Caribbean Trade Law and Development

Tag: trade news digest

  • Caribbean Trade & Development Digest – March 31 – April 6, 2019

    Caribbean Trade & Development Digest – March 31 – April 6, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of March 31- April 6, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    HIGHLIGHTS

    With the new Brexit deadline of April 12, 2019 fast approaching and no sign that British MPs are any closer to backing the Draft Withdrawal Agreement negotiated by the Theresa May Government with the EU, which they already rejected three times, the UK Government has asked for a further extension until June 30, 2019.

    The WTO released its April outlook for global trade growth, revising downward its forecast for 2019 amidst rising trade tensions. Read more here: WTO: Trade tensions pose greatest risk to trade growth

    Meanwhile regionally, the CARICOM Competition Commission (CCC) has warned that the sale of Scotia Bank could have anti-competitive effects in three countries. Read the statement from the CCC here.

    The text of the CARIFORUM-UK Economic Partnership Agreement has been released. Read more here: UK-CARIFORUM Economic Partnership Agreement: What does it all mean?

    REGIONAL NEWS

    Local manufacturers told to explore extra regional markets

    LoopTT: Local manufacturers are being urged to seek out and penetrate new markets beyond CARICOM.  Trade and Industry Minister Paula Gopee-Scoon made the comment while speaking at the Trinidad and Tobago Manufacturers’ Association’s (TTMA) 63rd Annual General Meeting on Tuesday. Read more 

    Towards a Transparent and Effective Management of Guyana’s Oil and Gas Sector

    Modern Diplomacy: The World Bank’s Board of Executive Directors approved a US$20 million credit from the International Development Association (IDA) to strengthen institutions, laws and regulations to promote good governance and a prudent management of Guyana’s oil and gas sector. Read more 

    CARICOM body warns sale of Scotiabank could have anti-competitive effect

    Nation News: The Suriname-based Caribbean Community (CARICOM) Competition Commission (CCC) says the intended sale of Scotiabank’s assets in nine Caribbean countries could have anti-competitive effects in at least three CARICOM member states. Read more 

    Imbert: US lobbyist seeking opportunities for Govt

    Guardian (TT): The Group DC LLC, the US lob­by­ist firm, which un­der­took sev­er­al trade and in­vest­ment pro­mo­tion ini­tia­tives for the T&T Gov­ern­ment last year, iden­ti­fied op­por­tu­ni­ties and strate­gies to en­gage multi­na­tion­al cor­po­ra­tions to po­ten­tial­ly in­crease com­mer­cial ship­ping and dry­dock con­struc­tion here. Read more 

    Take Trade Matters Seriously

    Barbados Today: Former Barbados Government Minister, Ms. Lynette Eastmond wants to see a different approach by the Barbados private sector to the issue of the country negotiating trade agreements. Read more 

    CDB grant to help CARICOM investigate suitability of plantation white sugar for regional manufacturing

    Caribbean News Now: A collaboration between the Caribbean Development Bank (CDB) and the Caribbean Community (CARICOM) aims to improve the availability of data to guide evidence-based decisions about the future of sugar in CARICOM. Read more 

    Guyana part of regional study on substituting refined sugar with “plantation white”

    Demerara Waves: Guyana is among four sugar-producing Caribbean Community (CARICOM) member nations that will be the focus of a regional study on the prospects of substituting imported refined sugar with plantation white, the Caribbean Development Bank (CDB) said Tuesday. Read more 

    CSME: The principle, process and progress

    Newsday (Trinidad): Gracia Whyte a Jamaican, made sure she had all her documents in order when she began the process of applying for a Caricom Single Market Economy (CSME) skills certificate. She even had her employer, Digicel, to help ease her through the transition during her application process. Bureaucracy, however, still held her back. Read more 

    Wto ‘No Silver Bullet’ For Gdp Growth Woes

    Tribune242: Full World Trade Organisation (WTO) membership “is not a silver bullet” for solving The Bahamas’ economic growth woes, a Chamber of Commerce executive argued yesterday. Read more 

    Aruba Extends Airbnb Agreement

    Travel Pulse: Aruba’s government has extended its 2016 agreement with home-stay provider Airbnb to “continue with the promotion of sustainable tourism in Aruba through home sharing,” said Aruba Tourism Authority (ATA) officials in a statement. Read more 

    Belize Imports up 6.8% in February 2019

    Amandala: Latest statistics released by the Statistical Institute of Belize (SIB) say that Belize imported nearly $146 million worth of goods in February 2019, an increase of $9.2 million (6.8%) over the $136.8 million worth of goods we imported in February 2018. Read more 

