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

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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.

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

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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 – March 18-24, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of March 18-24, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

CDB programme to support increased trade among CARICOM states

St. Kitts & Nevis Observer: The Board of Directors of the Caribbean Development Bank (CDB) has approved USD$750,000 in funding for a programme that will assist the Caribbean Community (CARICOM) with strengthening intra-regional trade. Read more 

Is Guyana ready for an oil boom?

Eurasia Review: Guyana’s story shares many similarities with the story of the ugly duckling. One of the poorest countries in South America, it has historically been entirely dependent on oil imports. Read more 

Catfish exports

Stabroek (Guyana): It is incomprehensible that the government here was given notification by the US government in November, 2015 of new regulations for Siluriformes (catfish) and failed to take all of the required steps to enable continued exports from Guyana. Read more 

North America continues to dominate imports into the TCI -Gov’t makes moves to improve trade with Caribbean neighbours

Turks & Caicos Weekly News: The North American Free Trade Agreement (NAFTA) continues to dominate imports into the Turks and Caicos Islands, accounting for $394.1 million or 91.1 percent of the total import bill for 2017. Read more 

What is the value of CARICOM to Curacao and Sint Maarten (and to ALL Caribbean nations)?

St. Lucia Star: Earlier in March news broke that the Caribbean Community (CARICOM) was officially assessing the application of Curacao and Sint Maarten for associate membership. These two islands are separated by 900 km of water but they share a cultural heritage, central bank, and a view that within CARICOM a brighter future awaits them. Read more 

Lessons from EPA must inform Post-Cotonou Agreement – Trade Expert

Business Ghana: Mr Tetteh Hormeku, Head of Programmes at the Third World Network, has advised governments in the African, Caribbean and Pacific (ACP) countries to use lessons from the Economic Partnership Agreement (EPA) for the post-Cotonou possible framework. Read more 

INTERNATIONAL

Forty-four countries sign historic African Union free trade agreement

Africa News: Forty-four African countries have signed up to a historic trade agreement aimed at paving the way for a liberalized market for goods and services across the continent. Read more

Fiji-PNG discuss trade relations with UK post-Brexit 

Fiji Times: The United Kingdom has begun the process of exiting the European Union (EU) and in this endeavour, it is working with the African, Caribbean, and Pacific (ACP) countries to avoid any trade disruptions, during and post-withdrawal. Read more 

Brexit: Government still planning for no deal scenario

The Independent: David Davis has said the Government will continue to plan for a no-deal scenario despite reaching an agreement with Brussels on the transition period last week.  Read more 

Mercosur “blocks” talks on auto exports and government procurement contracts, claims EU

Mercopress: European officials said this week that significant obstacles remain to a long-delayed trade deal between the European Union and Mercosur, even as South American officials expressed optimism a deal would be finalized soon. Read more

Heatwaves, hurricanes, floods: 2017 costliest year ever for extreme weather and climate events, says UN

Mercopress: Hurricanes, monsoon floods and continuing severe drought made 2017 the costliest year ever for severe weather and climate events, according to a new report by the United Nations weather agency launched on the eve of World Meteorological Day. Read more 

India Hosting Mini-Ministerial meet to break WTO impasse 

Economic Times: Taking a lead to break the impasse, India is hosting a two-day informal meeting of 50 WTO members here which would deliberate upon ways to create a positive atmosphere for carrying forward the mandate of the global trade organisation.  Read more

G20 pushes for free trade as U.S. vows to defend national interest

Reuters: World financial leaders pleaded for an endorsement of free trade on Monday amid worries about U.S. metals tariffs and looming trade sanctions on China, but Trump administration officials said they would not sacrifice U.S. national interests. Read more

 

China threatens to raise tariffs on about $3 billion of U.S. imports

Washington Post:  President Trump embarked Thursday on the sharpest trade confrontation with China in nearly a quarter-century, moving toward imposing tariffs on $60 billion in Chinese goods and limiting China’s freedom to invest in the U.S. technology industry. The Chinese government fired back hours later, threatening to hit $3 billion in U.S. goods with tariffs. Read more 

US and South Korea Reach Agreement on Trade, Steel Tariffs

Bloomberg: The U.S. and South Korea reached an agreement on revising the allies’s six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel, Treasury Secretary Steven Mnuchin said. Read more 

EU Commission welcomes adoption of negotiating directives for a multilateral investment court

