Caribbean Trade Law and Development

Tag: Caribbean Trade & Development Digest

  • Caribbean Trade & Development Digest – March 3-9, 2019

    Caribbean Trade & Development Digest – March 3-9, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of March 3-9, 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.

    REGIONAL

    Saint Vincent and the Grenadines increases export of livestock in 2019

    OECS: SVG is known internationally for it’s beautiful chain of islands, but is also taking the Caricom region by storm, as the island witnesses significant increases in fish and livestock exports. Read more 

    Renewed Calls To Do More To Protect Conch

    Tribune242: There are renewed calls for conch protection measures from environmentalists, including banning the exportation of conch meat and ramping up efforts to tackle the “scourge” of poaching. Read more 

    US to allow lawsuits against Cuban firms, foreign businesses excluded for now

    CNN: US citizens and companies with claims to Cuban property will soon be allowed to sue Cuban entities, according to a senior State Department official. But foreign businesses operating on the island will be excluded from any lawsuits under the decision to partially suspend Title III of the Libertad Act. Read more

    Guadeloupe to accede to associate membership of OECS at Opening Ceremony for Special Meeting of OECS Authority on March 14, 2019

    OECS: The OECS Authority is scheduled to meet in special session in Guadeloupe on 14-15 March 2019 at which time Guadeloupe will be admitted as an associate member of the Organisation. Read more 

    National Puerto Rican Chamber of Commerce among entities pushing for passage of North American trade agreement.

    Caribbean Business: The Pass USMCA Coalition, an alliance advocating for the passage of the United States-Mexico-Canada Agreement, welcomed the National Association of Manufacturers, Domino’s Pizza, Dow, and the National Puerto Rican Chamber of Commerce as its newest members. Read more 

    Export development workshop held today in Corozal

    Breaking Belize News: The Ministry of Investment, Trade, and Commerce announced that as part of a major deliverable under this consultancy, it is hosting a Validation Workshop of a “Draft Regional Economic Development Master Plan for Corozal” that looks at two main components under the consultancy: I. Free Zone review and repurposing and II. The preparation of an Economic Development Master Plan for the Corozal Region. Read more 

    Barbados dismisses claims that island could suffer as a result of CSME requirement

    TV6: Barbados has dismissed as “propaganda”, claims that the island could suffer a social fallout as a result of the implementation of the Protocol of Contingent Rights that allows for spouses, young children and dependent parents of skilled Caribbean Community (CARICOM) nationals to reside here. Read more 

    All CSME Member States Sign on to Contingent Rights Protocol

    Caribbean360: Member States that are participating in the CARICOM Single Market and Economy (CSME) have all signed on to the Protocol on Contingent Rights and most of them are prepared to immediately begin provisional application of the Protocol. Read more

    Caricom grants deferral to two member countries on freedom of movement

    Jamaica Observer: Two Caribbean Community (Caricom) countries have been granted a five-year deferral on the freedom of movement of Caribbean nationals under the Caricom Single Market and Economy (CSME) that allows for the free movement of goods, skills, labour and services across the 15-member grouping, Trinidad and Tobago Prime Minister Dr Keith Rowley has said. Read more 

    PROCOMER Will Promote Export Competencies in Businessmen of the Caribbean Region

    Costa Rica News: With the objective of developing export capacities for entrepreneurs in the agricultural, food, and logistics services sectors, the Office of the Costa Rican Foreign Trade Promotor (PROCOMER) in the Huetar Caribe region prepares the 5th edition of the Caribbean Business Meeting. It will take place on March 20th and 21st, 2019, starting at 8:00 am, at the EARTH University of Guácimo. Read more 

    Oil import bill on the increase 

    Barbados Advocate: AFTER declines in recent years, Barbados’ oil import bill is back up in the air.This increasingly high bill of more than $700 million last year was one of the challenges which continued to confront the Barbados economy in 2018. Read more 

    INTERNATIONAL

    The Kiwi leading the fight to fix the WTO

    Newsroom: With a critical component of the international trading system at risk of collapse, a New Zealander has been tasked with helping to avert crisis. Sam Sachdeva speaks to David Walker about the task ahead of him. Read more

    Malaysia says EU palm oil curbs lack scientific proof, breach WTO rules

    Reuters: A European Union proposal to limit the use of palm oil lacks comprehensive scientific evidence and breaches global trade rules, Malaysia’s marketing agency for the edible oil said on Friday. Read more 

    Kenya negotiating AGOA extension despite low exports

    The Star: The government is negotiating for a post Africa Growth and Opportunity Act (AGOA) initiative to grow exports to US. AGOA was enacted in May 2000 and now has seven years to 2025 after its renewal, under which the country is to export duty-free products. Read more 

    Americans will need a visa to visit 22 countries in Europe starting in 2021

    Insider: In two years, Americans will need to apply for something called ETIAS (European Travel Information and Authorization System) in order to enter the continent. The European Commission says the new visas will be enforced as an effort to upgrade international security, effective January 1, 2021. Read more 