    INTERNATIONAL NEWS

    Brexit chaos leaves dismay in Asia-Pacific

    Asia Times: Britain’s failure to acyhieve a withdrawal agreement with the EU has had a very negative impact on the UK’s relationships in Asia and it could deal a serious blow to its trade with the region. Read more 

    White House economic adviser Larry Kudlow says US-China trade deal ‘closer and closer’

    South China Morning Post: US President Donald Trump’s top economic adviser says the US and China are “closer and closer” to a trade deal, and that top-tier officials would be talking again this week via “a lot of teleconferencing”. Read more

    A swashbuckling global Britain free to do its own trade deals? It’s a mirage

    The Guardian: Whatever happens in the Brexit negotiations, the question of the UK’s future trade relations with countries outside the European Union will become acute for businesses, investors, workers and citizens. Read more 

    Chile Lawmakers Delay Vote Again on Pacific Trade Deal

    Bloomberg: Chilean lawmakers have once again delayed voting on a major Pacific trade deal, heightening concerns that they could reject the treaty. Read more 

    Major New UN Report Calls for Overhaul of Global Financial System

    UNDP: Sixty-plus international organizations, led by the United Nations and including the International Monetary Fund, the World Bank Group and World Trade Organization, jointly sounded the alarm Thursday in a new report, warning that unless national and international financial systems are revamped, the world’s governments will fail to keep their promises on such critical issues as combatting climate change and eradicating poverty by 2030. Read more 

    Moving the ACP Group to Centre Stage of Multilateralism

    IndepthNews: In today’s global situation that bears the features of turbulence, fragility and an increasingly precarious balance between peace and possible nuclear annihilation, the role and relevance of the United Nations Organisation has assumed unparalleled importance. Read more 

    Brexit extension veto by EU unlikely, says Leo Varadkar

    BBC: It is unlikely an EU 27 country will veto a UK request for a delay to Brexit, the Irish prime minister has said. Read more 

    May asks for Brexit extension to 30 June as Tusk offers up to a year

    The Guardian: Rather than the year-long flexible extension to article 50 recommended by the European council president, the prime minister suggested 30 June as the new departure date, but with an option to leave earlier if the necessary legislation has been passed. Read more 

    The African Continental Free Trade Area – More Hills To Climb

    East African Business Week: The African Continental Free Trade Area (AFTA) has garnered the required 22 ratifications for it to enter into force, the latest ratification coming in on April 1, 2019, from The Gambia. Read more 

    Trade agreement bolsters South Africa exports into Brazil

    African daily voice: According to South African Foreign Economic Representative in Brazil, Shanaaz Ebrahim, the preferential trade agreement between the Southern African Customs Unions (SACU) and the Southern Common Market (Mercosur) trade blocs has led to a steady increase of South African exports into Brazil. Read more

    After China, the US will ratchet up trade tensions with the EU, OECD chief economist warns

    CNBC: Once the U.S. and China have reached a trade deal, the world’s largest economy will amplify tensions with the European Union, according to the chief economist of the Organization for Economic Co-operation and Development (OECD). Read more 

    The Risk of E-Commerce Provisions in the RCEP

    The Diplomat: The world of digital economies, innovation, and global value chains (GVCs) is changing rapidly. Every day there are stories about new technologies, services, and products that present unexpected possibilities and unforeseen challenges. Read more 

    RCEP trade pact likely to be concluded in November: ASEAN chief Lim Jock Hoi

    Japan Times: An Asiawide free trade deal involving 16 countries will likely be concluded in November at a summit of the Association of Southeast Asian Nations to be held in Thailand, ASEAN Secretary-General Lim Jock Hoi has said. Read more 

    Pelosi: No vote on new NAFTA until Mexico changes labor laws

    Politico: Speaker Nancy Pelosi indicated on Tuesday the House will not consider President Donald Trump’s new North American trade pact until after Mexico has passed and implemented its major labor law reforms. Read more 

    Canada says reopening USMCA trade pact could be a ‘Pandora’s box’

    Reuters: Canadian Foreign Minister Chrystia Freeland on Thursday cautioned against the idea of reopening a new continental trade pact with the United States and Mexico, saying it could be a “Pandora’s box.” Read more 

    U.S., China to Keep Working on Trade Deal After Latest Talks

    Bloomberg: China and the U.S. made progress toward a much-anticipated trade deal in their latest meetings and will keep talking on the remaining issues, the state-run Xinhua news agency reported. Read more 

