts to seal trade deal at G20 meet

    Livemint: Attempts by the US, Japan and Australia to finalize a new trade deal, scrapping curbs on data flows, at the G20 trade ministers’ meeting in Japan this weekend, could prompt a push-back from India and other developing countries. Read more

    Trump says U.S. and Mexico reach last-minute deal to avoid tariffs

    CBS: Mexico has agreed to U.S. demands that it tighten its borders to stop the flow of illegal Central American immigrants from coming into the U.S. through mexico. The deal suspends steep tariffs on imported Mexican goods that were to go into effect on Monday. Read more

    Trade Tensions Worry Ship Operators

    Wall Street Journal: Global ship operators that normally begin the summer preparing for peak shipping season instead are bracing for a surge in tariffs. Read more

    Trump: Britain’s NHS should be ‘on the table’ in trade deal talks

    Al Jazeera: On the second day of his state visit to the United Kingdom, Trump also said the National Health Service (NHS) should be included in any post-Brexit trade deal with the US. Read more

    WTO NEWS

    NEW ON CTLD BLOG


    The Caribbean Trade & Development Digest is a weekly trade news digest published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please subscribe to our Blog below:

  • Caribbean Citizenship by Investment Programmes and Climate Resilience

    Caribbean Citizenship by Investment Programmes and Climate Resilience

    Alicia Nicholls

    Citizenship by investment programmes (CIPs) are currently operated by five countries in the Caribbean. These are St. Kitts & Nevis, Dominica, Grenada, Antigua & Barbuda and St. Lucia. Caribbean CIPs face increasing threats stemming from reputational risks, increased regional and international competition and heightened international scrutiny. Despite these challenges, some Caribbean CIP-operating countries are utilising CBI revenues to finance climate change adaptation/mitigation initiatives in order to build climate resilience.

    The Climate Change Challenge

    June 1st of each year marks the official start of the Atlantic Hurricane Season. It is exemplified in the rhyme many Caribbean school children learn: “June – too soon, July – standby, August – you must prepare, September – remember, and October – it’s all over”.

    Rhymes aside, Caribbean countries are no strangers to the human, economic, financial and social devastation inflicted by weather systems around this time of the year. 2017 was an unforgetable year as Hurricanes Maria and Irma caused significant damage to a number of Caribbean islands, most notably Dominica, the island of Barbuda (part of Antigua & Barbuda) and the US territories of Puerto Rico and the US Virgin Islands.

    In a 2016 International Monetary Fund (IMF) study, Acevedo wrote that in the Caribbean, “storms cause on average 1.6 percent of GDP in damages every year, but that figure could be 1.6 to 3.6 times larger due to underreporting of disaster and damages.” One of the many adverse impacts of climate change is more intense weather systems. As such, the level of damage from hurricanes and tropical storms is expected to rise.

    Whereas climate change mitigation focuses primarily on emissions reduction, adaptation recognizes the irreversibility of some climate change impacts and emphasizes resilience building through targeted programmes, initiatives, policies and projects. Caribbean countries’ domestic financing constraints necessitate their disproportionate reliance on international financing and support for their climate change adaptation efforts. High debt overhangs mean they often lack the fiscal space to respond quickly and adequately to climatic shocks. Rebuilding requires significant capital, which can be burdensome for small countries beset by narrow tax bases and limited ability to attract the large inflows of FDI required. In some cases,  high gross national income (GNI) per capita restrict their access to most official development assistance and concessional funding from multilateral agencies.

    Role of CBI Revenues

    In light of these constraints, revenues from CIPs are increasingly attractive sources of inflows for funding development programmes and initiatives. In its Staff Concluding Statement of the 2019 Article IV Mission for Grenada published in May 2019, the IMF noted that “robust FDI flows, including from the citizenship-by-investment (CBI) program, are financing the external deficit while supporting economic growth.” It further noted that these inflows “have helped channel sizable resources to the contingency fund that could be used for mitigating the effects of natural disasters”.