    Liam Fox: I fear Brexit may never happen

    BBC: A cabinet Brexiteer has voiced fears that Remain supporters in parliament will seek to overturn the referendum result over the next week. Liam Fox told BBC Newsnight that a large number of MPs want to keep the UK “locked in the EU”, adding there needs to be an end to the “self-induced pessimism” which is denying the opportunities offered by Brexit. Read more 

    UK and South Africa to co-lead initiative on digital trade, aiming to boost Commonwealth trade to $2tn

    UK Government: The Commonwealth initiative will seek to increase prosperity in least developed and developing countries through digital trade. Read more 

    Malmström calls for renewed transatlantic cooperation on trade

    EU: EU Trade Commissioner Cecilia Malmström appealed to the US not to stray from the international trade order and instead work with Europe to face the challenges of the modern global economy, including China. Updating the World Trade Organisation (WTO) should be at the heart of this rejuvenated reform effort, she argued. Read more 

    Trade agreement between the EU and the Republic of Korea shown to have increased EU exports by 76%

    EU: A European Commission evaluation shows that the trade agreement between the EU and Korea has been effective in making trade and investment easier, simpler and less costly. This in turn increased trade in both goods and services between the two sides, contributing to jobs, growth and more consumer choice. Read more 

    Foreign Investment Screening: new European framework to enter into force in April 2019

    EU: The Council of the EU today approved a new framework to screen foreign direct investments coming into the European Union, thus concluding the legislative process on this proposal. Read more 

    China’s foreign investment law to usher in new chapter of opening up

    ECNS: With a new draft foreign investment law submitted to national lawmakers for a third reading, China is a big step closer to adopting a unified “fundamental law” that will better protect foreign investors and start a new chapter for its opening up. Read more 

    Mercosur hopes to become main food supplier of ASEAN

    Saigon Online: The South American trade bloc Mercosur hopes to become a main food supplier of the Association of Southeast Asian Nations (ASEAN) in the next 50 years, according to President of the Mercosur-ASEAN Chamber of Commerce Rodolfo Caffaro. Read more 

    Trade barriers stall Asean integration, say experts

    The Nation: ASEAN integration is “not going anywhere” if trade regulations between Asean countries are not reformed, a recent forum heard. Read more 

    In Blow to Trump, America’s Trade Deficit in Goods Hits Record $891 Billion

    New York Times: America’s trade deficit in goods with the rest of the world rose to its highest level in history last year as the United States imported a record number of products, including from China, widening the deficit to $891.3 billion and delivering a setback to President Trump’s goal of narrowing that gap. Read more

    Europe Trade Czar Warns of ‘Tariffs on Day 1’ After Hard Brexit

    Bloomberg: The European Union’s top trade official warned that the U.K.’s impending exit from the bloc risks being “chaotic’’ with some of the EU’s other member states still not prepared for the practical realities of a no-deal Brexit that may be just three weeks away. Read more 

    Kenya bank to open office in China to facilitate Sino-Africa trade

    Business Report: Kenya Commercial Bank (KCB), a regional financial institution, plans to open a representative office in China in order to lower cost of Sino-Africa trade, officials said Wednesday. Read more 

    Brexit: Will it affect the Kenyan flower trade?

    BBC: As Britain prepares to leave the European Union, workers in Kenya’s flower industry are closely monitoring developments. Read more

    EU trade chief says no support in Europe for US trade deal that includes agriculture

    Independent (Ireland): The European Union will not support a comprehensive trade deal with the United States that includes agriculture, the EU’s top trade negotiator said on Thursday, so she is working toward a narrower deal focused on industrial goods and automobiles. Read more 

    A key measure of global trade just had its biggest tumble since 2015

    Business Insider: Air freight has been weakening since mid-2018 due to “protectionist measures and trade tensions,” according to the International Air Transport Association director general and CEO. Read more 

    Venezuelan Diaspora May Number 8 Million by Next Year, Group Says

    Bloomberg: More than 3.4 million Venezuelans have already fled in the most severe migration crisis in the world after Syria, the study found. This diaspora will swell to 5.4 million by the end of this year, and to 7.5 million to 8.2 million by the end of 2020, according to the OAS. Read more 

    Ports That Boomed on China May Never Be the Same as Trade Shifts

    Bloomberg: An industry that saw dramatic growth in the decade before Donald Trump took office is now concerned his administration’s trade tussle with China, and the lack of a deal with Japan, will cut future growth short. Read more 

    Big Brexit vote: What do I need to know?

