Tag Archives: Caribbean Trade & Development Digest

Caribbean Trade & Development Digest – January 1 – 13, 2019

Happy New Year! Welcome to the first Caribbean Trade & Development Digest for 2019! We do hope you all had an enjoyable holiday season! In this first edition for 2019, we are happy to bring you the latest trade and development news and analysis for  January 1-12, 2019

THIS WEEK’S HIGHLIGHTS

US and Chinese negotiators met in Beijing from January 7-9 for their first round of US-China trade talks since their declaration of a 90-day tariff truce in December last year. The US-China talks have been hailed as positive by both sides, but the two economic behemoths are still a long ways off from resolving their long-simmering trade differences. The USTR statement released following the conclusion of the talks may be read here, while a translated version of the statement released by China is available here.

While welcomed, the truce may be “too little, too late”. In its Global Economic Prospects – January 2019 report, ominously titled ‘Darkening Skies’, the World Bank has warned of a darkening outlook for the global economy in 2019 in the face of still elevated trade tensions and softening global trade and investment.

The Brexit chaos continues…The British House of Commons MPs last week voted to require the Prime Minister to present to Parliament a ‘Plan B’ within three-days if MPs reject the current Draft Withdrawal Agreement in their upcoming vote this Tuesday (January 15th). Labour Leader Jeremy Corbyn is calling for a general election to break the Brexit ‘deadlock’.

Regionally, Prime Minister of St. Kitts & Nevis, Dr. The Hon. Timothy Harris, has assumed chairmanship of CARICOM (January – June 2019) under the grouping’s rotating chairmanship. Dr. Harris’ New Year’s message as incoming chairman may be viewed here.

The CARICOM divide on the question of Venezuela has widened as some CARICOM Member States voted in favour of, and some against, an OAS Permanent Council resolution to not recognise the second term of Venezuelan President, Nicolas Maduro. Some CARICOM Member States abstained.

Several Caribbean offshore financial centres, including some British Overseas Territories, have been included in a blacklist by the Government of the Netherlands. The backlash by the countries unfairly named has been swift.

Below are the other major trade and development headlines from across the Caribbean region and the world for last week:

REGIONAL

Jamaica takes action to safeguard energy security

JIS News: In an effort to safeguard Jamaica’s energy security, the Government will take legislative action to retake ownership of the 49 per cent shares in Petrojam, which is held by the Venezuelan state-owned oil and natural gas company, PDV Caribe. Read more 

Joining WTO no ‘snap election’ decision

Tribune242: Jeffrey Beckles, the newly-appointed Chamber of Commerce chief executive, told Tribune Business that deciding whether or not it was in The Bahamas’ best interests to become a full World Trade Organisation (WTO) member was a decision that will impact all citizens “for the rest of our lives”. Read more

‘Buy Bahamian’ best defence under WTO

Tribune242: Zhivargo Laing, pictured, speaking as he unveiled The Bahamas’ initial goods and services offers that kickstarted the process of accession to full WTO membership, conceded that Bahamian manufacturers and other vulnerable industries would face intense pricing and other competitive pressures if they lost their existing tariff protection as a result. Read more 

Dutch blacklist unjustified diversion tactic

Caribbean News Now: The Cayman Islands government has accused The Netherlands of including the British territory on its separate blacklist as a way of diverting criticisms of its own tax practices by attacking legitimate tax regimes. Read more 

Regional trade with the US

Trinidad Guardian: T&T exporters to the US could lose up to US$400 million in special tariff benefits next year if the Caribbean Basin Trade Partnership Act (CBTPA) fails to be renewed when it crosses US President Donald Trump’s desk this year, senior trade consultants calculated last week. Read more 

Cuba to expand facilities for foreign trade

Caribbean News Now: Cuba will develop an integrated digital platform this year in order to facilitate foreign trade operations, which will be linked to the simplification of procedures for the export and import of goods. Read more 

Jamaica’s trade deficit with CARICOM widens

Jamaica Gleaner: Jamaica’s trade deficit with the Caribbean Community, (CARICOM), increased to US$351.2 million during the period January to October last year, according to the figures released by the Statistical Institute of Jamaica (STATIN). Read more 

EU provides millions in budgetary support to Montserrat

Caribbean360: The European Union has disbursed EC$17.55 million (US$6.5 million) to the Government of Montserrat as the first fixed tranche under the Multi Sector Sustainable Economic Development Budget Support Programme. Read more 

CARICOM remains divided on Venezuela

TV6: The Bahamas, Jamaica, Guyana, Haiti and St. Lucia supported an Organization of American States (OAS) resolution not recognising the legitimacy of Maduro’s second term as president of Venezuela, while Dominica, St. Vincent and the Grenadines and Suriname voted against the measure. Read more 

Venezuela plans to remap its offshore oil territory

Yahoo Finance: Venezuela will remap its Caribbean oil and gas prospects in a move that could further stoke a century-long border dispute with Guyana and collide with Exxon Mobil Corp.’s venture in the region, people with knowledge of the plan said. Read more

PM Skerrit wants a united approach to investment programme

Jamaica Gleaner: Prime Minister Roosevelt Skerrit has criticised the Organisation for Economic Cooperation and Development (OECD) for labelling several Caribbean countries as tax havens and called for a unified regional approach to deal with the Citizenship by Investment Programme (CBI). Read more 

Ross University Opens in Barbados and Officials Say the Spin-offs Will Benefit Local Education

Caribbean360: The opening of the Ross University School of Medicine’s main campus in Barbados is expected to bring with it a number of benefits to local health care and education. Read more 

Global coconut profile opening huge opportunity for Caribbean economies. But will they seize it?

Stabroek: What is being regarded globally as a breakthrough period for the coconut industry linked to skyrocketing demand for coconut water, oil and other products is being regarded as an opportunity for the region which it cannot afford to pass up. Read more 

Gonsalves reiterates call for unity 

Jamaica Gleaner: Prime Minister Dr Ralph Gonsalves yesterday reiterated a call for the Caribbean Community (Caricom) to adopt a united position regarding the European Union’s request that regional countries pass legislation to deal with what Europe has termed ‘economic substance”. Read more 

Sir Dennis praises Caribbean Court of Justice’s achievements

St Kitts & Nevis Observer: Former President of the Caribbean Court of Justice (CCJ), the Right Honourable Sir Dennis Byron, a native of St. Kitts and Nevis, has praised the accomplishments of the Trinidad-based court, which was established in 2005 to replace the London-based Judicial Committee of the Privy Council as the region’s final court and to function as an international tribunal interpreting the Revised Treaty of Chaguaramas that governs the regional integration movement. Read more 

INTERNATIONAL

Juncker hints at helping out Theresa May over Brexit deal 

The Guardian: has signalled that he will offer a last-minute helping hand to Theresa May in her bid to get her Brexit deal passed by MPs – but hinted at deep scepticism in Brussels at her chances of success. Read more

Macron vows to exclude UK creative industries from future EU deal 

Sunday Express: French President Emmanuel Macron has pledged to restrict market access to the European Union’s markets for Britain’s creative industry in order to protect “cultural diversity” in France. Read more 

US Recession Risks Hit Six-Year High Amidst Trade War and Shutdown 

Bloomberg: Economists put the risk of a U.S. recession at the highest in more than six years amid mounting dangers from financial markets, a trade war with China and the federal-government shutdown. Read more 

Air freight demand flat in November 

IATA: The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), was flat (0%) in November 2018, compared to the same period the year before. This was the slowest rate of growth recorded since March 2016, following 31 consecutive months of year-on-year increases. Read more 

Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

CNBC: In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns. Read more 

What is stopping India from joining RCEP trade deal?