EU: The Commission welcomes today’s adoption by the Council of the negotiating directives for a multilateral investment court, as well as the fact that for the first time the Council makes its negotiating mandate public right at the time it is adopted. Read more 

WTO members raise concerns over US tariffs on steel and aluminium at Goods Council

WTO: WTO members expressed concern over the United States’ imposition of higher tariffs on steel and aluminium imports and the impact they may have on the global trading system at a meeting of the Council on Trade in Goods on 23 March, the same day the new US measure came into effect. The US responded by saying that the tariffs are necessary to address the threat these imports pose to national security. Read more 

Appellate Body issues report regarding Russian duties on vehicle imports from Germany, Italy

WTO: On 22 March 2018, the WTO Appellate Body issued its report in the case “Russia — Anti-Dumping Duties on Light Commercial Vehicles from Germany and Italy” (DS479). Read more 

WTO issues compliance panel report regarding US countervailing duties on Chinese imports

WTO: On 21 March a WTO panel issued its compliance report in the dispute “United States — Countervailing Duty Measures on Certain Products from China — Recourse to Article 21.5 of the DSU by China” (DS437). Read more

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Caribbean Trade & Development Digest – March 11-17, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of March 11-17, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Work to begin on new CARICOM Strategic Plan

Barbados Advocate: By year end the CARICOM Secretariat will be hard at work getting the framework in place for the new strategic plan for the Caribbean Community. Read more

CSME MER Framework Workshop 

Barbados Advocate: It is imperative that systems be put in place to more effectively monitor and evaluate the CARICOM integration journey. So says Dr. Richard Brown, Director, CARICOM Single Market and Sectoral Programmes. Read more 

CARICOM observer mission releases preliminary statement on Grenada elections

CARICOM: At the invitation of the Government of Grenada the CARICOM Secretariat constituted an eleven-member team to observe Grenada’s Parliamentary Election held March 13, 2018.The full statement may be read here.

Protecting consumers in the CSME

CARICOM: It is important to consider the protection of the consumer as many persons now engage suppliers in a different jurisdiction. This was posited by a senior official from the Caribbean Community (CARICOM) Secretariat during the Barbados Fair Trading Commission’s (FTC) annual lecture series held in Barbados. Read more 

INTERNATIONAL

EU Lists US Exports it could hit 

CNNMoney: The EU has published a list of hundreds of American products that it could target if President Donald Trump moves forward with new tariffs on imports of steel and aluminum. Read more 

EP wants to include gender equality in free-trade agreements

EURACTIV: The European Parliament has adopted a resolution to better account for gender equality in trade agreements. The commission could follow up on the resolution in its agreement with Chile, which would be the first to integrate such a chapter. Read more 

India-EU trade: India, EU to decide fate of trade agreement next month

Economic Times: New Delhi: India and the European Union will discuss next month resumption of the much-delayed Bilateral Trade and Investment Agreement (BTIA) that hasn’t progressed much over the past five years. Read more 

Vietnamese farmers expect higher profits with CPTPP

Vietnam Net: At least $40 billion worth of export turnover from farm produce in 2018 is within reach, some experts believe. Read more 

Trade deals a priority at ASEAN-Australia summit 

Australian Financial Review: Prime Minister Malcolm Turnbull is pushing for free trade deals with Indonesia and the wider region to be signed by the end of this year, as he insisted there were “no protectionists” around the table at the ASEAN-Australia summit in Sydney. Read more 

Buhari cancels Rwanda trip, reconsiders signing African trade agreement

Premium Times: President Muhammadu Buhari has cancelled his trip to Kigali, Rwanda scheduled for Monday. Mr. Buhari was expected to attend an Extraordinary Summit of the African Union (AU) on Tuesday, March 21, to sign the framework agreement for establishing the African Continental Free Trade Area. Read more 

Top five trade deals that changed history

World Finance: Today, the global trading network is well established, but it has taken multiple decades and various trade agreements to reach the current degree of complexity. Read more 

Jordan suspends free trade agreement with Turkey

Ahval: The Jordanian government suspended a free trade agreement with Turkey, citing unfair competition, the Jordan Times reported. Read more

Winners and Losers in an EU-UK agreement

Financial Times: Read the article here.