    BBC: On Tuesday MPs will pass their verdict on Prime Minister Theresa May’s plan to take Britain out of the European Union on 29 March. Here is what you need to know about the vote. Read more 

    China Export Slump Adds to Concerns Over Weakening Global Growth

    Bloomberg: China’s exports slumped in February as seasonal factory shutdowns and continued uncertainty from the trade war combined to drag on shipments, adding to concerns over a weakening global economy. Read more

    US to Suspend India’s Preferential Tariff Status

    Times of India: The US decision to withdraw GSP benefits from India will not have a significant impact on Indian exports to US, says top official. Read more 

    India, Australia locked in sugar trade dispute at WTO

    Livemint: India has to enter into consultations and answer all the specific issues within 30 days after Australia told the World Trade Organization (WTO) that the minimum support prices (MSP) and export subsidies provided to sugarcane and sugar producers by the Narendra Modi government and several state governments violate global trade rules. Read more

    US-Mexico-Canada trade deal is ‘crucial’ for future negotiations and needs to get approved: GOP congressman

    CNBC: The trade deal between the United States, Canada and Mexico is crucial for future trade agreements and needs to be “put on the books,” Rep. Tom Reed, R-N.Y., told CNBC on Thursday. Read more 

    Peru Moves to Ratify Asia-Pacific Trade Agreement in March

    Bloomberg Tax: Peru expects to ratify an 11-nation Asia-Pacific trade agreement in March, slightly more than a year after it was signed. Read more

    WTO NEWS

    Trade and gender training, new research and EIF initiative announced on Women’s Day at WTO

    Director-General Roberto Azevêdo announced new efforts for women’s economic empowerment through trade, including a training module and new research on trade, gender and the environment, at an event at the WTO celebrating International Women’s Day on 8 March 2019. Read more 

    “Gender issues are central to who we are,” says DG Azevêdo on Women’s Day

    At an event at the WTO celebrating International Women’s Day on 8 March 2019, Director-General Roberto Azevêdo reviewed the organization’s current work in trade and gender, and talked about future work and initiatives. “Gender issues are central to who we are as an organization,” he said in opening the event. Read more

    Brazil, Australia initiate WTO dispute complaints against Indian sugar subsidies

    Brazil and Australia have requested WTO dispute consultations with India regarding domestic support measures and alleged export subsidies provided by India to producers of sugarcane and sugar. The requests were circulated to WTO members on 5 and 7 March. Read more 

    Trade Policy Review: Ecuador

    The third review of the trade policies and practices of Ecuador takes place on 5 and 7 March 2019. The basis for the review is a report by the WTO Secretariat and a report by the Government of Ecuador. Read more 

    South Africa launches safeguard investigation on threaded fasteners of iron or steel

    On 4 March 2019, South Africa notified the WTO’s Committee on Safeguards that it initiated on 1 March 2019 a safeguard investigation on threaded fasteners of iron or steel. Read more 

    DG Azevêdo urges open and inclusive discussions on investment facilitation

    Speaking at a meeting of the Structured Discussions On Investment Facilitation for Development on 4 March, WTO Director-General Roberto Azevêdo welcomed the progress made in the talks. He said participants have proceeded in an open and transparent manner and urged them to keep working to inform and interact with the full membership. Read more 

    NEW ON THE CTLD BLOG

    In commemoration of International Women’s Day 2019, I co-authored an article with Dr. Jan Yves Remy, Deputy Director of the University of the West Indies’ Shridath Ramphal Centre for International Trade Law, Policy & Services, discussing the importance of accelerating gender mainstreaming in CARICOM trade policies in order to foster inclusive development. Have a read here: Accelerating Gender Mainstreaming in CARICOM Trade Policy

    Also feel free to take a look at my other commentary this week: CARICOM Protocol on Contingent Rights: An important Step to CSME Consolidation

    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 – February 24 – March 2, 2019

    Caribbean Trade and Development Digest – February 24 – March 2, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of February 24-March 2, 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 HIGHLIGHTS

    The Government of Belize this week launched its first National Trade Policy 2019-2030. The full text of the policy may be viewed here.

    Meanwhile, the US released its 2019 Trade Policy Agenda and 2018 Annual Report, in which it warned, inter alia, that “we will not allow the WTO Appellate Body and dispute settlement system to force the United States into a straitjacket of obligations to which we never agreed”.

    CARICOM Heads of Government held their 30th Inter-sessional Meeting this week (February 26-27, 2019) in St. Kitts & Nevis. Agenda items included transportation, the CSME, security, blacklisting and the situation in Venezuela. The communique may be read here.

    Two Caribbean representatives (one from Barbados and the other from Jamaica) are among the list of chairpersons for WTO bodies released by the World Trade Organisation (WTO) on February 28, 2019.

    REGIONAL 

    Amnesty for Venezuelans in Trinidad & Tobago

    St Lucia Online: Cabinet will meet on a policy position for illegal and legal Venezuelans in Trinidad and Tobago to be allowed an amnesty where they will be given ID cards and allowed to work in the country for one year. Read more 

    CARICOM food import bill set to reach US$8-10 billion by 2020

    Stabroek: For all the talk in the Caribbean regarding the relatively food secure status of many of the territories, the real picture is not one that generates unbridled optimism according to an article headlined “Five Overlooked Facts About Caribbean Food Security” authored by the Barbadian writer, Daphne Ewing-Chow, and published on February 20th in Forbes magazine. Read more 

    White House to announce new sanctions on Cuba over Maduro support, source says

    Fox News: The White House will soon impose major new sanctions against the Cuban government over its support for the regime of contested Venezuelan President Nicolas Maduro, a source familiar with President Trump’s national security team told Fox News. Read more 