Economic Times: If you have been paying attention to developments in global trade, you would already know that the contours of what is poised to become the world’s largest trading bloc is taking shape. India and 15 other nations in Asia and Asia-Pacific regions have been working to sew up contentious remaining areas, forge an agreement and put in place a deal by the end of 2019.  Read more

Design of single African Union passport for all to be unveiled this year

Euronews: The African Union (AU) is set to reveal the design of a passport for all countries, bringing the continent one step closer to completely free movement. Read more

US and China wrap up trade talks in Beijing. What happens next?

CNN: US and Chinese negotiators wrapped up three days of trade talks in Beijing on Wednesday as they seek a way out of the damaging trade war between the world’s two biggest economies. Read more 

New database of all subsidies investigated by EU

EU: The European Commission has made a new database of all its anti-subsidy investigations available on the DG Trade website. Read more

Storm Clouds are brewing for the global economy

World Bank: Growth in emerging market and developing economies is expected to remain flat in 2019. The pickup in economies that rely heavily on commodity exports is likely to be much slower than hoped for. Growth in many other economies is anticipated to decelerate. Read more 

WTO seeks to ban government raids on corporate data

Nikkei Asian Review: As countries such as China tighten control over information flowing across their borders, a group of World Trade Organization members led by the U.S., the European Union, Japan, Singapore and Australia will propose rules that prohibit excessive interference by governments into business-related data. Read more 

Carr to rejoin ‘like-minded’ for next talks on WTO reform at Davos

CBC (Canada): International Trade Diversification Minister Jim Carr’s office has confirmed he’s attending the next gathering of 13 members of the World Trade Organization looking to reform the institution in the face of ongoing threats to the rules-based multilateral trading system. Read more 

Europe ready to help with WTO reform

The Atlantic: A multilateral effort needs to be made to save the World Trade Organization (WTO), the European Union’s Commissioner for Trade Cecilia Malmström said at the Atlantic Council in Washington on January 10, noting that the twenty-four-year-old intergovernmental body to regulate international trade is “under increasing pressure.” Read more 

Brexit: Jeremy Corbyn demands election to ‘break deadlock’

BBC: Labour leader Jeremy Corbyn has stepped up calls for a general election “at the earliest opportunity” to “break the deadlock” over Brexit. Read more 

WTO NEWS

Philippines launches safeguard investigation on ceramic floor and wall tiles

WTO: On 11 January 2019, the Philippines notified the WTO’s Committee on Safeguards that it had decided to initiate on 20 December 2018 a safeguard investigation on ceramic floor and wall tiles. Read more

Venezuela initiates WTO dispute complaint against US measures on goods and services

WTO: Venezuela has requested WTO dispute consultations with the United States regarding US measures affecting goods and services of Venezuelan origin. Venezuela’s request was circulated to WTO members on 8 January. Read more

Turkey launches safeguard investigation on yarn of nylon or other polyamides

WTO: On 3 January 2019, Turkey notified the WTO’s Committee on Safeguards that it initiated on 30 December 2018 a safeguard investigation on yarn of nylon or other polyamides. Read more 

Madagascar launches safeguard investigation on detergent powder

WTO: On 7 January 2019, Madagascar notified the WTO’s Committee on Safeguards that it had decided to initiate on 31 December 2018 a safeguard investigation on detergent powder. Read more

NEW ON THE CTLD BLOG

In Has Canada become Collateral Damage in the US-China Trade War?, our frequent blog contributor, Renaldo Weekes, explores the case involving the arrest of Huawei’s CFO and whether Canada is an unwitting casualty of the US-China trade war.

Have a read of my first blog for the year, Global Trade Policy in 2019: What to Watch?taking a look at the major trade policy news from 2018 and what we’ll be keeping an eye on for 2019!

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 follow our blog.

Advertisements

Caribbean Trade & Development Digest – December 9-16, 2018 (Final for 2018)

Welcome to the final Caribbean Trade & Development Digest for 2018! We are happy to bring you the latest trade and development news and analysis for the week of December 9-16, 2018

As this will be our last edition for 2018, we take this opportunity to thank you for your readership over the past year and to wish you and yours the very best for the season! 

THIS WEEK’S HIGHLIGHTS

At COP24, nearly 200 countries have reached an agreement on the implementing guidelines – the ‘Rulebook’ –  for the operationalization of the Paris Agreement (2015). This agreement came on Saturday night, a day after the two week UN Climate Talks were scheduled to end.

The Brexit saga continued. UK Prime Minister Theresa May postponed a scheduled vote on her draft Withdrawal Agreement with the EU in the face of fervent political opposition, survived a confidence vote and  has been thus far unable to win additional concessions from the EU to placate MPs’ fears about the Withdrawal Agreement.

See my article with Dr. Jan Yves Remy, Deputy Director of the University of the West Indies’ Shridath Ramphal Centre, analysing what these latest Brexit political headwinds mean for CARIFORUM-UK trading relations!

Below are the other major trade and development headlines from across the Caribbean region and the world for last week:

REGIONAL

Antigua-Barbuda calls on WTO to reform dispute settlement body

Caribbean News Now: Antigua and Barbuda has officially intervened in the ongoing discussions concerning the reform of the Dispute Settlement Understanding of the World Trade Organisation (WTO). Read more 

Barbados Ambassador to Geneva sounds warning

CBC (Barbados): Ambassador Blackman was addressing the WTO’s General Council Meeting. He told the body Barbados continues to believe in the WTO’s rules based trading system, but the country remains concerned about the impasse in the selection process for Appellate Body members. Read more 

St Vincent becomes first OECS island to decriminalise marijuana

LoopT&T: Saint Vincent and the Grenadines (SVG) has made history as the first OECS Member State to decriminalise marijuana for medical purposes and scientific research. Read more 

CARICOM to review intra-regional transportation

LoopBarbados: Come next year, the Caribbean region will see a host of new measures, including improved intra-regional transportation. Read more 

Antigua Asks For Delay In Further Free Movement, Says It Already Has Large Numbers Of CARICOM Nationals

Antigua News Room: The Government of Antigua and Barbuda says it has asked to be excluded, for now from implementing measures under Caricom which would see free movement of more classes of people. Read more

CARICOM Secretary General holds talks with Aruba on associate membership

TV6 (Trinidad): The  Secretary-General of the Caribbean Community (CARICOM), Ambassador Irwin LaRocque  on Wednesday met with Prime Minister of Aruba Hon Evelyn Wever-Croes on Associate Membership in the 15 member regional grouping – the Caribbean Community (CARICOM)  for the Dutch Territory. Read more 

Regional Statement on the IPCC Special Report 

CARICOM Today: CARICOM ministers with responsibility for addressing climate change released a statement on the IPCC’s Special Report. Read more 

Belize accepts chairmanship of AOSIS

CARICOM: Belize’s acceptance of the chairmanship of AOSIS from the Maldives in January 2019. Belize will hold the chairmanship for two years to be followed by Antigua and Barbuda in 2021. Read more 

INTERNATIONAL

UK and Switzerland agree to transition trade agreement after Brexit

UK Government: The UK Government and the Swiss Federal Council have approved the transition of a trade agreement, allowing businesses to continue trading freely after the UK leaves the European Union. Read more 

