Tag Archives: trade news

Caribbean Trade & Development Digest – January 27 – February 2, 2019

Welcome to the Caribbean Trade & Development Digest for the week of January 27 – February 2, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

On the Brexit front, UK Prime Minister Theresa May won support from British MPs for a renegotiation of the Draft Withdrawal Agreement, in particular the removal of the ‘Irish Backstop’, the controversial ‘insurance policy’ to avoid a hard border between the Northern Ireland and Republic of Ireland in the event that the UK and EU are unable to reach a trade deal within the transition period.

However, the EU, including the Republic of Ireland, remains adamant that the current draft Withdrawal Agreement is not up for renegotiation and that the backstop cannot be removed. The UK is due to leave the EU on March 29, 2019.

Another major trade policy development is that the EU-Japan Economic Partnership Agreement has come into force. Additionally, the latest round of trade talks between the US and China have been hailed as a success.

Regionally, some CARICOM leaders initiated a visit to the United Nations (UN) on the situation in Venezuela.

REGIONAL

$10m Investor: We Can Defeat WTO ‘Concerns’

The Bahamas Tribune: A $10m poultry farming investor yesterday expressed confidence that The Bahamas could follow Jamaica’s self-sufficiency lead despite its “concerns” over WTO’s potential impact. Read more 

JMEA head cites one-sided trading conditions affecting Jamaica

LoopJamaica: President of the Jamaica Manufacturers and Exporters’ A’ssociation (JMEA), Metry Seaga, has described the favourable trade conditions that Jamaica extends to its overseas trading partners as being one-sided, saying that too often the same treatment is not returned to the country’s manufacturers and exporters. Read more 

Port Operator KFTL Boasts Record Container Moves In A Day

Jamaica Gleaner: Kingston Freeport Terminal Limited, KFTL, a subsidiary of the French-based shipping company CMA CGM, said that on January 24 it recorded the best performance ever in the history of the port of Kingston in terms of container moves. Read more 

Statistical Institute of Belize: Belizeans paid an average of 30 cents more for goods and services in 2018

Breaking Belize News: For the year 2018, Belizeans paid an average of 30 cents more for goods and services, while for the month of December specifically, consumer prices were about 10 cents less when compared to the year before. Read more 

Statement on second day of visit to the UN by Delegation of CARICOM Member States

CARICOM: On Tuesday, 30 January 2019, the delegation of the Caribbean Community (CARICOM) comprising Dr the Hon. Timothy Harris, Prime Minister of S.Kitts and Nevis (Chairman of CARICOM) and Dr the Hon. Keith Rowley, Prime Minister of Trinidad and Tobago, the Hon. Peter David, Foreign Minister of Grenada, H.E. Irwin LaRocque, CARICOM Secretary-General, as well as the Permanent Representatives of these countries continued its engagements at the United Nations and at the Trinidad and Tobago Permanent Mission in New York on the situation in the Bolivarian Republic of Venezuela and its implications for the Community. Read more 

Belize exports first shipment of crude soybean oil to Jamaica

LoveFM: Belize has made its first shipment of crude soybean oil to Jamaica. The five containers were exported last week and were supplied by Bel-Car Exports and Imports located in Spanish Lookout, Cayo District and Northern Grains Cooperative located in Blue Creek, Orange Walk District. Read more 

CARICOM Leaders To Meet With UN Secretary General On Venezuela

Jamaica Gleaner: Caribbean Community (CARICOM) leaders are to meet with the United Nations Secretary General Antonio Guterres on Monday to discuss the ongoing political situation in Venezuela where the government of President Nicolas Maduro is under international pressure to step down. Read more 

Barbados hosting EU funded meetings

TV6: Barbados is hosting a two-day consultation aimed at continuing the development of a framework for an effective platform for structured and continuous dialogue between the Caribbean Forum (CARIFORUM) and French Caribbean Outermost Regions (FCORs) and British and Dutch Overseas Countries and Territories (OCTs). Read moreRead more

WTO lacks clout on dispute rulings

Bahamas Tribune: The failure to enforce its rulings on trade disputes is among the “biggest criticisms” that can be levelled against the World Trade Organisation (WTO), a Bahamian arbitrator has charged. Read more 