    CARICOM Says EU’s Shifting Tax Compliance Requirements Encroaching on CARICOM’s Sovereignty

    Caribbean360: Caribbean Community (CARICOM) Secretary-General Ambassador Irwin LaRocque has expressed strong disquiet that the constantly shifting parameters for good tax governance set out by the European Union (EU), are encroaching on the region’s sovereignty. Read more

    CARICOM among four major markets targeted by Jamaica Ministry of Agriculture

    Jamaica Observer: Industry, Commerce, Agriculture and Fisheries Minister, Audley Shaw, says CARICOM is among four major markets being targeted, under the Government’s thrust to attain higher levels of economic growth, through the linkage between agriculture and industry. Read more 

    USTDA Supports Port Cybersecurity in the Dominican Republic

    BN Americas: Last week, the U.S. Trade and Development Agency awarded a technical assistance grant to Fundación Ramon E. Mella (FRM), a maritime and port organization in the Dominican Republic. The grant will support the development of a national cybersecurity risk assessment, reporting, and management capability platform for port facilities across the Dominican Republic. Read more 

    CARICOM Integration advances: All CSME Participating Member States now Signatories to Contingent Rights Protocol

    CARICOM: Chairman of the Caribbean Community (CARICOM) and Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, highlighted the gains made towards the regional integration movement, particularly through the signing of the Protocol of Contingent Rights by all CARICOM Member States, as one of the success stories coming out of the 30th Inter-Sessional Meeting of the Conference of Heads of Government, held at the St. Kitts Marriott Resort, Frigate Bay, from February 26-27. Read more 

    CARICOM Discussions Highlight Concerns about Single Market and Economy

    The Bahamas Chronicle: Efforts to strengthen the advancement of the Caribbean Community (CARICOM) Single Market and Economy (CSME) will continue following recent developments that promote the free movement of people, goods, services and capital, and robust discussions slated for the (CARICOM) 30th Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM). Read more 

    CARICOM countries sign multilateral air services agreement

    St Kitts & Nevis Observer: Several CARICOM Member States including Dominica, Grenada, Jamaica and Trinidad and Tobago, have signed the Multilateral Air Services Agreement (MASA), aimed at expanding the scope for airlines owned by CARICOM nations to provide air services throughout the Community. Read more 

    Belize’s exports second lowest in 15 years

    Breaking Belize News: Belize’s export revenues for the year 2018 amounted to just under $399 million, making it the second lowest amount earned from exports since the $380 million in 2003 according to the Statistical Institute of Belize’s Annual Export Reports 2003 to 2018. Read more 

    INTERNATIONAL

    Reforming the WTO: The Swiss View

    Swissinfo.ch: The crisis-hit World Trade Organization (WTO) is going through difficult times. World leaders have committed to an overhaul of the Geneva-based institution, but it is unclear what the future holds. Swiss ambassador to the WTO Didier Chambovey link gives his view.  Read more

    Australia set to seal Indonesia free trade agreement

    Australia Financial Review: A long-anticipated free trade agreement with Indonesia will be signed in Jakarta on Monday, ending more than eight years of negotiations and offering new economic opportunities for industries including the country’s citrus farmers. Read more 

    ‘India should cut car tariffs for free trade agreement with EU’

    MENA FM – Gulf Times: The proposed India-EU free trade agreement (FTA) cannot be finalised without an Indian commitment to lower import duties on cars and car parts since this is a politically sensitive issue in the European Union (EU), the EU Ambassador to India Tomasz Kozlowski said in New Delhi on Friday. Read more 

    Mexico pushing labour reform, won’t ratify new NAFTA with U.S. tariffs in place

    CBC: Mexico’s Congress will be asked to approve a major labour reform bill this spring as a necessary step to ratifying the new North American free trade pact later this autumn, say Mexican officials. Read more 

    Trump said trade wars are ‘easy to win.’ A year later, here’s a timeline of what’s happened with China

    CNBC: A year ago, President Donald Trump declared “trade wars are good and easy to win.” The White House has since moved toward its goal of revamping global trade deals, largely through a series of tariffs on — and talks with — China. Read more

    U.S., China Are Close to Trade Deal That May End American Tariffs

    Bloomberg: Most or all U.S. tariffs on China are likely to be lifted as part of a trade deal between the world’s two largest economies now in its final stages, said two people familiar with the discussions. Read more 

    International business engagement key to future of trade, ICC Sec Gen

    ICC: Speaking at a conference on current challenges to global trade in Lisbon this week, International Chamber of Commerce (ICC) Secretary General John W.H. Denton AO said business could not afford to sit on the sidelines when it came to global challenges, including reform of the multilateral trade system. Read more

    Thailand to apply to join trans-Pacific FTA this month: official

    The Mainichi: Thailand will apply this month to join a trans-Pacific free trade agreement, aiming to ensure it is not left behind by its competitors in the vibrant region, according to a senior Thai government official. Read more 

    New Zealand’s Two-way trade with CPTPP countries nears $50 billion

    Scoop New Zealand: New Zealand’s two-way trade with the combined Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries was $49.6 billion in the December 2018 year, Stats NZ said today. Read more 