Commission reports on trade negotiations with Australia, New Zealand and Indonesia

EU: As part of its commitment to transparency, the European Commission published today a report from the latest round of negotiations between the EU and Australia, as well as the EU’s six initial text proposals tabled during this round. Read more 

U.S. Rejects the EU’s Trade Reform Proposal, Putting WTO at Risk

Bloomberg: The U.S. rejected the European Union’s proposal to reform the World Trade Organization, dealing a blow to international efforts to bolster the Geneva-based body, which has come under attack from President Donald Trump’s administration. Read more 

EU-Japan trade agreement on track to enter into force in February 2019

EU: The European Commission welcomes today’s approval in the European Parliament of the EU-Japan Economic Partnership Agreement and the EU-Japan Strategic Partnership Agreement. Read more

China buys US soybeans for first time since trade war

BBC: China has bought US soybeans for the first time since the trade war between the two countries started in July. The country’s finance ministry also confirmed it would temporarily reduce tariffs on US car imports from 40% to 15%, beginning on 1 January. Read more 

Shipping costs from China to the US have more than doubled as trade war sparks a ‘bonanza’

CNBC: The price of shipping a container from China to the United States has risen dramatically in the last year due to uncertainty surrounding trade tensions between Washington and Beijing. Read more 

AEC pushes for an inclusive African Continental Free-Trade Agreement

African Review: A successful implementation of the African Continental Free Trade Area (AfCFTA) agreement cannot be achieved without the “people dimension,” ensuring that the integration process does not lead to widening inequalities or exclusion, the AEC Forum observed. Read more 

Appellate Body issues report on revised US “dolphin-safe” tuna labelling measure

WTO: On 14 December the Appellate Body issued its report in the cases brought by Mexico and the United States in “United States — Measures Concerning the Importation, Marketing and Sale of Tuna and Tuna Products — Second Recourse to Article 21.5 of the DSU by Mexico” (DS381). Read more 

India appeals panel ruling in dispute with Japan over safeguard duties on steel products

WTO: India filed an appeal on 14 December concerning the WTO panel report in the case brought by Japan in “India — Certain Measures on Imports of Iron and Steel Products” (DS518). The panel report was circulated to WTO members on 6 November. Read more 

Appellate Body issues report regarding Brazil tax measures

WTO: On 13 December the Appellate Body issued its report in the cases by the European Union and Japan in “Brazil — Certain Measures Concerning Taxation and Charges” (DS472 and DS497). Read more

Trade Policy Review Body: Overview of developments in the international trading environment

WTO: Speech by WTO Director General Roberto Azevedo. Read more.

WTO-World Bank joint publication highlights need for policies to maximize trade gains for extreme poor

WTO: Trade has made a significant contribution to poverty reduction but further integration of developing countries into international markets and policies to share the gains from trade more widely will be essential for further reducing poverty and ensuring that no one is left behind, according to a joint publication by the World Bank Group and the World Trade Organization launched today (11 December). Read more 

Report shows sharp rise in the coverage of trade-restrictive measures from WTO members

WTO: The Director-General’s annual overview on trade-related developments presented to members on 11 December at a meeting of the Trade Policy Review Body (TPRB) shows a significant increase in trade coverage of trade restrictive measures by WTO members from mid-October 2017 to mid-October 2018. Read more

EU parliament approves huge free trade deal with Japan

Japan Today: The European Parliament on Wednesday approved an accord with Japan that has been dubbed the world’s biggest trade deal, covering economies that represent a third of the world’s GDP. Read more

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 follow our blog.

Caribbean Trade and Development Digest – December 2-8, 2018

Welcome to the Caribbean Trade & Development Digest for the week of December 2-8, 2018! 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 HIGHLIGHTS

This week, CARICOM Heads of Government held a Special Session on the CARICOM Single Market and Economy (CSME) in Port of Spain, Trinidad. They issued the St. Ann’s Declaration on CSME in which they recommitted to the process of CSME implementation and outlined some key priority areas for implementation.

The CARICOM Competition Commission (CCC) has indicated that it is closely monitoring the proposed sale of Scotia Bank’s operations in several Caribbean jurisdictions to the Trinidad-based Republic Financial Group Ltd. Read the CCC’s full statement here.

Members of the European Parliament (MEPs) and parliamentarians from ACP countries held their  36th session of the Joint Parliamentary Assembly (JPA) in Cotonou, Benin. They adopted several resolutions, including their Declaration of the Co-Presidents on Post-Cotonou Negotiations on the occasion of the meeting of the 36th Joint Parliamentary Assembly

Below we share the other major trade and development headlines from across the Caribbean region and the world for last week:

REGIONAL

CARICOM to open government procurement to regional companies

LoopBarbados: A portal called CIMSuPro – the CARICOM Interactive Marketplace and Suspension Procedure – will be established as a managed market place for CARICOM companies to post their raw material, goods and services.  It would be made available to regional and global purchasers. Read more

More Categories of Workers to Be Granted Free Movement Within CARICOM

Caribbean360: More Caribbean Community (CARICOM) nationals are to be allowed to seek work in fellow member states, it has been revealed, as CARICOM leaders reaffirmed their commitment to the vision of free movement and a shared market space. Read more

CCJ Issues Record Number of Judgments in 2018

CARICOM: During 2018, the Caribbean Court of Justice (CCJ) issued 34 judgments and reasons for decision, its highest number of judgments delivered in a calendar year since it began its operations in 2005. Throughout that period, the CCJ also heard 28 new matters in both its Original and its Appellate Jurisdictions. Read more 

CARICOM Committee of Ambassadors charting enhanced role

CARICOM: CARICOM Secretary-General Ambassador Irwin LaRocque in welcome remarks, told the ambassadors their role, both individually as the link between the regional and the national, and as a constituent group within the governance structure of the Caribbean Community, assumes even greater significance in the renewed drive to implement the provisions of the CSME and other critical areas of the community’s work. Read more 

No plans for Jexit 

Jamaica Observer: Jamaica’s Prime Minister Andrew Holness yesterday reiterated that the decision to establish a commission to review his country’s relationship with the Caribbean Community (Caricom) was not intended to create an avenue for it to leave the 15-member regional integration movement. Read more

Tackle CSME Issues Head On, Urges CARICOM Chairman

Caribbean360: Caribbean Community (CARICOM) Chairman, Prime Minister Andrew Holness of Jamaica, has urged a “head on” approach to tackling of complex issues during the Special CARICOM Heads of Government Meeting on the CARICOM Single Market and Economy (CSME) underway in Trinidad and Tobago. Read more

Guyana pushes trade and investment at OIC meeting in Turkey

Caribbean News Now: Guyana attended the 34th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC), which was held last week in Istanbul, Turkey. Representing Guyana at the meeting was its permanent ambassador to the United Nations, Michael Ten-Pow, who promoted the opportunities for trade and investment in his country. Read more

Exxon Mobil could push Guyana past Mexico, Venezuela in oil output

Houston Chronicle: The small South American nation of Guyana could become the continent’s second-largest oil producer thanks to the offshore discoveries made by Exxon Mobil, according to a new report. Read more 

Sugar sales down, total exports down (Belize)

The Reporter (Belize): Revenue earned from sugar exports, Belize’s largest export earner, were down in the month of October, contributing largely to an overall decrease in export revenues of 5.1 percent, according to the Statistical Institute of Belize. Read more

