Caribbean Trade Law and Development

Tag: Caribbean Trade & Development Digest

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

    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

    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

    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.

  • Caribbean Trade & Development Digest – October 14-20, 2018

    Caribbean Trade & Development Digest – October 14-20, 2018

    Welcome to the Caribbean Trade & Development Digest for the week of October 14-20, 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

    In its latest Investment Trends Monitor, UNCTAD has reported that global FDI fell by 41% in the first half of 2018 due primarily to the large repatriations by US parent companies of accumulated foreign earnings from their foreign affiliates due to US government tax reforms. The full report may be found here.

    The OECD has published a list of citizenship and residence by investment programmes which it deems “high risk” to the Common Reporting Standard, and names several programmes operated by Caribbean countries.

    Nearly 700,000 protesters in London participated in the People’s March calling for a referendum on the UK’s final Brexit deal with the EU. Closer to home, in Haiti, President Moise has agreed to protesters’ calls for an investigation into the alleged misuse of funds received by Haiti under the PetroCaribe Agreement with Venezuela. Venezuela has announced it will replace the US dollar for the euro for use in international payments.

    Please see further headlines below:

    REGIONAL

    Jamaica Prime Minister wants Spanish to be second language

    Magnetic Media: Prime Minister, the Most Hon. Andrew Holness, says it is of strategic importance that the appropriate programmes be put in place, making Spanish a second language in Jamaica. Read more 

    Support grows for marijuana decriminalisation across the region

    Jamaica Observer: The chairperson of the Caricom Regional Commission on Marijuana Professor Rose-Marie Belle Antoine says there’s much support across the region for the decriminalisation of marijuana. Read more

    Haiti’s President Launches Petrocaribe probe

    VoA: Responding to protester demands to “tell us where the PetroCaribe money is” Moise tweeted Thursday that his administration would investigate the allegations of misuse of funds and would hold all those responsible accountable. Read more 

    Haiti protests over politicians’ misuse of Petrocaribe funds

    Al Jazeera: Protests in Haiti have turned violent as anger grows over billions of dollars of missing funds that were meant to provide social care and improve public services. Read more

    IMF Outlook for Latin America and the Caribbean

    IMF: Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean (LAC) has both moderated and become more uneven.  However, activity is recovering in the Caribbean, reflecting the uptick in tourism owing to robust US and global growth. Read more 

    Is the Caribbean becoming a junkyard for Japanese excesses? (Commentary)

    St Lucia News Now: Statistics from the islands show that thousands of cars are imported into the Caribbean from Japan annually. Eight of every ten cars imported have or are nearing the age of serviceability. Many of these vehicles will retire after a few years of use with the stark reality being that they will need to be disposed of.  Read more 

    Caribbean countries set to reduce trade hurdles

    UNCTAD: Senior trade officials from the Organisation of Eastern Caribbean States (OECS) have met with UNCTAD experts to discuss a new drive to help them improve the efficiency of their cross-border trade. Read more 

    Will Mexico’s free zones affect Belize?

    LoveFM: Tracy Taeger-Panton, the Minister of State Responsible for Investment, Trade and Commerce says it is still unclear what Mexico’s plans are but the Government is looking at ways to develop the economy of the northern districts. Read more 

    Bahamas elected to UN Human Rights Council

    Magnetic Media: The Bahamas was elected by the United Nations General Assembly (UNGA), on 12 October 2018 to serve on the Human Rights Council (HRC).  The HRC was created by the UNGA in 2006, replacing the former UN Human Rights Commission, and is the UN organ responsible for promoting and protecting human rights worldwide. Read more 

    WHO removes Caribbean from Zika classification

    Jamaica Observer: The World Health Organisation (WHO) has removed its Zika virus country classification scheme from countries in the region. The scheme had categorised most of the Caribbean territories as having active Zika virus transmission. Read more

    INTERNATIONAL

    Overseas investment failing, developing countries largely unscathed: UNCTAD

    UN: Foreign direct investment (FDI) has dropped 40 per cent year-on-year so far, the UN Conference on Trade and Development (UNCTAD) said on Monday, but the $470 million decline is happening mainly in wealthy, industrialized nations, especially in North America and Western Europe. Read more 

    Venezuela ditching US dollar for euros in international trade

    Caribbean360: Venezuela will drop the US dollar from its exchange market in favour of the Euro, in reaction to crippling sanctions imposed by the United States. Read more

    Canada launches safeguard investigation on certain steel products

    WTO: On 12 October 2018, Canada notified the WTO’s Committee on Safeguards that it initiated on 11 October 2018 a safeguard investigation on certain steel products. Read more 

    WTO members review use, application of preferential rules of origin for LDCs

    WTO: At a meeting of the Committee on Rules of Origin on 15-16 October, WTO members further reviewed the use and application of preferential rules of origin programmes for least developed countries (LDCs) in line with commitments made at the WTO’s 2013 Bali and 2015 Nairobi ministerial conferences. Read more 

    DG Azevêdo: Debate on WTO reform should reflect all perspectives

    WTO: At a meeting of the full WTO membership today (16 October), Director-General Roberto Azevêdo noted the emerging debate on ‘WTO reform’ and highlighted the importance that this discussion is inclusive. Read more

    Australia accepted as new party to government procurement pact

    WTO: On 17 October 2018, parties to the WTO plurilateral Government Procurement Agreement (GPA) unanimously approved a decision to welcome Australia as the 48th WTO member to be covered by the Agreement. Read more

    WTO members fix dates for Astana Ministerial Conference

    WTO: WTO members have agreed that the organization’s next Ministerial Conference will take place from 8 to 11 June 2020 in Astana, Kazakhstan. The dates were endorsed at an 18 October meeting of the WTO’s General Council. Read more 

    670,000 march to demand final say on Brexit

    The Independent: Masses overflowed through the streets of London for more than a mile, from Hyde Park Corner to Parliament Square, as an estimated 670,000 protesters took their demand for a fresh Brexit referendum right to Theresa May’s doorstep.  Read more

    Singapore, EU ink landmark free trade agreement

    ChannelNewsAsia: Singapore and the European Union (EU) on Friday (Oct 19) inked a landmark trade deal that will eliminate tariffs and give businesses across various sectors, especially small- and medium-sized enterprises (SMEs), better market access.
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    Trump embarks on bilateral trade talks to pressure China

    New York Times: Fresh off securing trade agreements with South Korea, Canada and Mexico, President Trump is embarking on a new plan: refashioning the Trans-Pacific Partnership to his liking through a flurry of bilateral trade deals. Read more

    Australia insists trade agreement with Indonesia on track despite Israel comments

    Channel News Asia: Australian Prime Minister Scott Morrison said on Wednesday a billion-dollar free trade agreement with Indonesia will be signed this year despite a furious reaction to Canberra’s potential move to recognise Jerusalem as Israel’s capital.
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    2018 Update of the EU Control List of Dual-Use Items

    EU: On 10 October 2018, the Commission adopted the annual Delegated Regulation that updates the EU dual-use export control list in Annex I to Regulation (EC) No 428/2009 and brings it in line with the decisions taken within the framework of the international non-proliferation regimes and export control arrangements in 2017. Read more

    EU completes second round of negotiations with New Zealand

    EU: EU negotiators were in Wellington, New Zealand from 8 to 12 October 2018 for the second round of negotiations for a trade agreement. Read more 

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