    New push for Asia-Pacific mega deal

    Nikkei Asian Review: Ministers from Asia’s leading economies met here to renew their pursuit of a sweeping regional trade deal as an easing of tensions between the U.S. and China gives momentum to multilateral negotiations. Read more 

    Michel Barnier casts doubt on whether UK will leave EU on March 29

    ITV News: Michel Barnier has indicated he does not believe the UK will have enough time to approve Theresa May’s Withdrawal Agreement by March 29. Read more 

    WTO: India insists on flexibilities in negotiations on fisheries subsidies

    Hindu Business Line: India has insisted that larger developing countries should also be extended flexibilities at the fisheries negotiations of the World Trade Organisation that would allow them to retain some subsidy programmes important for small-scale fishers. Read more

    The Commission reinforces procedural rights of parties in EU trade defence investigations

    EU: The Commission has today updated the terms of reference for the Hearing Officer for trade defence proceedings, the independent watchdog that guarantees fairness and impartiality of EU anti-dumping and anti-subsidy cases. Read more 

    EU and New Zealand complete third round of trade negotiations

    EU: Trade negotiators from New Zealand were in Brussels from 18-22 February 2019 for the third round of negotiations for a trade agreement with the EU. Read more 

    U.S. says rejects WTO’s ‘straitjacket’ of trade obligations

    Reuters: The Trump administration filed another salvo at the World Trade Organization on Friday, saying U.S. trade policy was not going to be dictated by the international body and defending its use of tariffs to pressure China and other trade partners. Read more

    EU grants Ghana €40 million under Economic Partnership Agreement

    Business Ghana: The government has signed a €40-million budget support agreement with the European Union (EU). The grant is to support the country’s national development framework, which focuses on jobs as a means to create prosperity and opportunity for all, thereby contributing to the achievement of the Sustainable Development Goals (SDGs). Read more 

    WTO NEWS

    WTO issues panel report regarding Chinese agricultural subsidies

    WTO: On 28 February the WTO circulated the panel report in the case brought by the United States in “China — Domestic Support for Agricultural Producers” (DS511). Read more 

    Summary of General Council meeting of 28 February 2019

    WTO: Report by the Chairman of the Trade Negotiations Committee and Report by the Director-General. Read more 

    DDG Wolff: More institutional cooperation is needed to address shortages of trade finance

    WTO: Speaking to the Expert Group on Trade Finance at the WTO on 28 February, Deputy Director-General Alan Wolff called on the trade finance community to build on the significant progress in recent years in reducing trade finance gaps in developing countries. Read more 

    DG Azevêdo: “The time is now to confront systemic challenges”

    WTO: At a meeting of the full WTO membership today (27 February), Director-General Roberto Azevêdo commented on the emerging debate on ‘WTO reform’, acknowledging the variety of views held by members and arguing that the trading system must be able to evolve if it is to have a bright future. Read more 

    Tunisia initiates new WTO dispute complaint against Morocco book duties

    WTO: Tunisia has requested WTO dispute consultations with Morocco concerning final anti-dumping duties imposed by Morocco on imports of school exercise books from Tunisia. The request was circulated to WTO members on 27 February. Read more Read more 

    UK set to become a party to the Government Procurement Agreement in its own right

    WTO: Parties to the Government Procurement Agreement (GPA) gave their final approval to the United Kingdom’s accession to the pact, in its own right, once it leaves the European Union. At a meeting of the WTO’s Committee on Government Procurement on 27 February, the GPA parties also agreed to grant Paraguay observer status. Read more 

    EIF strategic plan seeks to help least developed countries gain more from trade

    WTO: A new Strategic Plan launched by the Enhanced Integrated Framework (EIF) seeks to deepen efforts to assist least developed countries (LDCs) benefit from trade. The goals of the new plan are to improve the trade environment for LDCs so there is inclusive and sustainable growth, and to increase their exports and access to international markets. Read more 

    Members consider Thai request for panel to rule on Turkish air conditioner duties

    WTO: At a meeting of the Dispute Settlement Body (DSB) on 25 February, WTO members considered Thailand’s request for the establishment of a dispute panel to rule on duties levied by Turkey on imported Thai air conditioners. Members also renewed their discussions on resolving their differences over the appointment of Appellate Body members and heard from several members regarding their efforts to implement WTO rulings. Read more 

    NEW ON THE CTLD BLOG

    My latest commentary is on future CARICOM-US relations beyond the Caribbean Basin Initiative (CBI): Future CARICOM-US Trading Relations Beyond the Caribbean Basin Initiative. 

    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 – February 17- 23, 2019

    Caribbean Trade & Development Digest – February 17- 23, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of February 17-23, 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 HIGHLIGHTS

    The World Trade Organisation (WTO) has warned that “trade weakness is likely to extend into the first quarter of 2019”. This is based on its trade indicator whose reading is currently the weakest since March 2010. Read more here.

    UNCTAD has released an article taking stock of the current level of ratification, implementation notifications, and transparency obligations of the Trade Facilitation Agreement and may be viewed here.