Indonesian President Widodo wants a free trade agreement with Australia

Sydney Morning Herald: Indonesian President Joko Widodo will push to sign off an Australia-Indonesia free trade agreement when he meets Prime Minister Malcolm Turnbull this weekend, declaring that only “technical” details were delaying the deal. Read more 

Why Canada must move quickly on the new Asian trade pact

The Globe and Mail: Now that International Trade Minister François-Philippe Champagne has put Canada’s signature on the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, the doors to the Asia-Pacific are about to crack open for Canadian businesses. Read more 

Severing NAFTA ties harms much more than trade

The Hill: U.S. ties with Mexico and Canada touch the daily lives of more Americans than ties with any other two countries in the world. Trade, border connections, tourism, family ties and mutual security concerns link us closely, but we are endangering those links and our wellbeing by a contentious modernization of the North American Free Trade Agreement (NAFTA). Read more 

What impact will trade agreements have on global food markets?

Devex: The political uncertainty surrounding the Trans-Pacific Partnership Agreement and North American Free Trade Agreement, as well as the implications of Brexit, has left experts struggling to understand what their impacts will have on markets — particularly in developing countries. Read more 

BONUS

Trade War Bad for Region

My commentary in the Business Authority of March 18 (page 15) on the possible fall-out of any trade war between the US and other major trading powers on the Caribbean.

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Caribbean Trade & Development Digest – February 11-18, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of February 11-18, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Lack of financial transparency at CARICOM Secretariat – Golding Report

Antigua Observer: The lack of transparency surrounding the finances of the CARICOM Secretariat has found its way into the “Golding Report,” which examines relations between Jamaica and CARICOM and CARIFORUM, with a call for the revamping of the institution’s accountability procedures. Read more

(Caribbean) Region hits 30 million visitor mark

CTO:  The catastrophic hurricanes that devastated some Caribbean destination last September slowed down tourism’s progress but did not stop it, according to figures released by the Caribbean Tourism Organization (CTO), the authority on regional tourism statistics. Read more 

Gov’t explores new system to track and boost tourist spend

Barbados Today: Minister of Tourism Richard Sealy has disclosed that a new system was being developed to better capture and monitor tourist spend in Barbados as Government continued to seek ways to grow the sector. Read more

Government looks to boost CSME access for Jamaicans

JIS: The Government will be intensifying efforts for Jamaican skilled workers and businesses to have greater access to the CARICOM Single Market and Economy (CSME). Read more 

Barbados trade mission to Guyana

CBC (Barbados): Barbados is hoping to increase its trade relations with Guyana as a 10-member trade mission opens a two-day visit here Monday. Read more 

Holness to assume chairmanship of CARICOM

Jamaica Observer: Prime Minister Andrew Holness is to assume the Chairmanship of CARICOM from 1st July to 31st December 2018. Read more 

‘Deathly afraid’ for local ownership under WTO

Tribune242: Arawak Homes’ chairman is “deathly afraid” that WTO membership will undermine Bahamian economic ownership because many locally-owned firms cannot compete internationally. Read more 

SLCSI introduces new executive board

St. Lucia News Online: The Saint Lucia Coalition of Service Industries (SLCSI) is one of the twelve national service coalitions within the Caribbean Community (CARICOM) and the Dominican Republic (CARIFORUM collectively) and also the Caribbean Network of Service Coalitions (CNSC). Read more 

INTERNATIONAL

Azevêdo joins ACP brainstorming session: ‘we need to explore innovative ways forward’

WTO: Speaking at a meeting of the African, Caribbean and Pacific Group of States (ACP) at the WTO’s headquarters on 15 February, Director-General Roberto Azevêdo urged members to be ready to explore fresh perspectives and new pathways which may help move negotiations forward at the WTO. Read more 

Commentary: Temper expectations about RCEP free trade agreement

Channel Newsasia: It looks like India may be dragging its feet on some key issues within the Regional Comprehensive Economic Partnership but there’s good reason for all parties to manage their expectations, says one observer from the ISEAS-Yusof Ishak Institute. Read more 

After the WTO’s Ministerial Conference, Where Next for Africa?