Region’s Coconut Industry gets EDF boost

CARICOM: The coconut industry in Barbados and the rest of the Caribbean should soon be receiving a further boost. That is because the 11th European Development Fund (EDF) will be financing a second coconut project in the region. Read more 

Prensa Latina: The Caribbean Sugar Association (SAC) reported that its members met approximately 80 percent of Caricom”s raw sugar needs during 2017/18 harvest. Read more

IMF thumbs up for Barbados

Nation News (Barbados): The International Monetary Fund (IMF) likes the way the Barbados economy is being fixed, calling it an “excellent start”. Read more 

INTERNATIONAL

COP24 fails to adopt key scientific report

BBC: Attempts to incorporate a key scientific study into global climate talks in Poland have failed. The IPCC report on the impacts of a temperature rise of 1.5C, had a significant impact when it was launched last October. Read more 

Macron threatens to scupper EU-Mercosur trade deal over climate

Euractiv: French President Emmanuel Macron has warned that he will oppose a trade deal between the EU and Mercosur if Brazil’s incoming far-right president pulls his country out of the Paris Agreement. Read more 

Mercosur and EU trade negotiators meet in Brasilia

The Rio Times: The foreign ministers of Mercosur and EU members are meeting in Brasilia on Thursday (December 6th) in an effort to advance the partnership agreement between the two economic blocs. This is the first time Mercosur and the UE are meeting after statements made by France’s Macron caused tension and doubt about the partnership. Read more 

Why Qatar left OPEC

Al Jazeera: Explaining the motivation behind the decision, Saad Sherida al-Kaabi, Qatar’s minister of state for energy affairs and president and CEO of Qatar Petroleum, said that Qatar’s exit from OPEC “is not political, it was purely a business decision for Qatar’s future strategy towards the energy sector.” Read more 

RCEP: Experts to evaluate pact to strengthen India’s position

Hindu Business Line: To sharpen India’s bargaining position in the Regional Comprehensive Economic Partnership (RCEP), which is being negotiated among 16 countries, the Commerce Ministry has roped in experts from academic institutions and think-tanks to carry out a detailed study of the pact and give their recommendations. Read more 

#ACPEU – MEPS agree on a partnership tailored to international context

EU Reporter: During the 36th session of the Joint Parliamentary Assembly (JPA), which took place from 3 to 5 December in Cotonou (Benin), Members of the European Parliament and their counterparts from 78 African, Caribbean and Pacific (ACP) countries debated and adopted several resolutions. Read more 

Japan-EU trade pact clears hurdle on road to Feb. 1 start

Nikkei Asian Review: Japan’s parliament approved an economic partnership agreement with the European Union early Saturday, keeping one of the world’s biggest free trade zones on course to take effect Feb. 1. Read more 

EU agrees post-Brexit import quotas for other WTO members

Reuters: The European Union endorsed on Friday new tariff rate quotas (TRQs) that the bloc will apply mainly for agricultural products coming from other World Trade Organization members after Brexit. Read more 

Britons scramble to get E.U. passports before Brexit

NBC: With the U.K. due to leave the European Union in March, the demand among Britons for citizenship and passports from the other 27 countries in the bloc has skyrocketed. Read more

DG Azevêdo in US: This is a “once-in-a-generation opportunity” to renew trading system

WTO: Speaking in Washington DC on 5 December, Director-General Roberto Azevêdo said that WTO members have “a once-in-a-generation opportunity to renew the trading system”. He argued that in responding to the range of challenges in the global trading system today, momentum was building towards strengthening and improving the work of the WTO. The Director-General was speaking at the National Foreign Trade Council’s annual World Trade Dinner. Read more 

Argentina initiates WTO dispute complaint against Peruvian measures on biodiesel imports

WTO: Argentina has requested WTO dispute consultations with Peru concerning anti-dumping and countervailing measures imposed by Peru on biodiesel imports from Argentina. Argentina’s request was circulated to WTO members on 5 December. Read more 

Panels established to review India, Swiss complaints against US tariffs

WTO: At its meeting on 4 December, the WTO’s Dispute Settlement Body (DSB) agreed to requests from India and Switzerland for the establishment of panels to examine tariffs imposed by the United States on steel and aluminium imports. Read more 

United Kingdom submits draft post-Brexit services commitments to WTO

WTO: WTO members received today, 3 December 2018, the United Kingdom’s draft schedule outlining its WTO commitments for services once the UK leaves the European Union. Members now have 45 days to review the schedule before certification. Read more 

China confirms its working on independent WTO reform

Asia Times: China is planning to put forward an independent proposal to promote WTO reform, Yicai.com reported, citing a government official and several sources. Read more

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 follow our blog.

Caribbean Trade & Development Digest – November 25 – December 1, 2018

Welcome to the Caribbean Trade & Development Digest for the week of November 25-December 1, 2018! 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 HIGHLIGHTS

This week, leaders of the EU-27 at their summit in Brussels approved the draft Brexit deal struck between the UK and EU. Ahead of the UK parliamentary vote later this month, Prime Minister Theresa May has been trying to sell the deal to UK parliamentarians and the UK public alike, including in a public letter to the nation.

G20 leaders met in Buenos Aires from November 30-December 2 for the group’s thirteenth summit and its first held in a South American country. Specifically, the leaders noted the following at paragraph 27 of their declaration:

International trade and investment are important engines of growth, productivity, innovation, job creation and development. We recognize the contribution that the multilateral trading system has made to that end. The system is currently falling short of its objectives and there is room for improvement. We therefore support the necessary reform of the WTO to improve its functioning. We will review progress at our next Summit.

On the sidelines of the G20 Summit, the leaders of the US, Mexico and Canada signed the US-Mexico-Canada Agreement (USMCA), meant to replace NAFTA. The deal now needs domestic ratification.

In regional news, The Bank of Nova Scotia (Scotia Bank), announced its withdrawal from nine Caribbean countries. Its operations are being sold to the Trinidad-based financial services group, Republic Financial Holdings. This move has raised concern in several of the affected countries.

Some sad news is that the Geneva-based International Centre for Trade and Sustainable Development (ICTSD) closed its doors this week. Through its publications, the ICTSD was a reliable source for free, timely, high quality and cutting-edge trade reporting and analysis relied on by trade and development academics, practitioners and policymakers alike. Their presence will indeed be missed.

Please see below some of the other major headlines:

REGIONAL

T&T to host special CSME meeting in December

LoopTT: Trinidad and Tobago will host a Special Meeting of the Heads of Government of the Caribbean Community (CARICOM) from December 3 to 4 which will focus on the CARICOM Single Market and Economy (CSME).  Read more 

Takeover of Scotiabank likely to be raised in caucus at special CARICOM meeting

Stabroek: Republic Bank’s planned acquisition of Scotiabank’s operations in Guyana and eight Caribbean countries is not on the agenda of the upcoming special meeting of the Caribbean Community Heads of Government on the CARICOM Single Market and Economy (CSME) but Foreign Affairs Minister Carl Greenidge expects that it will be raised in caucus. Read more 

Republic Financial Holdings to acquire Scotiabank in nine Caribbean countries

Nation News: Republic Financial Holdings Limited (RFHL) announced today, that it has entered into an agreement to acquire Scotiabank’s banking operations in Guyana, St Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. Read more 

Josie Warns Of Potential For Dire Consequences From Scotiabank Sale

St Lucia Times: Former government minister, Peter Josie, has warned of potential dire consequences from a decision by Scotiabank to exit nine Caribbean countries, including Saint Lucia. Read more

 