    20190223_193111.jpgRegionally, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), Dr. Mukhisa Kituyi, presented a lecture in Barbados entitled “The Role of UNCTAD in Trade and Development in the Caribbean”. The lecture was a collaboration between the Shridath Ramphal Centre for International Trade Law, Policy and Services of the University of the West Indies’ Cave Hill Campus and the Ministry of Foreign Affairs and Foreign Trade of Barbados. The Secretary General touched, inter alia, on the current challenges facing the multilateral system, challenges facing small States and the current ACP-EU negotiations.

     

    REGIONAL

    Bahamas Must Benefit In WTO Sector Openings

    Tribune242: The Bahamas will only open up industries to foreign competitors under the WTO if doing so generates “real economic opportunities” for this nation, its chief negotiator asserted yesterday. Read more

    Trade arrangements with EU to remain in place for now

    Barbados Today: As the date for the United Kingdom’s withdrawal from the European Union (EU), commonly referred to as Brexit, draws nearer, Barbados and other Commonwealth countries have been reassured that current trading arrangements with the EU will remain in place for the foreseeable future. Read more

    Bahamas Urged To Target Fatf Escape

    Tribune 242: The Bahamas has been urged to “prioritise” escaping the Financial Action Task Force’s (FATF) monitoring list as all its recent woes “flow” from this. Read more 

    Regional Transportation, CSME among matters for CARICOM Heads’ attention

    CARICOM Today: Enhancing regional air and maritime transportation and further advancing the CARICOM Single Market and Economy (CSME) are among matters for deliberation when CARICOM Heads of Government hold their 30th Inter-Sessional Meeting in Basseterre, St. Kitts and Nevis, 26-27 February. Read more

    Trade License Reform Coming in 2020 in Belize

    Breaking Belize News: Businesses countrywide can look forward to more predictability with regards to paying their trade licenses thanks to a new regime coming next year, according to Belize City Mayor Bernard Wagner. Read more 

    INTERNATIONAL

    New AU trade observatory to support implementation of AfCFTA

    The New Times: The African Union Commission (AUC), the European Commission (EU), and the International Trade Centre have set up the ‘African Union Trade Observatory’ expected to accelerate the implementation of one of the continent’s flagship projects – the African Continental Free Trade Area (AfCFTA). Read more 

    Eswatini bids to host AfCFTA secretariat

    African Daily Voice: The Kingdom of Eswatini government has made a bid to host the upcoming Africa Continental Free Trade Area (AfCFTA) secretariat. Read more 

    Pacific Trade Agreement Triggers IP Overhaul in Vietnam

    Bloomberg: The Pacific trade pact is expected to give Vietnam a complete intellectual property makeover, covering everything from fast-food chains to patented inventions, even those owned by U.S. firms. Read more 

    India, EMs make case for special treatment at WTO

    Livemint: India, along with China, South Africa and Venezuela, has insisted on continuing with the special and differential (S&D) treatment for developing countries at the World Trade Organization (WTO), countering efforts of the US, which is seeking equal treatment for all members at the multilateral trade body. Read more

    India refuses to join e-commerce talks at WTO, says rules to hurt country

    Business Standard: The government believes the push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties. Read more 

    Half of Canadian executives say old NAFTA better for our economy than USMCA

    Financial Post: Half the executives surveyed for the inaugural FP500/Forum Research Business Barometer poll say they think the original North American Free Trade Agreement was better for the Canadian economy. Read more

    UK and US agree post-Brexit derivatives trading deal

    The Guardian: In a joint announcement heralded as a sign of the special relationship between the UK and the US, the two countries said they would take every step to ensure the continued trading of derivatives across the Atlantic under every Brexit eventuality. Read more

    Brexit: UK-US agree to preserve trading arrangements

    BBC: The UK has struck a deal with the US to preserve £12.8bn of trade after Brexit.The mutual recognition agreement replicates the current deal between the EU and US on technical standards for exported goods. Read more 

     

    WTO NEWS

    WTO trade indicator points to slower trade growth into first quarter of 2019

    WTO: Trade weakness is likely to extend into the first quarter of 2019, according to the WTO’s latest World Trade Outlook Indicator (WTOI) released on 19 February. The simultaneous decline of several trade-related indicators should put policy makers on guard for a sharper slowdown should the current trade tensions remain unresolved. 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 – February 10-16, 2019

    Caribbean Trade & Development Digest – February 10-16, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of February 10-16, 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 HIGHLIGHTS

    Nine countries, including the US, Russia and the EU, approved an international agreement banning commercial vessels from fishing in the Arctic Sea for sixteen years in an effort to preserve the environment of the Arctic Sea.

    The US-China trade talks continued this week. Meanwhile, US President Trump may possibly be considering an extension to the 90-day truce agreed by the two behemoths in December 2018, which is supposed to end March 1.

    With Brexit only a month or so away,  UK Prime Minister Theresa May suffered yet another defeat in parliament when MPs voted 303 to 258 against endorsing her government’s Brexit negotiating strategy. While not binding, it is a further sign of declining confidence in the May Government’s handling of Brexit.