ICTSD Bridges: In the aftermath of the December WTO Ministerial Conference in Buenos Aires, pessimism about the future of the institution has been reaching record levels and no clear plan has emerged yet on where to take the WTO next. In this rather bleak environment, what are the possible options for African countries to advance their trade and development priorities? Read more 

Mnuchin says Washington studying possible return to TPP through renegotiation

The Japan Times: President Donald Trump’s administration is actively discussing the possibility of rejoining the Trans-Pacific Partnership free trade deal on condition that the United States renegotiate it to secure better terms, Treasury Secretary Steven Mnuchin said Thursday. Read more 

(US) House passes GSP renewal legislation

American Shipper: The U.S. House of Representatives passed H.R. 4979 Tuesday under an expedited floor procedure, which would renew the Generalized System of Preferences program through 2020. Read more 

‘Big boys’ causing delays in conclusion of RCEP

Business Mirror: The Philippines is demanding its fellow negotiating-countries in the Regional Comprehensive Economic Partnership (RCEP) to seriously commit to a speedy conclusion of their trade deal, as the latest round of talks still failed to progress beyond trade in goods modalities. Read more 

Next Nafta Talks Scheduled to Start With Auto Content Rules

Bloomberg: Rules for automotive content, one of the most contentious issues in Nafta, will be among the first tackled at the upcoming seventh round of talks in Mexico City. Read more

Australia says yes to post-Brexit free trade agreement with the UK

BBC: Australia say they would like to be able to negotiate a free trade agreement with the UK after Brexit. Read more 

Trade growth to sustain momentum in first quarter of 2018, latest trade indicator suggests

WTO: The WTO’s latest World Trade Outlook Indicator (WTOI), released on 12 February, suggests that the trade recovery of 2017 should continue, with solid trade volume growth in the first quarter of 2018. Read more

BONUS

CTO State of the Industry Outlook

The Caribbean Tourism Organisation(CTO) held its State of the Industry 2017 and Outlook for 2018 last week. Please feel free to check out the report and other content here.

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Caribbean Trade & Development Digest – February 4-10, 2018

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Welcome to the Caribbean Trade and Development Digest for the week of February 4-10, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

CDB reports Regional development gains in 2017 despite catastrophic Atlantic Hurricane Season

CDB: Despite major setbacks caused by a destructive 2017 Atlantic Hurricane Season, the Caribbean Development Bank (CDB) is reporting a year of several developmental gains for the Region. Read more 

Positive economic growth expected for Caribbean Region in 2018, but resilience-building measures needed

CDB: The Caribbean Development Bank (CDB) is projecting regional economic growth of 2% in 2018. This follows a return to positive figures last year, during which the Region experienced overall growth of 0.6%–despite the devastation caused by the Atlantic Hurricane Season. Read more 

Barbados ratifies Trade Facilitation Agreement

BGIS: Barbados has ratified the World Trade Organization’s (WTO) on Trade Facilitation Agreement (TFA). Read more 

Jamaica Prime Minister Tables Report on CARICOM

JIS: Prime Minister, the Most Hon. Andrew Holness, tabled a copy of the Report of the Commission to Review Jamaica’s Relations within the CARICOM and CARIFORUM Frameworks in the House of Representatives,  yesterday (February 6). Read more

CDB President announces up to US$800M for disaster recovery, amid strong Bank performance in 2017

CARICOM: President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith, today announced that the institution is making USD700 to 800 million (mn) available to help Borrowing Member Countries (BMCs) recover from the impact of the 2017 Atlantic Hurricane Season. Read more 

INTERNATIONAL

Brazil Circulates Proposal for WTO Investment Facilitation Deal

ICTSD Bridges: Brazil submitted an extensive draft proposal for a potential agreement on investment facilitation to the WTO’s General Council last week, in a bid to jumpstart more “structured discussions” on the subject. Read more 

EU-Chile trade talks: Commission releases its proposals and reports about progress

EU: The Commission also published a report of the second round of talks that took place in Santiago (Chile) from 15 to 19 January 2018. These were the first substantive discussions on trade following the launch of talks in November last year. Read more 

Commission imposes definitive anti-dumping duties on Chinese corrosion resistant steel

EU: The investigation confirmed that Chinese producers were dumping the product on the EU market, a finding that already led to imposition of provisional duties in August 2017. The measures that will be in place for the next 5 years range from 17.2% to 27.9%. Read more 

African Leaders Prep for Summit on Continental Trade Deal

ICTSD Bridges: African national leaders concluded the 30th Ordinary Session of the Assembly of the African Union last week, with the summit adopting a series of decisions on issues related to continental economic integration – including on the next steps for the Continental Free Trade Area (CFTA), as well as the free movement of people and air travel. Read more 

No blanket EU trade ban, says Mustapa

The Star: As Malaysia is an open economy, the government cannot impose a blanket ban on trade with the European Union (EU), but it can collaborate with government-linked companies to determine where to buy and sell goods amid the economic bloc’s threat to palm oil, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.
Read more 