INTERNATIONAL

1-in-3 UK firms have relocation plans due to Brexit

Euractiv: Brexit has prompted almost a third of British companies to move some operations abroad or at least consider it, a survey from an employers group showed on Friday (1 February). Read more 

UAE initiates WTO proceedings against Qatar

Gulf News: The UAE Government announced on Tuesday that it has initiated World Trade Organisation, WTO, dispute-settlement proceedings against Qatar following its ban of the sale of UAE products in Qatari markets. Read more 

China, U.S. make important progress in trade talks, paving way for further consultations

Xinhua: Negotiators from China and the United States have made important progress in the latest round of high-level talks to resolve their economic and trade frictions, laying foundation for further consultations, according to the visiting Chinese delegation. Read more 

Is WTO Article 24 the antidote to a No Deal Brexit? Euronews Answers

Euronews: Nigel Farage, one of the UK’s leading proponents of a ‘hard Brexit’ told Euronews yesterday that the negative impacts of Britain leaving the EU without a deal could be eliminated by the use of “Article 24 of the World Trade Organisation (WTO)”. Read more 

Trump sends Congress list of planned USMCA trade policy changes

Washington Examiner: The Trump administration formally gave Congress a list of its proposed changes to trade policy, requests that will put the U.S.-Mexico-Canada Agreement on trade into effect. Read more 

WTO chief is in denial over climate impact of trade 

Climate Change News: When the head of the World Trade Organisation (WTO) says trade does not impact the environment, we should all be worried. Read more 

US, China may cross swords on e-commerce at WTO

VoA: China has given up its long-held resistance to the World Trade Organization’s push for global standards for the $27 trillion e-commerce market. Some analysts say this is a direct result of the trade war with the United States, which is forcing China to seek wider cooperation with trading countries. Read more

Sturgeon to visit US and Canada for talks on trade links

BBC: First Minister Nicola Sturgeon is to visit the US and Canada next week. The trip is planned in a bid to build stronger trade links between Scotland and North America. Read more

Japan-EU free trade deal takes effect

NHK: A comprehensive free trade deal between Japan and the European Union has come into force. The pact will eventually remove tariffs on more than 90 percent of imports from both sides and liberalize rules in a broad spectrum of fields. Read more

Brexit: MPs back May’s bid to change deal

BBC: MPs have backed seeking “alternative arrangements” to replace the Irish backstop in Theresa May’s Brexit plan. Read more 

Safeguards in free trade agreements: Council adopts horizontal framework for bilateral measures

EU: The EU will soon have in place an overall framework for ensuring consistency of safeguard measures included in free trade agreements. The Council today adopted a regulation streamlining the inclusion of safeguard measures in trade agreements so that they are applied effectively and consistently across the board.  Read more

Iraq, Jordan sign free trade agreement

Middle East Monitor: Jordan has reached a new agreement on free trade with Iraq, the country’s Deputy Prime Minister, Rajai Muasher, said yesterday. Read more 

UK cannot simply trade on WTO terms after no-deal Brexit, say experts

The Guardian: The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. Read more 

WTO Launches Investigation Into Trump’s China Tariffs, Official Says

Bloomberg: The World Trade Organization launched an investigation into President Donald Trump’s tariffs on $250 billion of Chinese goods, ratcheting up tensions as the two nations are set to begin a new round of trade talks, according to an official with knowledge of the probe. Read more 

EU to fight US tariffs on Spanish olives at WTO

Deutsche Welle: The European Comission will back Spain’s fight to defend its olive exporters, who were hit by Donald Trump’s tariffs in June 2018. Madrid considers the punitive measure to be “an evident prejudice” on olive producers. Read more 

China accuses US of a ‘blatant breach’ of trade policy in WTO meeting

CNBC: Chinese representatives met with the World Trade Organization on Monday to begin the process of legally challenging United States tariffs on China’s exports, Reuters reported, citing a transcript of the meeting’s discussion. Read more 

WTO NEWS

United Arab Emirates requests consultations with Qatar on goods restrictions

WTO: The United Arab Emirates has requested WTO dispute consultations with Qatar regarding certain measures restricting the import, distribution and sale of goods in Qatar from the UAE (DS576). The request was circulated to WTO members on 31 January. Read more