    Turning regionally, IMF Deputy Managing Director Tao Zhang gave a speech in Grenada entitled “Building Resilience to Natural Disasters and Climate Change in Grenada and the Caribbean”. Have a read here.

    REGIONAL

    T&T Ministry working with USDA to stop inferior chicken imports

    LoopTT: Government is now working with the US Department of Agriculture to stop the importation old, inferior chicken into Trinidad and Tobago, after reports that old, substandard chicken was being sold locally.  Read more 

    Guyana: No foreign exchange shortage but fewer US notes in circulation

    Demerara Waves: The Governor of the Bank of Guyana, Dr. Gobin Ganga, has assured that there is no shortage of foreign currency to transact international business such as wire transfers, but there are fewer United States (US) notes circulating at cambios and commercial banks partly because the increasing number of foreign workers are buying up the bills. Read more

    Republic of China (Taiwan) donates to trade development in Belize

    LoveFM: The Republic of China (Taiwan) is one of the country’s staunch allies that continues to contribute to Belize’s development. Their latest contribution comes in the form of sixty thousand US dollars earmarked for trade development. Read more 

    BNSI proposes introduction of front-of-pack labelling standard 

    Barbados Advocate: The Barbados National Standards Institution (BNSI) hosted a national consultation recently to get feedback from consumers on a new, compulsory standard they sought to introduce. Fabian Scott, Chief Technical Officer at the BNSI, explained that they were seeking to update the current requirements for the food labelling standard. Read more 

    Jamaica Government to Leverage New Opportunities in Partner Countries to Support Trade

    JIS: The Government, through the Ministry of Foreign Affairs and Foreign Trade, will work assiduously to leverage new opportunities in both traditional and non-traditional partner countries to support trade, investment and technical cooperation pursuits. Read more 

    Caribbean tourism on the upswing

    CTO: The Caribbean tourism sector is projected to record strong growth in 2019 on the heels of a stronger-than-expected performance last year. Read more 

    Major oil find excites southern Caribbean

    Amsterdam News: U.S. supermajor ExxonMobil announced two major oil finds offshore Guyana in the past week, and the discovery has raised the hopes for similar massive oil discoveries in two of its neighbors that incidentally already produce oil and gas. Read more 

    Spotlight on Statistics Strategy – PM Mitchell to address High Level Forum in Grenada next week

    CARICOM: A High Level Advocacy Forum on Statistics will be held next week as the Region continues to place more emphasis on the production and use of quality statistics. Read more

    Youth Bridge Gap Between Climate Change, Climate Awareness in Guyana

    CARICOM: A group of youngsters in the Caribbean who promote environmental protection in the region is on a drive to empower other youth to address some of the big issues facing their generation. Read more 

    Guyanese American Chamber of Commerce Recommends Extension of CBERA

    South Florida Morning News: The Guyanese American Chamber of Commerce (GCAA) wishes to draw to the attention of the  business community in the United States and Guyana the fact that the Caribbean Basin Economic Recovery Act (CBERA) will expire on September 30, 2020 and to urge the private sector at home and in the US, as well as the Government of Guyana in collaboration with its CARICOM partners to embark on efforts to ensure that this Act is extended by the US Congress for at least another 10 years. Read more

    Guyana denies shipping ‘bad’ rice to Jamaica

    TV6 T&T: Guyana says it has not shipped any rice to Jamaica under the “Cinderella” brand for the year after media reports in Kingston said that 70 metric tonnes of White Cinderella rice, had been confiscated by Jamaican authorities. Read more

    Jamaica confiscates 70 tonnes of Guyanese rice

    Demerara Waves: The Food Storage and Prevention of Infestation Division (FSPID), in the Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) says it has confiscated 70 metric tonnes (1,575 bags) of White Cinderella rice from Guyana due to high microbial content. Read more

    INTERNATIONAL

    US, Canada accuse India of underreporting support for lentils, chickpeas; approach WTO 

    Economic Times: The United States and Canada have moved the World Trade Organization (WTO) accusing India of underreporting its market price support for five pulses. Read more 

    Tariffs Take Toll On American Whisky Exports

    Jamaica Gleaner: Retaliatory tariffs caused a sharp downturn in American whisky exports in the last half of 2018 as distillers started feeling the pain from global trade disputes, an industry trade group said Tuesday. Read more 

    German discounters’ banana tactics irk Ecuador

    Deutsche Welle: Ecuador is the world’s largest exporter of bananas. The fruit plays just as big a role as oil for the country’s economy and its fight against poverty. Some German discounters seem to care little about that. Read more 

    Indian Commerce ministry to notify WTO regarding revoking MFN status to Pakistan

    Economic Times: The commerce ministry would soon notify to the World Trade Organization (WTO) its decision to revoke the most-favoured nation (MFN) status to Pakistan on security grounds, an official said Friday. Read more 

    Record EU Trade Surplus With U.S. Could Put Trump Truce at Risk

    Bloomberg: The European Union’s trade surplus with the the U.S. jumped 17 percent last year to the highest on record, potentially putting at risk ongoing negotiations just as President Donald Trump is gearing up to decide whether to hit the 28-nation bloc with a new set of tariffs. Read more