    Why the Kenya-Uganda trade agreement over SGR is a raw deal for Kenya

    CFM (Kenya): Last week President Uhuru Kenyatta and his Ugandan counterpart Yoweri Museveni struck a wide ranging trade agreement that basically removes existing trade barriers and commits Uganda to connect to Kenya its component of the SGR under the broader Chinese belt and road initiative (BRI). Read more

    WTO NEWS

    WTO issues panel report regarding Russian restrictions on traffic in transit

    On 5 April the WTO circulated the panel report in the case brought by Ukraine in “Russia — Measures Concerning Traffic in Transit” (DS512). Read more 

    Australia ratifies WTO procurement pact

    Australia has ratified the WTO’s Agreement on Government Procurement (GPA), submitting its instrument of accession to the WTO Secretariat on 5 April. Starting next month, the country will benefit from new market access opportunities and other provisions under the pact. Read more 

    Members advance work on new import licensing website and database

    As part of overall efforts to improve transparency, WTO members advanced work to put into place a new import licensing website and database expected to be launched in late 2019 or early 2020. Read more 

    DG Azevêdo praises Mexico’s support for a strong and effective rules-based system

    Director-General Roberto Azevêdo welcomed Mexican President Andrés Manuel López Obrador’s strong support for the WTO on 4 April, when they met in Mexico City. Their discussions included the importance of international trade and of a strong and effective rules-based system and the emerging debate on how to strengthen the WTO and global trade cooperation. Read more

    Trade Policy Review: Bangladesh

    The fifth review of the trade policies and practices of Bangladesh takes place on 3 and 5 April 2019. The basis for the review is a report by the WTO Secretariat and a report by the Government of Bangladesh. Read more 

    Egypt launches safeguard investigation on semi-finished products of iron or non-alloy steel and steel rebar for construction purposes

    On 2 April 2019, Egypt notified the WTO’s Committee on Safeguards that it initiated on 31 March 2019 a safeguard investigation on semi-finished products of iron or non-alloy steel and steel rebar (bars, rods and coils) for construction purposes. Read more 

    Global trade growth loses momentum as trade tensions persist

    World trade will continue to face strong headwinds in 2019 and 2020 after growing more slowly than expected in 2018 due to rising trade tensions and increased economic uncertainty. WTO economists expect merchandise trade volume growth to fall to 2.6% in 2019 — down from 3.0% in 2018. Trade growth could then rebound to 3.0% in 2020; however, this is dependent on an easing of trade tensions. Read more 

    CTLD BLOG NEWS

    The Caribbean Trade Law & Development (CTLD) Blog has been rated number 10 on Feedspot‘s Top 30 Caribbean Blogs, News Websites & Newsletters To Follow in 2019.

    The Caribbean Trade & Development Digest is a weekly trade news digest published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please follow our blog.

  • Caribbean Trade & Development Digest – March 24-30, 2019

    Caribbean Trade & Development Digest – March 24-30, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of March 24-30, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    REGIONAL

    UK signs trade continuity agreement with Caribbean countries

    UK Government: UK businesses and consumers will benefit from a trade continuity agreement maintaining current arrangements with countries in the Caribbean soon after Britain leaves the EU. Read more 

    Ring the alarm: Diversification of Caribbean Export must take priority

    Barbados Today: According to International Trade Attorney Magda Theodate, there are four major economic storm clouds keeping the Caribbean sun from shining over the heads of CARICOM’s 15-member state governments, and their even more vulnerable neighbours. Swift action is needed to ensure better times ahead for the people of the region. Read more 

    Bahamas delegation to attend 4th WTO accession meeting

    Eye Witness News: The Government of The Bahamas wishes to advise that a delegation is attending the 4th Meeting of the Working Party on the accession of The Bahamas to the World Trade Organization (WTO) on April 5, 2019 in Geneva, Switzerland. Read more 

    Poultry Producers In Push For Quotas

    Tribune 242: A Bahamian poultry producer yesterday revealed it is “pushing” for chicken imports to be regulated by quotas rather than the current tariff system as The Bahamas’ march to WTO accession continues. Read more 

    Caribbean Countries urged to take more advantage of EPA

    TV6 T&T: Former Barbados prime minister, Owen Arthur, says Caribbean Community regional countries have failed to take full advantage of the 10-year-old Economic partnership Agreement (EPA) signed between the Caribbean Forum (CARIFORUM) and the European Union. Read more 