CARICOM Sugar Industries prepared to supply total regional demand

RJR News: The Sugar Association of  the Caribbean has stated that for the 2017/18 crop, its members met 80 per cent of  the brown sugar needs of  Caribbean Community (CARICOM). Read more 

T&T can lose CARICOM market for fuel

Trinidad Guardian: T&T faces the pos­si­bil­i­ty of los­ing Cari­com mar­kets for the ex­port of fu­el as the price of fu­el com­ing out of T&T is like­ly to in­crease. Read more 

Cuba’s most valuable exports: its doctors

TRT World: Cuba over the last 50 years has honed in on its medical expertise to be able to punch above its weight in the international arena and garner soft power. Cuba has begun to withdraw more than 8,300 Cuban doctors from Brazil, potentially leaving millions of Brazilians, particularly its indigenous communities, without access to basic healthcare. Read more

CARICOM Leaders claim T&T has unfair advantage in manufacturing sector

Power 102 FM: Prime Minister, Dr Keith Rowley, says CARICOM leaders believe this country has an unfair advantage in the manufacturing sector because it benefits from lower electricity rates. Read more

CARICOM calls for seat on ICAO council

Stabroek: CARICOM is calling for a seat on the Council of the International Civil Aviation Organization (ICAO) as a means of having its concerns properly represented. Read more 

CARICOM highlights work against gender violence in the region

Prensa Latina: The Secretary General of the Caribbean Community (Caricom), Irwin LaRocque, highlighted on Sunday the important work being done in the region against gender violence. Read more 

CARICOM Secretary General describes new management system

CARICOM: A detailed update on the new Results-Based Management (RBM) System being pursued by the Caribbean Community (CARICOM) Secretariat was described by Deputy Secretary-General, Ambassador Dr. Manorma Soeknandan during a courtesy visit with Prime Minister Dr. the Honourable Timothy Harris. Read more 

US Government makes US$1 million computer equipment to CARICOM IMPACS

Bajan Reporter: U.S. Embassy Bridgetown, through its Office of International Narcotics and Law Enforcement Affairs (INL), participated in an official handover ceremony to commemorate the Government of the United States of America’s U.S. $1 million computer equipment donation to the CARICOM IMPACS/Joint Regional Communication Centre (JRCC). Read more 

INTERNATIONAL

G20 agreement backs ‘rules-based’ order but bows to Trump on trade reforms

The Guardian: World leaders have signed off on an agreement which reaffirms a basic commitment by the world’s biggest economies to multilateral trade and a “rules-based international order”, but bows to US demands for urgent reform of the World Trade Organisation (WTO). Read more 

G20: US and China agree to suspend new trade tariffs

BBC: US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks, the US says. Read more

WTO reform: EU proposes way forward on the functioning of the Appellate Body

EU: The EU together with other members of the World Trade Organisation (WTO) – Australia, Canada, China, Iceland, India, Korea, Mexico, New Zealand, Norway, Singapore and Switzerland – unveiled a proposal for concrete changes to overcome the current deadlock in the WTO Appellate Body. The proposal will be presented at the meeting of the WTO General Council on 12 December. Read more

USTR Statement on China’s Auto Tariffs

USTR: U.S. Trade Representative Robert Lighthizer released a statement regarding China’s tariffs on U.S.-produced automobiles. Read more

Brexit: Trump says May’s Brexit plan could hurt UK-US trade deal

BBC: Donald Trump has suggested Theresa May’s Brexit agreement could threaten a US-UK trade deal. The US president told reporters the withdrawal agreement “sounds like a great deal for the EU” and meant the UK might not be able to trade with the US. Read more

Argentina, India agree to increase trade flows

Prensa Latina: Argentine President Mauricio Macri and India”s Prime Minister Narendra Modi pledged on Saturday to increase trade flow on several fronts and delved into the possibility that Argentina exports lithium to India. Read more

EU leaders agree UK’s Brexit deal at Brussels summit

BBC: EU leaders have approved an agreement on the UK’s withdrawal and future relations – insisting it is the “best and only deal possible”. Read more 

U.S., Mexico and Canada ink new trade agreement, but final ratification remains big hurdle

USA Today: President Donald Trump and the leaders of Mexico and Canada signed a revised trade pact Friday that changes many of the rules governing the free flow of commercial goods across North America.  Read more 

After signing new North American trade pact at G-20, Trump turns sights to China

Washington Post: President Trump suggested his Saturday showdown with Chinese President Xi Jinping could produce a cease-fire in the tariff war, capping a day that saw the American leader reach a milestone in his populist economic crusade by signing a regional trade deal with Mexico and Canada. Read more

Parties to government procurement pact approve UK’s terms of participation post-Brexit

WTO: At a meeting of the WTO’s Committee on Government Procurement on 27 November 2018, parties to the Government Procurement Agreement (GPA) approved in principle the United Kingdom’s final market access offer to take part in the GPA, in its own right, following its departure from the European Union. Read more

New WTO publication analyses potential impact of Blockchain on international trade

WTO: Amid growing interest and debate on Blockchain, the WTO launched a new publication today (27 November) that seeks to demystify the technology and analyse its capacity to transform world trade. The publication entitled “Can Blockchain revolutionize international trade?” explores how the technology could enhance areas related to WTO work and examines challenges that will have to be tackled to unlock the technology’s potential. Read more 

World Trade Outlook Indicator signals further loss of momentum in trade growth into Q4

WTO: Trade growth is likely to slow further into the fourth quarter of 2018 according to the WTO’s latest World Trade Outlook Indicator (WTOI) released on 26 November. The most recent WTO reading of 98.6 is the lowest since October 2016 and reflects declines in all component indices. It is below the previous value of 100.3 and falls under the baseline value of 100 for the index, signalling that trade growth in the coming months is expected to be below-trend. Read more 

Unlocking Africa’s trade potential

Forbes Africa: The African Export-Import Bank (Afreximbank) has identified intra-African trade as a critical factor for unlocking Africa’s trade potential. Read more 

Study: Trade supports over 36 million jobs across the EU

EU: Two new studies published today by the European Commission highlight the increasing importance of EU exports for job opportunities in Europe and beyond. Read more 

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 follow our blog.

Caribbean Trade and Development Digest – November 18 – 24, 2018

Welcome to the Caribbean Trade & Development Digest for the week of November 18-24, 2018! 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 HIGHLIGHTS

This was another busy week in trade news! The WTO published its report on G20 trade measures showing that trade restrictive measures have increased significantly. The EU Summit saw the approval by EU leaders of the UK-EU Brexit Withdrawal Agreement but the agreement still has several other hurdles to overcome, including approval by the UK parliament where it remains deeply unpopular.