Mozambique joins the Economic Partnership Agreement between the EU and Southern African States

EU: Mozambique was the last piece of the SADC-EPA jigsaw to fall into place. The other five countries – Botswana, Lesotho, Namibia, South-Africa, and Swaziland – have been implementing the agreement since October 2016.  Read more

Ministers admit almost 65 existing trade deals with non-EU countries are ‘at risk because of Brexit

The Independent: Ministers have admitted for the first time that about 65 existing trade deals with non-EU countries are at risk because of Brexit, it has been claimed. Read more 

This doesn’t help the little guy! Trader reveals why Germans are furious at EU trade deal

The Express: The European Union has not learned lessons from its trade deal with Canada and the public will slowly start to resent Brussels bureaucrats and turn against the bloc, an expert has warned. Read more 

How can East Asia defend the WTO?

East Asia Forum: A confident, rules-based environment for international trade has made possible the remarkable improvements in East Asian living standards over the past 50 years. This environment — created by the General Agreement on Tariffs and Trade (GATT) and its successor in the World Trade Organization (WTO) — remains essential for the future. But its survival cannot be taken for granted. Read more 

BiH near membership in the WTO

IBNA: Bosnia and Herzegovina can reach full membership in the World Trade Organisation till summer this year, and is on the right path to finish negotiations. Read more 

Bosnia and Herzegovina’s WTO accession negotiations advance towards conclusion

WTO: At the 13th meeting of the Working Party on the Accession of Bosnia and Herzegovina held on 7 February, WTO members supported the swift conclusion of the negotiations and welcomed the strong commitment and desire by Sarajevo to finalize this process in the coming months. Read more 

US blocks India’s request for WTO compliance panel on solar dispute

Hindu Business Line: Moving on expected lines, the US, on Friday, blocked India’s first-time request for the establishment of a panel to settle a dispute on whether the country complied with a World Trade Organisation (WTO) ruling against domestic sourcing of solar cells and modules mandated in its national solar power generation programme. Read more 

FM: Belarus has no plans to slow down WTO accession talks

BELTA: In 2017 Belarus considerably intensified the talks on joining the World Trade Organization (WTO) and is intended to keep the pace, Belarus’ Minister of Foreign Affairs Vladimir Makei said in an interview to the Russian newspaper Izvestia, BelTA has learned. Read more 

Italy eyes stronger ties with ASEAN countries

Indian Express: “Italy wants to strengthen relations with ASEAN and will organise the 2nd High Level Dialogue ASEAN-Italy Economic Relations in Singapore in April,” said Foreign Minister Angelino Alfano. Read more 

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

Caribbean Trade and Development Digest – January 1-6, 2018

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Happy New Year! Welcome to the Caribbean Trade and Development Digest for the week of January 1-6, 2018! We are pleased to share some of the major trade and development headlines and analysis across the Caribbean region and the World. We hope you enjoy this edition.

REGIONAL

Cuba’s Raul Castro Meets Top EU Diplomat to tighten relations

TeleSur: Cuban President Raul Castro met with the European Union’s top diplomat, Federica Mogherini, at the end of her two-day visit to the country, seeking to construct and reinforce ties between EU member countries and Cuba. Read more

Exxon Mobil reports Oil Discovery off Guyana

Fox Business: Exxon Mobil Corp. (XOM) on Friday said it made another positive oil discovery off the coast of Guyana.  Read more

2017 gold declarations below target

Stabroek News: The Guyana Gold Board has recorded total gold declarations of 652,000 ounces for 2017, which is below the target of 720,000 ounces. Read more

Hurricane-hit Caribbean countries slash cost of Citizenship by Investment programs, says report

Nation News: Caribbean nations ravaged by recent hurricanes are selling citizenship at dramatically discounted prices in an effort to raise emergency funds, sparking concerns that the programmes may be vulnerable to abuse, according to reports here. Read more

Arrivals of US tourists to Cuba tripled in 2017

Caribbean News Digital: U.S. tourism to Cuba grew nearly threefold in 2017 over the previous year, mainly due to relaxation of travel ban, a Cuban official said Saturday. Read more

CARICOM moving to create first climate-resilient region

Jamaica Observer: Incoming chairman of the Caribbean Community (Caricom), Haiti’s President Jovenel Moïse, says the regional grouping is moving towards creating the world’s first climate-resilient region this year. Read more

INTERNATIONAL

Will intra-African trade flourish in 2018?