    In September 2017, St Kitts & Nevis introduced a temporary third investment option, the Hurricane Relief Fund, to prepare for future hurricanes, repair property damage and support Caribbean neighbours in need. The minimum contribution is US$150,000. The Fund was controversial because it was criticised as further evidence of a “race to the bottom” among Caribbean CIPs. Nonetheless, it was reported that over 900 persons benefited from the Hurricane Relief Fund. A reported 1200 applications were received under the Fund, but it is unclear how many were successful.

    CBI assisting Dominica’s recovery

    In September 2017, category five Hurricane Maria caused Dominica pervasive human, social and economic damage equivalent to 226% of its GDP (Post Disaster Needs Assessment 2017), resulting in 31 confirmed deaths and 34 missing. According to the Government of Dominica, CBI inflows have been pivotal in financing Dominica’s recovery. In its Article IV Report on Dominica, the International Monetary Fund (IMF) noted that “fiscal performance deteriorated sharply due to the fall in tax revenue after the hurricane, but was partially offset by a surge in grants and buoyant Citizenship-by-Investment (CBI) sales revenues.”

    Following Hurricane Maria, Dominica has sought to become “the world’s first climate-resilient nation”. The island nation has emphasized resilience-focused rebuilding with the help of international donor funding coordinated through its Climate Resilience Executing Agency for Dominica (CREAD). This includes building climate-resilience structures.

    In a recent article, the Dominica Citizenship by Investment Unit (CBIU) noted as follows:

    After Hurricane Maria last year, Dominica’s CBI Programme was responsible for funding housing and hotel developments, as well as tourism and agriculture projects that cumulatively helped the island recover. The collected financial resources also enabled the Dominican authorities to make payments to affected home owners in the region of £26 million, whilst a government scheme to build 5,000 new homes is financed entirely by CBI income, according to Prime Minister Roosevelt Skerrit.

    Moreover, it was announced that the Housing Revolution, which is providing climate resilient low income housing is “completely funded by Dominica’s Citizenship by Investment (CBI) Programme”. 

    Conclusion

    CIPs have significant risks, but can also be tools for promoting sustainable development. The revenue inflows can assist cash-strapped governments in financing climate climate adaptation and mitigation programmes.

    This is not to suggest, however, that CIP revenues are a panacea for financing resilience. Firstly, heavy dependence on these revenues is a real risk which must be guarded against due to the potential volatility of CBI revenue inflows. Fiscal discipline, including prudent management of these inflows, is important to ensure these countries have the fiscal space to respond to any shocks. Fiscal responsibility frameworks such as that adopted by Grenada are important.

    Secondly, due diligence standards of CIPs must be maintained and should not be lowered or compromised just to attract greater inflows.   

    Thirdly, any special climate/disaster relief funds financed by CBI revenues should be situated within a coherent national policy framework for catalyzing and making optimum use of these and other resources for building climate resilience.

    Fourthly, transparency is also important. This also includes timely data on the number of applications received under special funds, timely audits of the funds and reporting of the audits of these special funds. It also requires sensitizing the general public about the use to which the funds are being put.

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

    DISCLAIMER: All views expressed herein are her personal views and do not necessarily reflect the views of any institution or entity with which she may be affiliated from time to time.

  • Caribbean Trade & Development News Digest – May 26 – June 1, 2019

    Caribbean Trade & Development News Digest – May 26 – June 1, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of May 26 – June 1, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    THIS WEEK’S TRADE HIGHLIGHTS

    The Africa Continental Free Trade Area (AfCFTA) went into effect on May 30, 2019! Read more here.

    The Trump Administration has threatened to impose tariffs on goods imports coming from Mexico unless the latter stops illegal immigration through its border. Read more

    The US also removed Turkey and India from eligibility from the US Generalised System of Preferences (US GSP) which accords non-reciprocal preferential access to the US market for certain goods imports from eligible developing countries.