Please see below some of the other major headlines:

REGIONAL

Barbados overhauls corporate tax regime, slashes tax rate on local companies more than 20 per cent

Caribbean360: Barbados will harmonise its domestic and international corporation tax regimes by December 31, 2018, slashing the tax burden for some local companies by up to 29 per cent. Read more

Guyana and the EU reach an agreement to promote trade in legal timber products and improve forest governance

Antigua Observer: Guyana and the European Union (EU) have concluded a six-year process of negotiations towards a Voluntary Partnership Agreement (VPA), which aims to improve the application of forest laws, strengthen forest governance and promote trade in legal wood products. Read more 

Glasgow University To Pay Reparations For £200m Extracted From Region

Jamaica Gleaner: Vice Chancellor of The University of the West Indies (UWI) Sir Hilary Beckles has reported that The University of Glasgow in the United Kingdom (UK) has agreed to pay reparations for £200 million (approximately J$34 billion) taken from the Caribbean. Read more 

Bahamas’ WTO membership is no “fait accompli”

Tribune 242: The Government’s chief World Trade Organisation (WTO) negotiator yesterday said The Bahamas’ accession was no “fait accompli”, telling accountants: “I’m not tied to any outcome.” Read more 

Bahamas Chamber hires consultant for WTO Impact analysis

Tribune 242: The Bahamas Chamber of Commerce has hired Oxford Economics to study the likely economic impact of this nation’s accession to full World Trade Organisation (WTO) membership. Read more 

UK Hydrographic Office presents Guyana with marine geospatial data

Government of the UK: UKHO presents Guyanese Government with findings from a recent seabed mapping campaign to support the sustainable growth of its blue economy. Read more 

Full CSME implementation needs to be advanced in light of global trade wars – CARICOM

CARICOM: The CARICOM Single Market and Economy (CSME) could be used to insulate the region from the fallout of escalating global trade wars suggests the CARICOM Secretary-General. Read more

CARICOM Development funds must be replenished soon 

Loop News Barbados: The CARICOM Development Fund (CDF) has stimulated higher incomes and expanded trade for the Caribbean region. However, you cannot pour from an empty cup, therefore members states are being urged to put their monies forward to ensure the Fund can continue to deliver for the islands, and can look into forging partnerships to garner more benefits for small and medium enterprises as well. Read more 

CARICOM Looking To Re-Introduce Single Security Check

St Lucia Times: The Caribbean Community (CARICOM) is seeking to re-introduce the single security check for direct transit passengers on multi-stop intra-community flights. Read more 

 

INTERNATIONAL 

EU leaders agree UK’s Brexit deal

BBC: EU leaders have approved an agreement on the UK’s withdrawal and future relations – insisting it is the “best and only deal possible”. Read more 

China is paying for Most of Trump’sTrade War, Research says 

Bloomberg: President Donald Trump is succeeding in making China pay most of the cost of his trade war.That’s the conclusion of a new paper from EconPol Europe, a network of researchers in the European Union. Read more

Africa-China trade hits $230bn

Business Report: Over the past decade China’s trade with Africa increased from $100 billion (R1.4 trillion) in 2007 to $230bn by the end of 2017. Read more 

Africa: Trade Misinvoicing Costs South Africa U.S.$7.4 Billion in Tax a Year

All Africa: While SARS is scrambling to meet collection targets, a new report estimates the country lost $37-billion in revenue to trade misinvoicing in five years. Trade misinvoicing is thought to be the largest component of illicit financial flows, draining developing countries of much-needed finances. Read more 

Trudeau meets key trade partners to talk about future of Pacific trade deal

Toronto City News: Prime Minister Justin Trudeau is spending his last day at a major economic summit meeting with two key trading allies across the Pacific in the shadow of an ongoing trade war between the world’s two biggest economies. Read more 

Investors hope for trade war ceasefire at G20 summit

The Guardian: There are hopes, however limited, that the meeting between the two leaders in Buenos Aires will result in a calming of tensions which have so far resulted in huge share price drops, most notably in US tech stocks. Read more 

India seeks binding commitments to simplify services trade in RCEP 
Economic Times: India has asked 15 Asia-Pacific countries to make “binding and commercially meaningful” commitments to simplify trade in information technology and business services aimed at easing movement of skilled professionals in the proposed Regional Comprehensive Economic Partnership (RCEP) agreement being negotiated. Read more

Panels established to review US steel and aluminium tariffs, countermeasures on US imports

WTO: At its meeting on 21 November, the WTO’s Dispute Settlement Body (DSB) agreed to requests from seven members for the establishment of panels to examine tariffs imposed by the United States on steel and aluminium imports. Read more 

WTO report shows sharp rise in trade-restrictive measures from G20 economies

WTO: The WTO’s 20th monitoring report on Group of 20 (G20) trade measures issued on 22 November shows that the amount of trade covered by new import-restrictive measures hit a new high during the current reporting period.  Read more 

WTO, UNCTAD, ITC sign MoU to provide businesses with better access to trade data

WTO: The WTO, the United Nations Conference on Trade and Development (UNCTAD) and the International Trade Centre (ITC) signed today (23 November) a Memorandum of Understanding to advance the development of an online platform — the Global Trade Helpdesk — aimed at providing businesses, and particularly small businesses, with faster and easier access to trade data and information on potential export markets. Read more 

Items proposed for consideration at the next meeting of the Dispute Settlement Body

WTO: The WTO Secretariat has circulated a meeting notice and list of items proposed for the next meeting, on 4 December 2018, of the Dispute Settlement Body, which consists of all WTO members and oversees legal disputes among them. Read more 

Morocco files appeal against panel ruling in dispute with Turkey over steel duties

WTO: Morocco filed an appeal on 20 November concerning the WTO panel report in the case brought by Turkey in “Morocco — Anti-dumping Measures on Certain Hot-Rolled Steel from Turkey” (DS513). The panel report was circulated to WTO members on 31 October. Read more

Panama files appeal against compliance panel ruling in dispute with Colombia over import measures

WTO: Panama filed an appeal on 20 November concerning the WTO compliance panel report in the case “Colombia — Measures Relating to the Importation of Textiles, Apparel and Footwear (Recourse to Article 21.5 of the DSU by Colombia and Panama)” (DS461). The compliance panel report was circulated to WTO members on 5 October. Read more

WTO members review regional trade agreements covering EU, Ghana and EAEU

WTO: WTO members reviewed the interim Economic Partnership Agreement between the European Union and Ghana at the 19 November meeting of the Committee on Regional Trade Agreements. Members also considered the Eurasian Economic Union (EAEU) treaty and EAEU accessions of Armenia and the Kyrgyz Republic. Read more

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 follow our blog.

Caribbean Trade & Development Digest – October 28 – November 3, 2018

Welcome to the Caribbean Trade & Development Digest for the week of October 28-November 3, 2018! 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 HIGHLIGHTS

Caribbean trade officials and experts met in Guyana this week to discuss emerging trade issues, while Barbados hosted Africa, Caribbean, Pacific (ACP) private sector consultations.  On the Brexit front, business leaders in the UK are calling for a new EU referendum. The EU is reportedly revising its WTO reform proposals released in September in order to gain US support.

Please have a read of the week’s other headlines below:

REGIONAL

What’s at stake as EU, Africa, Caribbean, Pacific, negotiate new accord

Devex: After years of preparation and posturing, negotiations on the new relationship between the European Union and 79 African, Caribbean, and Pacific states are finally underway. Read more 

OECD support on economic citizenship programmes unreasonable, says OECS

Caribbean News Now: The Organisation of Eastern Caribbean States (OECS) Authority, the highest decision-making body of the nine-member sub-regional bloc, has responded to the recent Organization for Economic Cooperation and Development (OECD) report that listed five of its members for tax evasion concerns with regard their citizenship by investment (CBI) programmes. Read more 

OECS to establish a diplomatic presence in Africa

Searchlight: Eastern Caribbean States will soon have a strong diplomatic presence on the world’s second largest continent, Africa. This decision was made on Tuesday, during the 66th meeting of the OECS Authority, which took place in St Vincent and the Grenadines at Beachcombers Hotel. Read more 

OECS to hold Blue Economy Seminars in Member States

St Lucia Online: Transitioning to a Blue Economy is critical to ensuring continued economic growth in the Organisation of Eastern Caribbean States (OECS), given that the marine space of small island states is significantly larger than their land mass and clearly a substantial asset. Read more 

TCI needs UK letter of approval to start APIS with CARICOM

Magnetic Media: The United Kingdom has to give the Turks and Caicos permission to continue on its path to having APIS or the Advanced Passenger Information System with its country partners in CARICOM. Read more 

Caribbean countries discuss global trade challenges

Commonwealth: Caribbean countries of the Commonwealth met in Georgetown, Guyana this week to deliberate on how to respond to major shifts in the global trade landscape. Read more 

Guyana trade mission jets into Aberdeen

Energy Voice: A trade mission from Guyana will visit Aberdeen later this month to foster business links with north-east oil and gas companies. Read more 

Guyana/China MOU signals “unfettered” partnership in every possible area

Kaieteur News: Finally, the APNU+AFC Government has released the Memorandum of Understanding (MOU) that Minister of Foreign Affairs, Carl Greenidge, signed with China to facilitate the infamous Belt and Road Initiative. The MOU was signed on July 27, last. Read more 

CARICOM countries join call for US to lift embargo against Cuba

RJR: Two days after the House of Representatives in Jamaica approved a resolution calling for the lifting of the economic, commercial and financial blockade imposed on Cuba by the US, other CARICOM countries have taken a similar stance. Read more 

INTERNATIONAL

Vietnam is winning the US-China trade war

Foreign Policy: The facts on the ground are clear; Vietnam, once dependent on garments and other cheap exports, has begun to rival China’s tech sector. And with Asian businesspeople increasingly resigned to a protracted trade war between Washington and Beijing, firms are more eager than ever to escape tariffs by relocating to China’s smaller southern neighbor. Read more

Pacific-Rim trade deal to kick in December

CBC (Canada): U.S. President Donald Trump tried to kill it, but the Trans-Pacific Partnership wouldn’t stay dead. Less than two years after the U.S. withdrew from the landmark Pacific Rim trade deal it once saw as key to an Asian trade strategy, six of the remaining countries have ratified it. Read more 

Future economy minister says Mercosur is not a priority for Bolsonaro

Mercopress: Mercosur is not a priority, and Argentina is not a priority for the new government of Brazil, the priority is to trade with all the world. The strong statement came from Paulo Guedes, signaled as the next Finance minister of president elect Jair Bolsonaro’s cabinet and a crucial player in that team since the newly elected leader has admitted a limited knowledge of economics. Read more 

US attacks UK plan for digital services tax on tech giants 

BBC: The US has hit back against a UK plan to impose a new tax on sales by technology giants. Read more

US, China ‘not on the cusp of’ trade deal: White House advisor

Reuters: The United States and China are not close to a deal to resolve their trade differences, the White House’s top economic adviser said on Friday, adding that he was less optimistic than previously that such an agreement would come together. Read more

USTR to hold hearing in December over trade talks with Japan

Japan Times: The Office of the U.S. Trade Representative will hold a hearing on Dec. 10 regarding bilateral trade negotiations with Japan that Washington plans to launch in mid-January, according to the Federal Register. Read more

Trump vows close ties with Brazil’s Bolsonaro on trade, military

Reuters: The United States will work closely with Brazil on trade and military issues following Jair Bolsonaro’s presidential election victory, U.S. President Donald Trump said on Monday. Read more 

Alibaba launched Africa’s first electronic trade platform

Africa News: Chinese e-commerce giant Alibaba on Wednesday launched Africa’s first Electronic World Trade Platform (eWTP) at a special ceremony in Kigali, Rwanda. Read more 

Critics of EU-Mercosur deal name conditions for support

Swissinfo.ch: A coalition of Swiss farming organisations, consumers and NGOs says it is in favour of a free trade agreement between Switzerland and the four Mercosur countries: Argentina, Brazil, Uruguay and Paraguay. But it is demanding binding criteria concerning sustainability.  Read more 

Continental free trade agreement bodes well for future of trade policy across Africa

Business Day: On March 21 2018, 44 African countries signed the African Union’s continental free trade agreement (Acfta). The AU aims to use the agreement as a conduit for the creation of a single market and customs union on the continent, akin to the trade blocs established by the EU. Read more 

EU-Africa trade will only blossom when all are treated as equals

The East African: China’s use of trade and investment links to expand its influence in Africa is fuelling growing concern in some European capitals. But, instead of complaining about China’s activities, the European Union should be deepening its own engagement with the continent. Read more 

Nigeria is set to host Africa Trade Forum 2018

African Review: The Africa Trade Forum 2018, set to take place on 2-3 November 2018 in Lagos, will discuss the process for realising the African Continental Free Trade Area (AfCFTA). Read more 

Dairy farmers ‘very disappointed’ with USMCA

South Western Ontario:  Very disappointing was how Dairy Farmers of Ontario spokesperson Ralph Dietrich described the pending United States-Mexico-Canada trade agreement. Read more 

Commonwealth concerned at technological gap in trade

St. Lucia Online: A senior official of the London-based Commonwealth Secretariat says efforts are being made to bridge the technological gap in trade. Read more

RP-US bilateral trade agreement

Manila Standard: As the Philippines is about to renew its bilateral trade agreement with the US, President Duterte has expressed concern that concluding a free trade agreement with the US might jeopardize our bilateral relations with China and with the Asean where we currently enjoy robust trade relations. Read more 

India, China to undertake joint research on WTO reforms

Economic Times: India and China Thursday agreed to undertake joint research in the areas of WTO reforms, urbanisation and frontier technologies with a view to enhancing economic cooperation between the countries, an official statement said. Read more

Report: EU trade agreements deliver on growth and jobs, support sustainable development

EU: According to the second annual report about the implementation of trade agreements issued today, these agreements – covering nearly 70 markets all over the world – are proving effective in removing barriers to trade and promoting high standards of labour and environment protection. Read more 

Brexit: Relations ‘fraying’ between Britain and Ireland

BBC: The Irish prime minister says Brexit is fraying relations between Ireland and Britain. Taoiseach Leo Varadkar said it had also “undermined” the Good Friday Agreement (GFA). Read more 

Brexit: Business leaders call for new EU referendum

BBC: More than 70 business leaders have signed a letter to the Sunday Times calling for a public vote on the UK’s Brexit deal. Read more 

Minister Pato signs ACP administrative cooperative agreement

ACP Secretariat: Papua New Guinea has taken steps to strengthen and deepen its Economic Partnership Agreement (EPA) with the EU and other ACP states that have similar trading arrangements. Read more 

EU Revises Plan to Fix WTO in Bid to Get U.S. on Board

Bloomberg: The European Union is revamping its plan to reform the World Trade Organization in an effort to win support from the U.S., according to two people briefed on the process. Read more 

Women-supporting trade policies need better data, experts say

UNCTAD: The idea that governments around the world must support women as traders, workers and entrepreneurs to drive international commerce has been recognized in several multilateral agendas in recent years, but experts say that a data gap needs to be filled before the most effective policies can be designed. Read more 

WTO members discuss implementation of the Information Technology Agreement

WTO: Implementation issues concerning India and China were flagged once more at the Committee meeting. WTO members raised concerns about the import duties that India has introduced on mobile phones and their parts, which members consider to be covered by the ITA. Read more

Panels established to examine Pakistani duties on film, Korean duties on steel

WTO: At a meeting of the WTO’s Dispute Settlement Body (DSB) on 29 October, WTO members agreed to a request from the United Arab Emirates for the establishment of a panel to examine anti-dumping duties imposed by Pakistan on biaxially oriented polypropylene from the UAE as well as a request from Japan for a panel to examine anti-dumping duties imposed on stainless steel bar from Japan. Read more

White House officials are pushing back on the idea that a trade deal with China is imminent

CNBC: For a brief moment Friday, there was optimism in the market that the Trump administration was getting closer to a trade deal with China. But administration officials are telling CNBC that there is no indication of an imminent agreement. Read more 

RCEP nations unlikely to reach agreement this year

Japan Times: The 16 mostly Asian countries negotiating what will be the world’s largest free trade area might not be able to achieve their target of a substantive deal by the year’s end, an official source familiar with the talks has said. Read more

Philippines, Japan eye inclusion of e-commerce

Business Inquirer: Japan might include e-commerce under its free trade deal with the Philippines as both sides review the merits of the nearly decade-old agreement. Read more

NEW ON CTLD BLOG

Jamaica remains easiest place in CARICOM to do business, according to World Bank Doing Business Report 2019

Could Promoting Bilingualism Give Caribbean Countries a Trade and Investment Advantage?

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 follow our blog.

Caribbean Trade & Development Digest – October 21 – 27, 2018

Welcome to the Caribbean Trade & Development Digest for the week of October 21-27, 2018! 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 HIGHLIGHTS

The main headline this week was the Ottawa Ministerial Meeting on World Trade Organisation (WTO) reform held in Ottawa, Canada, from October 24-25 and chaired by Canada’s Minister of Trade International Trade Diversification, the Honourable Jim Carr. Ministers and Heads of Delegation from thirteen other ‘likeminded’ countries joined with Canada to discuss proposals on the way forward for strengthening and modernising the world’s multilateral trade body. The WTO’s Director General Roberto Azevedo also attended the meeting at the invitation of the organisers. The joint communique from this meeting may be found here. Canada has also released a discussion paper with its ideas for WTO reform, which may be found here.

Please have a read of the week’s other headlines below:

REGIONAL

Phillips Says Global Anti-Immigration Policies A Threat To Caribbean Progress

Jamaica Gleaner: Opposition Leader and People’s National Party (PNP) President Dr Peter Phillips today warned that Caribbean progress was under threat from a rise in anti-immigration policies in rich countries. Read more 

The Dominican Republic helps mango producers double exports

FreshPlaza: The Dominican Government through the Ministry of Agriculture and the Special Fund for Agricultural Development (FEDA) contributed more than 130 million pesos for the construction and equipping of a modern hydrothermal treatment plant to the Banileja Association of Mango Producers (ABAPROMANGO) with the objective of doubling fruit exports next year. Read more

CARICOM Secretariat releases biodiversity management score card

Caribbean News Now: The Caribbean Community (CARICOM) has recorded a significant milestone with the release of a report on the state of biodiversity management in the region. Read more

Why British trade with Africa, Caribbean and Pacific nations can boom after Brexit

Gov.UK: UK Trade Policy Minister, George Hollingbery, spoke in Brussels to representatives from the African, Caribbean and Pacific group of states on why British trade with ACP nations can boom after Brexit. Read here.

RI takes first jab at Indonesia-Caribbean relations

The Jakarta Post: Following President Joko “Jokowi” Widodo’s orders to explore non-traditional trade markets, the government has moved to facilitate business-to-business talks between Indonesia and 15 countries joined in Caribbean Community (CARICOM). Read more 

Taiwanese business delegation visits St Lucia for investment and trade opportunities

Caribbean News Now: A business delegation from Taiwan arrived in Saint Lucia on October 24, 2018, to explore investment opportunities and engage potential business partners in Saint Lucia. Read more 

CTO Secretary General says complacency puts Caribbean people and economies at risk

Caribbean360: Secretary General of the Caribbean Tourism Organization (CTO) Hugh Riley has called on Caribbean states to take tsunami preparedness seriously, stating to do otherwise would put the people and regional economies at risk. Read more

IMF says recovery in Latin America and the Caribbean has lost momentum

Caribbean360: The International Monetary Fund’s Regional Economic Outlook for the Western Hemisphere has marked down its growth forecasts for Latin America and the Caribbean to 1.2 per cent in 2018 and 2.2 per cent in 2019, from the May 2018 forecasts of 2.0 per cent and 2.8 per cent, respectively. Read more

INTERNATIONAL

Vanuatu Trade Policy Review

WTO: The Pacific island nation of Vanuatu had its first review of its trade policies and practices which took place October 23 and 25. Read more 

Asia-Europe Meetings Close With Calls for Supporting WTO, Multilateralism

ICTSD Bridges: The 12th Asia-Europe Meeting (ASEM) came to a close last week in Brussels, Belgium, where leaders from 51 countries examined options for greater cooperation on supporting the multilateral trading system, improving climate action, and otherwise backing multilateralism and shared policy objectives.  Read more 

EU, US Officials Consider Approaches, Objectives for Trade Negotiating Outcomes

ICTSD Bridges: Three months after US and EU leaders agreed to launch an “Executive Working Group” to tackle a series of trade issues, questions over how future talks will proceed and what those efforts will cover substantively remain, with trade officials offering differing public assessments in recent weeks. Read more 

Russia seeks to capitalise on Brexit after blocking Liam Fox’s WTO plan

The Guardian: Russia is among 20 countries that are looking to squeeze a commercial advantage from Brexit after blocking an attempt by the international trade secretary, Liam Fox, to fast-track a World Trade Organization deal on the UK’s terms of trade with the world. Read more 

UK signals failure of bid for quick Brexit transition at WTO

Reuters: Britain signalled on Thursday that its attempt to seal terms for its post-Brexit membership of the World Trade Organization by a fast-track procedure had failed, and it must now enter negotiations which are likely to be lengthy. Read more 

DDG Wolff: “It is essential that the WTO adapts to future changes in world trade”

WTO: In a lecture delivered to the Academy of Economic Studies in Chișinău, Moldova, on 24 October 2018, Deputy Director-General Alan Wolff said that much in the world of trade will change going forward, largely due to the emergence of new technologies. Read more 

Subsidies Committee members express concerns on lack of notifications

WTO: Members of the WTO’s Committee on Subsidies and Countervailing Measures expressed concerns at their special meeting on 23 October about the failure of many members to notify the Committee of subsidy programmes. Read more

Canada ratifies Pacific rim deal 

CTV: A bill to enact a new trade pact with Pacific Rim countries has passed the legislative finish line, making Canada one of the first countries to ratify the 11-country deal. Read more 

Chilean Senate approves deepening of free trade agreement with China

Santiago Times: This week the Chilean Senate approved the protocol of deepening the Free Trade Agreement with China, a fact that the Minister of Foreign Affairs, Roberto Ampuero, described as “very good news.” Read more 

Will Trump push for an ‘America first’ trade agreement in Asia modelled on his new Nafta deal?

South China Morning Post: US President Donald Trump seeks to redefine all major free-trade agreements on the basis of US economic and geopolitical leverage. In these efforts, the United States-Mexico-Canada Agreement (USMCA) is likely to serve as a blueprint. Read more 

EU and Indonesia complete sixth round of negotiations for a trade agreement

EU: The sixth round of negotiations for an EU-Indonesia free trade agreement took place from 15 to 19 October in Palembang, Indonesia. Read more 

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 follow our blog.

« Older Entries