The Herald: Overcoming the barriers for intra-African trade to double in a decade can feel like a Sisyphean task – impossible to complete. But that is the objective of the Boosting Intra-African Trade (BIAT) action plan, which targets to double flows between January 2012 and January 2022. Read more

Rwanda: AU Summit to discuss Continental Free Trade Area

AllAfrica: The upcoming 30th Ordinary Session of the African Union (AU) Assembly of Heads of State and Government is expected to receive a progress report on the status of negotiations of the African Continental Free Trade Area (CFTA), an official has told Sunday Times. Read more

US Trade deficit hits $50.5 billion, biggest since 2012

ABCNews: The U.S. trade deficit rose to $50.5 billion in November, the largest imbalance in nearly six years, as imports and exports both hit records. Read more

Canada’s NAFTA charm offensive kicks into high gear

CBCNews: The new year begins with Canada relying on an old strategy for saving the North American Free Trade Agreement. Read more

UK seek free trade agreement covering goods and services in Phase Two

RTE: British Prime Minister Theresa May has said the UK will be looking for a free trade agreement with the EU that will cover goods and services in Phase Two of the Brexit negotiations this year. Read more

Tariffs to be slashed as China-Chile free trade agreement kicks in

China.org.cn: Nearly 98 percent of products traded between China and Chile will have zero tariffs attached when the new China-Chile free trade agreement is implemented in 2018, according to the Guangdong Entry-Exit Inspection and Quarantine Bureau, reports Chinanews.com. Read more

Will 2018 be the year of protectionism? Trump alone will decide

New York Times: The Trump administration will soon face several major trade decisions that will determine whether the White House adopts the type of protectionist barriers that President Trump campaigned on but that were largely absent during his first year in office. Read more

Will global trade survive 2018?

Foreign Policy (Blog): The future of the global trade system faces more risk and uncertainty than at any time since it was created after World War II. Read more

Macron pursues ambitious agenda on first official China visit

RFI: French president, Emmanuel Macron’s heads to China Sunday hoping to forge closer ties with President Xi Jinping. During the three-day trip which begins Monday, Macron plans to seek a “strategic partnership” with Beijing, notably on terrorism and climate change, an official in the president’s office said. Read more

Why Britain should be allowed to join the TPP

The Strait Times: Analysis by James Crabtree Read more

US-Korea trade talks pit pickup trucks against nuclear threat

Reuters: The United States and South Korea on Friday completed the first round of review talks on a bilateral trade deal with Washington saying there was “much work to do” to reach a new pact.  Read more

Will there be a Pacific trade war in 2018?

Nikkei Asian Review: Analysis by Glen Fukushima Read more

New Chinese consul general talks tough on trade

Business in Vancouver: China is eager to conclude a free-trade agreement with Canada, but not at the expense of a set of “baseline” political principles seen as untouchable by Beijing, said the new top Chinese diplomat in the Western Canada region. Read more

How Nepal’s trade costs could be minimised

The Himalayan Times: A recent report jointly prepared by the Asian Development Bank (ADB) and United Nations Economic and Social Commission for Asia and Pacific (UNESCAP) titled ‘Trade and Transport Facilitation Monitoring Mechanism (TTFMM) in Nepal’ has suggested the government to set up the TTFMM institutional mechanism to monitor processes in certification, customs, transit and cargo transportation to bring down the cost of trade. Read more

Brexit: UK Government considers joining TPP trade agreement to help bolster economy after leaving EU

The Independent: Britain is exploring the possibility of joining a trans-Pacific trade bloc after Brexit in a bid to find alternative markets for exports that currently go to Europe, it has emerged. Read more

Brexit: May urged to stay in the single market by 20 British MEPs

The Guardian: Theresa May is being urged to change course and seek full membership of the European single market and customs union by 20 British MEPs, including three Tories and the majority of Labour politicians based in Brussels. Read more

Pressure grows for UK to bring ban on ivory trade

The Guardian: Consultation by the government shows huge public support for ending all sales. Read more

More than 2,300 EU academics resign amid warning over UK university ‘Brexodus’

The Independent: New figures show a 19 per cent increase in departures of European staff from universities last year compared to before the EU referendum, and a 10 per cent rise from some 2130 resignations in 2015-16. Read more

Liked this issue? To read past issues of our weekly Caribbean Trade & Development Digest, please visit here. To receive these mailings directly to your inbox, please follow our blog.

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