    REGIONAL NEWS

    New catfish export regulations for discussion with US officials

    Stabroek News: The Fisheries Department of the Ministry of Agriculture is to discuss new regulations to enable Guyana to resume exporting catfish, with the US Food Safety and Inspection Service (FSIS) this week. Read more

    ‘Unknown’ forces siphoning gold out of Guyana

    Stabroek: Activities in the mining sector and the corresponding production levels do not match the amount of gold being declared to the Guyana Gold Board (GGB) and the entity has begun to go into the mining districts to buy the precious metal while also tightening up security measures for exports. Read more

    Imports down by a little, exports up by a lot, says Statistical Institute of Belize

    Breaking Belize News: Belize’s imports were down while exports were up by 80% for the month of April, according to the latest data released by the Statistical Institute of Belize (SIB). Read more

    Government to assess the economic impact of Vincy mas

    OECS Business News: The government of St. Vincent and the Grenadines will assess the economic impact of Vincy Mas, the nation’s annual festival in now in progress. Read more

    CARICOM chairman speaks out on corresponding banking

    Jamaica Observer: The chairman of the Caribbean Community (CARICOM), Prime Minister Dr Timothy Harris says one the biggest economic and financial challenges facing the 15-member grouping is the practice engaged by the large global commercial banks to terminate their corresponding banking services. Read more

    As exports decrease and imports increase, Holness urges investors not to give up on Caricom

    Jamaica Observer: The Jamaican Government has said it would support investors in their quest to penetrate the Caribbean Community (Caricom) market, which it said “sometimes can be a more difficult market than exporting to Nigeria and Mauritius”. Read more

    PM Urges CARICOM Pushback – Says Jamaican Businesses Shafted By Trade Partners

    Jamaica Gleaner: Seeking to bolster the confidence of Jamaican businesses eager to deepen their export footprint across the Caribbean, Prime Minister Andrew Holness urged investors to push back at perceived structural or cultural barriers to trade by regional partners. Read more

    Labour reform: Foreign companies must give locals top positions to operate in BVI

    BVI News: Investors who establish new businesses in the British Virgin Islands will soon be required to grant their company’s senior management positions to BVIslanders/Belongers. Read more

    CARICHAM requests Extension of CBERA

    Dominica Vibes: The Network of Caribbean Chambers of Commerce (CARICHAM) is pleased to announce that we have submitted a letter to the United States International Trade Commission (USITC) on 28 May 2019, requesting an extension of the Caribbean Basin Economic Recovery Act (CBERA) and Caribbean Basin Trade Partnership Act (CBTPA). Read more

    Divisions in CARICOM ‘suicidal’

    Barbados Today: A prominent champion of regional integration has waded into the debate over the Caribbean Community’s position on the political unrest in Venezuela, with a warning to regional leaders that “fragmentation is suicidal”. Read more

    Caricom sugar producers want less extra-regional imports

    Jamaica Observer: Regional sugar producers are making an urgent appeal for policy changes to address the large amounts of extra-regional sugar being consumed in Caribbean Community (Caricom) member countries. Read more


    INTERNATIONAL NEWS

    Canada begins process to ratify USMCA trade deal

    Washington Examiner: Canadian Prime Minister Justin Trudeau formally introduced legislation to his country’s parliament Wednesday to ratify the U.S.-Mexico-Canada Agreement on trade. Read more

    U.S. President Donald Trump terminates preferential trade status for India under GSP

    The Hindu: A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences (GSP) was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5. Read more

    ‘The US has backtracked’: China releases official document blaming America for the trade war

    CNBC: China took a firm official stance against the United States on trade on Sunday, issuing a white paper that illustrates a widening gap between the two sides. Read more

    US ends special trade treatment for India amid tariff dispute

    BBC: The US will end preferential trade status for India next week, President Donald Trump has confirmed amid a deepening row over protectionism. Read more

    Trump Defends Trade Moves, Says Tariff Is ‘a Beautiful Word’

    Bloomberg: Self-professed “Tariff Man” President Donald Trump on Saturday defended his decisions to impose or raise levies against imports from Mexico and China, respectively, saying “companies are moving to the U.S.” to avoid paying the levies, and that “TARIFF is a beautiful word indeed!” Read more

    China to release blacklist of US firms as trade war intensifies

    Al Jazeera: On Saturday, China raised tariffs up to 25 percent on $60bn of US imports. Read more

    WTO NEWS

    NEW ON CTLD BLOG

    The Caribbean Trade & Development Digest is a weekly trade news digest 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: