Welcome to our Caribbean Trade and Development News Digest covering the week of April 30-May 6, 2023! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week. We do hope you enjoy this week’s edition!
What’s new on the blog?
Strictly Facts Podcast Episode 57: I had the pleasure of being a guest on the Strictly Facts podcast where I spoke with Alexandria about the history of trade in the Caribbean and some contemporary Caribbean trade issues. Have a listen to the episode here!
My participation in the Barbados trade mission to Charleston. In April I was part of a trade delegation led by Invest Barbados and the Consulate of Barbados in Miami to Charleston, South Carolina. See the piece I wrote sharing my thoughts on Barbados-South Carolina trade following my participation in this trade mission! Read here.
THIS WEEK’S HIGHLIGHTS!
The six OECS WTO members had their fourth trade policy review this week. Read more here.
REGIONAL NEWS
Grenada resumes mango exports to US after lifting of 20 year ban
St Vincent TImes: The USDA’s Animal and Plant Health Inspection Service (APHIS) lifted an almost 20-year restriction on Grenada’s mango exports to the US. Read more
New Region 1 ferry to assist with export of fresh produce to Caricom states
News Source Guyana: The new ferry that will be plying the Georgetown to Region One route will also be used to ferry fresh produce and goods to Trinidad and Tobago and other Caribbean islands, the Government has announced. Read more
China/ Guyana trade in goods skyrockets to US$1.8B
Guyana Times: Trade between Guyana and China has been steadily increasing over the past few years and at the end of 2022, bilateral trade in goods skyrocketed to US$1.88 billion (or GY $397.5 billion). Read more
Over US1.9 billion in export earnings, STATIN
Jamaica Observer: Jamaica generated export earnings of just over US$1.9 billion, between January and December 2022. Read more
Bridgetown Initiative 2.0 Highlights Six Key Action Areas
MENAFM: The United Nations secretary-general and the prime minister of Barbados joined forces under the Bridgetown Initiative to address the immediate needs of countries facing debt distress and liquidity challenges, proposing a large-scale SDG Stimulus package to invest in the Sustainable Development Goals (SDGs), while stressing the need for reform of the international financial architecture. Read more
Commonwealth and Caricom Secretariat running entrepreneurial skills scheme for 300 Caribbean youths
The Commonwealth: Entrepreneurial young people in the Caribbean are encouraged to apply for a six-month scheme offering bespoke business training and mentorship. Read more
Cuba reaffirms unconditional relations with Caricom
Jamaica Observer: Cuba on Wednesday reaffirmed its “unconditional and selfless friendship” with the Caribbean Community (Caricom), describing the regional integration grouping as a “vital exceptional institution”. Read more
Call for founding fathers of Caricom to receive region’s highest award
Jamaica Observer: The chairman of the Dr Eric Williams Memorial Committee, Reginald Vidale, is calling for the founding fathers of the regional integration movement, Caribbean Community (Caricom), to be given the region’s highest award posthumously as it celebrates the 50th anniversary of the Treaty of Chaguaramas. Read more
INTERNATIONAL NEWS
AfCFTA: We need business support to succeed
African Business: At the first AfCFTA Business Forum in Cape Town, the secretary-general said that the initiative can only succeed if it finds new ways to include the private sector. Read more
Africa’s trade too low: AfCFTA chief
Zimbabwe Independent: Wamkele Mene, the man who heads a new trade bloc that is working to build seamless trade networks for Africa’s economies, said last week the region’s contribution to global trade and gross domestic product (GDP) was too low. Read more
At 435%: Intra-African Trade Tariff Too High – Okonjo-Iweala
Leadership: Director general, World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said that the Intra African trade tariff is too high at 435 per cent and is detrimental to trade activities as well as the implementation of the African Continental Free Trade Area (AfCFTA). Read more
AfCFTA: Effective implementation and reforms to boost growth – IMF report
Africa News: successful African free trade area implementation could unlock major benefits for Africa in terms of income, jobs among other things, a report by IMF staff said. Read more
Afreximbank launches US$3 billion Country Programme with the Government of Kenya
AfriEximBank: The three-year Country Programme of up to US$3 billion will support viable trade and trade-related investments in Kenya in both the private and public sectors. The financing package will be implemented using several instruments, including loans, guarantee facilities, trade services, investment banking and advisory services. Read more
Sustainable trade, emerging tech to top next transatlantic summit’s agenda
Euractiv: The European Union and the US will strive to align on green tech, emerging technologies, and export control measures in a high-level meeting due later this month. The European Commission and the US administration are meeting on 30-31 May in Sweden for the fourth summit of the Trade and Technology Council (TTC), a platform for transatlantic alignment. Read more
Australia’s exports to China hit record high as relations thaw
CNN Business: Australia’s exports to China hit a record high in March, as Chinese buyers snapped up Australian commodities from coal to iron ore amid a thaw in bilateral relations. Read more
US trade deficit narrows sharply in March as exports rise
Reuters: The U.S. trade deficit narrowed sharply in March as exports increased, which could position trade to continue contributing to economic growth in the second quarter. Read more
Google, Amazon Lobbyists Helped US Shape New Indo-Pacific Trade Framework
FinancialPost: US trade officials have solicited the advice of lobbyists for Amazon.com Inc., Alphabet Inc.’s Google and other major technology companies to help craft the new Indo-Pacific trade framework. Read more
US trade officials concerned about China’s ‘economic coercion’ ahead of Apec trade meeting
SCMP: Christopher Wilson, assistant US Trade Representative, says US has ‘ongoing concerns about the misuse and manipulation of intellectual property’. Read more
33 Democrats urge ban on investor-state dispute provisions in all US trade deals
Reuters: Democratic U.S. lawmakers on Wednesday urged the U.S. Trade Representative and State Department to eliminate investor-state dispute settlement provisions from current and future trade deals and to intervene on behalf of Honduras against a U.S. company’s nearly $11 billion claim against the country. Read more
B.C. MP seeks ban on old-growth log exports by 2030
Northshore News: The motion, submitted by Liberal MP Patrick Weiler this week, aims to end old-growth logging on federal lands and halt the export of ancient logs and related products. Read more
India might lose its global rice market rank
Livemint: New Delhi: India’s rice exports are expected to decline in this financial year as the impact of export curbs starts showing. This may cause India to lose its position in the global trade market, exporters said. 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:
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