    Belize’s bananas safe from Brexit fallout

    Breaking Belize News: The newly signed EPA is good news for Belize’s banana industry because the UK is the major importer of Belize’s bananas, importing as much as 69 percent of Belizean bananas in 2017. Regional media outlets noted that producers of rum are also glad that trade will continue uninterrupted. Read more 

    No big deal

    Barbados Today: Former Prime Minister Owen Arthur is warning Caribbean leaders not to expect a major trade deal with the UK when it leaves the European Union (EU). Read more 

    INTERNATIONAL

    U.S. to push for comprehensive free trade agreement as it looks to open up Japan’s agriculture market

    Japan Times: U.S. President Donald Trump said Tuesday his administration will push for a comprehensive free trade agreement with Japan and signaled his eagerness to seek a further opening of the country’s agriculture market. Read more 

    Solomon Islands eyes more trade with Indonesia

    Radio New Zealand: It came after trade talks held between Indonesia and several Pacific Island nations last week in Jakarta. Colin Beck, a permanent secretary with the Solomon Islands Foreign Ministry, said his government wanted to open port-to-port trade in Indonesia. Read more

    Australia to sign free trade deal with Hong Kong

    The Sydney Morning Herald: Australia will sign a new agreement covering $18.8 billion in free trade with Hong Kong on Tuesday, as Labor prepares to officially back the Australia-Indonesia free trade deal if it wins government. Read more 

    Is Brexit an opportunity to revive the EU-India trade deal?

    The Conversation: The European Union and India have been negotiating a free trade agreement (FTA) since 2007. Despite growing trade between the EU and India, talks stalled in 2013 after 16 rounds, only resuming in 2018. Read more 

    China Touts Progress With U.S. as Both Focus on a Final Deal

    Bloomberg: Chinese and U.S. negotiators made “new progress” in trade negotiations as both sides discussed the wording of an agreement that’s designed to resolve a bilateral trade dispute, according to Beijing’s official news agency Xinhua. Read more

    Bipartisan Support Seen for a US-Taiwan Free-trade Deal

    VoA: Influential figures in Washington are calling for the establishment of a bilateral free-trade agreement with Taiwan, even as U.S. and Chinese officials move toward a resolution of their long-running trade dispute.  Read more

    USMCA is Not a Done Deal. It Must Still Clear Three Legislative Hurdles

    Atlantic Council: On November 30, the leaders of the United States, Canada, and Mexico signed the US-Mexico-Canada Trade Agreement (USMCA), modernizing the 1994 North American Free Trade Agreement (NAFTA) and “rebalancing” trade relations between the three countries, according to the US administration. Before the new pact officially takes effect, however, the legislatures of all three countries need to approve the agreement. Read more 

    ECOWAS urges member states to sign AfCFTA

    Journal du Cameroun: The Director of Trade, Economic Community of West African States (ECOWAS), Mr. Gbenga Obideyi, has called on member states to sign the African Continental Free Trade Agreement (AfCFTA) to ensure the preservation of the ECOWAS acquis.Obideyi made the call in Abuja on Thursday during a national validation workshop on the study conducted by the National Association of Nigerian Traders (NANTS) on Articulating Nigeria’s Agricultural Trade Strategies for the AfCFTA Negotiation. Read more 

    AfCFTA: One year down the road, there’s reason for celebration

    The New Times: Stephen Karingi, ECA’s Director for Regional Integration and Trade spoke to The New Times’ James Karuhanga, shedding light on what is expected between now and the next African leaders’ summit in Niamey, Niger in July. Read more 

    Is AfCFTA Good for Africa? Experts Shared Their Views at the 2019 Oxford Business Forum Africa

    African Exponent: Hosted by the School’s Oxford Africa Business Alliance, the event explored the implications of the African Continental Free Trade Agreement (AfCFTA) on the development and ease of doing business on the continent. Read more 

    UK exports to India grow at fastest rate among non-EU trading partners

    Business Standard: UK’s exports to India increased at the fastest rate among the country’s top trading partners outside the European Union (EU), with a 19.3 per cent hike in goods and services trade in 2018, according to official figures. Read more 

    Report on EU Trade Defence

    European Commission: The Juncker Commission has strengthened Europe’s trade defence toolbox through two major reforms. Since 2014, it has also applied 95 measures to ensure that European companies and workers can compete on fair terms. Two-thirds of all the 135 measures in place concern imports from China. Read more 

    ACP’s efforts post-Cotonou must be economically sustainable – Tweya

    New Era Live: Namibia has reaffirmed its commitment to the African, Caribbean and Pacific (ACP) and European Union (EU) partnership and says it will do all it can to honour and work toward the commitments embodied in the Cotonou Agreement and post-Cotonou when it expires in 2020. This was the message by Minister of Industrialisation, Trade and SME Development, Tjekero Tweya, when he spoke on Wednesday at the 37TH session of ACP-EU Joint Parliamentary Assembly that took place in the Bucharest, Romania. Read more 

    WTO NEWS

    Appellate Body issues report on US compliance in the Boeing dispute

    On 28 March the WTO’s Appellate Body issued its report on US compliance in the dispute brought by the European Union in “United States — Measures Affecting Trade in Large Civil Aircraft — Second complaint” (DS353). Read more

    Guatemala initiates WTO dispute complaint against Indian sugar subsidies

    Guatemala has requested WTO dispute consultations with India regarding domestic support measures and alleged export subsidies provided by India to producers of sugarcane and sugar. The request was circulated to WTO members on 25 March. 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 – March 3-9, 2019

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

    Welcome to the Caribbean Trade & Development Digest for the week of March 3-9, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    REGIONAL

    Saint Vincent and the Grenadines increases export of livestock in 2019

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

    Renewed Calls To Do More To Protect Conch

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

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

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

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

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

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

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

    Export development workshop held today in Corozal

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

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

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

    All CSME Member States Sign on to Contingent Rights Protocol

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

    Caricom grants deferral to two member countries on freedom of movement

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

    PROCOMER Will Promote Export Competencies in Businessmen of the Caribbean Region

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

    Oil import bill on the increase 

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

    INTERNATIONAL

    The Kiwi leading the fight to fix the WTO

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

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

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

    Kenya negotiating AGOA extension despite low exports

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

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

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

    Liam Fox: I fear Brexit may never happen

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

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

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

    Malmström calls for renewed transatlantic cooperation on trade

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

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

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

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

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

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

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

    Mercosur hopes to become main food supplier of ASEAN

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

    Trade barriers stall Asean integration, say experts

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

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

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

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

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

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

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

    Brexit: Will it affect the Kenyan flower trade?

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

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

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

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

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

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

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

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

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

    Big Brexit vote: What do I need to know?

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

    China Export Slump Adds to Concerns Over Weakening Global Growth

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

    US to Suspend India’s Preferential Tariff Status

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

    India, Australia locked in sugar trade dispute at WTO

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

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

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

    Peru Moves to Ratify Asia-Pacific Trade Agreement in March

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

    WTO NEWS

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

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

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

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

    Brazil, Australia initiate WTO dispute complaints against Indian sugar subsidies

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

    Trade Policy Review: Ecuador

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

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

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

    DG Azevêdo urges open and inclusive discussions on investment facilitation

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

    NEW ON THE CTLD BLOG

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

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

    The Caribbean Trade & Development Digest is a weekly trade news digest published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please follow our blog.

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

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

    Welcome to the Caribbean Trade & Development Digest for the week of November 25-December 1, 2018! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

    THIS WEEK’S HIGHLIGHTS

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

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

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

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

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

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

    Please see below some of the other major headlines:

    REGIONAL

    T&T to host special CSME meeting in December

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

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

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

    Republic Financial Holdings to acquire Scotiabank in nine Caribbean countries

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

    Josie Warns Of Potential For Dire Consequences From Scotiabank Sale

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

     

    CARICOM Sugar Industries prepared to supply total regional demand

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

    T&T can lose CARICOM market for fuel

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

    Cuba’s most valuable exports: its doctors

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

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

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

    CARICOM calls for seat on ICAO council

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

    CARICOM highlights work against gender violence in the region

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

    CARICOM Secretary General describes new management system

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

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

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

    INTERNATIONAL

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

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

    G20: US and China agree to suspend new trade tariffs

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

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

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

    USTR Statement on China’s Auto Tariffs

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

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

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

    Argentina, India agree to increase trade flows

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

    EU leaders agree UK’s Brexit deal at Brussels summit

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

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

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

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

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

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

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

    New WTO publication analyses potential impact of Blockchain on international trade

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

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

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

    Unlocking Africa’s trade potential

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

    Study: Trade supports over 36 million jobs across the EU

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

    The Caribbean Trade & Development Digest is a weekly trade news digest published by the Caribbean Trade Law & Development Blog. Liked this issue? To read past issues, please visit here. To receive these mailings directly to your inbox, please follow our blog.