    European Commission welcomes European Parliament’s support for investment screening framework

    EU: Following today’s vote, the EU is one step closer to putting in place a Europe-wide framework for screening foreign direct investment. Read more 

    Commission puts in place duties on subsidised biodiesel from Argentina

    EU: Today, the Commission imposed definitive anti-subsidy measures on imports of biodiesel from Argentina. In parallel, the Commission adopted a decision accepting sustainable price commitments (known as undertakings) from eight Argentine producers and the Argentinian Chamber of Biofuels (CARBIO) that will exempt the exporting producers from the duties within an agreed import limit. Read more 

    Israel, Iran to join Russian-led free trade agreement

    JNS: However, the two nations will sign their own free-trade accord with the bloc, meaning the adversaries could not trade freely with one another. Read more 

    U.S. drafts WTO reform to halt handouts for big and rich states

    Reuters: The United States proposed a reform of the World Trade Organization on Friday that would slash the number of countries that are eligible for “special and differential treatment”, a plan likely to be resisted by China, India and other countries. Read more 

    New treaty bans commercial fishing in the Arctic for 16 years

    Euractiv: The European Union and nine other countries, including the US and Russia, approved an international agreement on Thursday (14 February) that will prohibit commercial vessels from fishing in the Arctic in order to preserve the region’s fragile ecosystem. Read more 

    The EU’s Dirty Money Blacklist: North Korea, Syria, and… Puerto Rico?

    Foreign Policy: The U.S. Treasury Department scolded the European Union for including U.S. territories on a list of dirty money hotspots around the world, telling American banks to ignore EU directives in an unusual technocratic spat that highlights continued friction between Washington and Brussels. Read more 

    New Caledonia and Vanuatu sign free trade agreement

    Radio New Zealand: The leaders of New Caledonia and Vanuatu have signed an agreement to free up trade for a range of products. It will apply to about 50 products, with Vanuatu being able to export agricultural products including coffee without duties or quantity restrictions. Read more 

    No-deal Brexit: UK exporters risk being locked out of world’s harbours

    The Guardian: British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned. Read more 

    US-China trade talks break up without a deal

    BBC: Trade talks between the US and China have broken up without a deal, with the US warning that “very difficult issues” remain unresolved. The talks in China this week were aimed at securing a new deal before further US tariffs are imposed on 1 March. Read more

    Australia-Indonesia free trade agreement to be signed before election

    Australian Financial Review: The on again, off again free trade deal between Australia and Indonesia has been salvaged after both governments said it would be signed in March, before both nations hold their federal elections. Read more 

    EU-Singapore Free Trade Agreement Signed

    ASEAN Briefing: On February 13, 2019, the European Parliament approved the EUSFTA by a majority vote. The stage is now set for the final ratification and entry into force of the trade pact between the two jurisdictions. Read more 

    USMCA Coalition Formed during 116th Congress 

    Global Trade Magazine: In an effort to support fastidious implementation of the United States-Mexico-Canada Agreement, a group consisting of trade associations, businesses, and other advocacy groups joined forces to create what is now known as the “Pass USMCA Coalition.” Read more

    Canada won’t ratify new NAFTA until steel and aluminum tariffs lifted, warns key U.S. Senator

    Financial Post: Canada and Mexico won’t consider ratifying the revised North American Free Trade Agreement unless the United States lifts its tariffs on steel and aluminum imports, U.S. Senator Chuck Grassley said Tuesday. Read more

    WTO’s Potential Game-Changer: Global E-Commerce Rules? – Analysis

    Eurasia Review: The recently launched WTO negotiations on e-commerce seeks to establish a new rulebook for e-commerce trade, and could be a potential game-changer for the global economy. Read more

    Traditional Knowledge, Cheaper Drugs on India’s Agenda for the WTO

    The Economic Times: India wants the World Trade Organization (WTO) to address issues related to exploitation of traditional knowledge, food security and access to affordable medicine going ahead. Read more 

    WTO NEWS

    DG Azevêdo in Mozambique: the trading system must support LDCs

    WTO: Director-General Roberto Azevêdo was in Maputo, Mozambique, today (14 February), where he met President Filipe Nyusi. They discussed how to strengthen global trade cooperation for the future, through the WTO, so it can keep supporting the integration of Mozambique and other least developed countries (LDCs) into the global economy. Read more

    Members discuss progress and assistance on Trade Facilitation Agreement’s 2nd year

    WTO: WTO members took stock of progress in implementing the Trade Facilitation Agreement (TFA) at the 12-13 February meeting of the Committee on Trade Facilitation a week before the second anniversary of the Agreement’s entry into force. Members called for the timely fulfilment of commitments and discussed efforts to help each other carry out the Agreement. Read more

    CLTD BLOG NEWS

    Have a read of my latest article with Dr. Jan Yves Remy, Deputy Director of the University of the West Indies’ Shridath Ramphal Centre for International Trade Law, Policy & Services entitled “Can CARICOM Countries Afford to Miss the WTO E-Commerce Train”? published here.

    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.