European Union initiates WTO dispute proceedings against US olive duties

WTO: The European Union has requested WTO dispute consultations with the United States concerning US anti-dumping and countervailing duties imposed on imported ripe olives from Spain. The request was circulated to WTO members on 31 January. Read more 

Panels established to rule on US, Turkish tariff measures

WTO: At a meeting of the Dispute Settlement Body (DSB) on 28 January, WTO members agreed to establish a dispute panel to rule on additional duties imposed by the United States on certain imports from China. Members also agreed to establish a panel to rule on additional duties levied by Turkey on certain imports from the United States. 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 – January 20-26, 2019

Welcome to the Caribbean Trade & Development Digest for the week of January 20-26, 2019! We do apologise for the delay in this week’s issue. We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

The big trade news this week is that on the sidelines of the World Economic Forum (WEF) meeting in Davos, Switzerland, some seventy-six World Trade Organisation (WTO) members agreed to launch negotiations on an e-commerce agreement.

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

REGIONAL

Tariff Flaws Crippling CARICOM Exports, Says Trade Expert

Jamaica Gleaner: Trade expert Karl Hyatt has called for meaningful amendments to the Common External Tariff (CET) now under review to address some of the entrenched flexibility that has been abused by some CARICOM states. Read more 

Dominica blasts international financial community over unilateral demands, calls for CARICOM unity

St Lucia News Online: The Dominica government Monday blasted the international community over its unilateral demands for tightening measures within the international financial services sector and again called for a united Caribbean Community (CARICOM) approach to the situation. Read more 

Jagdeo meets CARICOM Chairman on no-confidence motion

Stabroek: The Leader of the Opposition, Dr. Bharrat Jagdeo,  today met with the Chairman of CARICOM, Dr. Timothy Harris, Prime Minister of St. Kitts and Nevis and a team, including CARICOM-Secretary-General, Ambassador Irwin LaRocque , at the Office of the Leader of the Opposition on Church Street. The meeting discussed the no-confidence motion against the current APNU+AFC coalition government, a statement from Jagdeo’s office said. Read more 

Private Sector and Labour Leaders to Participate in Caricom Heads Meetings

JIS News: The revised Treaty of Chaguaramas is to be amended to allow representatives of the private sector and the Caribbean Congress of Labour to participate in CARICOM Heads of Government meetings, says Barbadian Prime Minister, Hon. Mia Mottley. Read more 

Statement by Heads of Government of CARICOM on Venezuela

CARICOM: The following Heads of Government of the Caribbean Community (CARICOM) – Antigua and Barbuda, Barbados, Belize, Dominica, Jamaica, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Trinidad and Tobago; Foreign Ministers of Grenada and Suriname;, meeting by video-conference on 24 January 2019, issued the following statement. Read more 

High level CARICOM talks held in Guyana

St. Kitts & Nevis Observer: The Prime Minister of St. Kitts and Nevis and current Chairman of the Caribbean Community (CARICOM), Dr. the Honourable Timothy Harris, is currently in the Cooperative Republic of Guyana where he is holding several rounds of discussions with top level CARICOM officials, including Secretary-General, Ambassador Irwin LaRocque. Read more 

CARICOM Development Fund clinches US$1m pact with India

Stabroek: India and the CARICOM Development Fund (CDF) signed a Contribution Agreement on January 19th, 2019, in Paramaribo Suriname which provides for a grant allocation of US$1m to the CDF’s capital fund. Read more 

INTERNATIONAL

DAVOS-Nearly half WTO members agree to talks on new e-commerce rules

Reuters: Impatient with the lack of World Trade Organization rules to cover the explosive growth of e-commerce, 76 countries and regions agreed on Friday to start negotiating this year on a set of open and predictable regulations. Read more 

Uruguay diverges from Mercosur, aligns with Mexico on Venezuela crisis

Buenos Aires Times: Uruguay and Mexico call for peaceful resolution in a joint statement released Wednesday, after opposition leader Juan Guaido declares himself interim president. Read more 

Brexit trade deal agreed by British and Israeli ministers, in principle

Jewish News: British and Israeli ministers have announced that they have agreed a post-Brexit trade agreement in principle. Read more 

Brexit: New Zealand’s Jacinda Ardern says trade deal ‘a priority’

BBC: New Zealand’s prime minister has said she is “ready and willing” to sign a post-Brexit trade deal with the UK. Jacinda Ardern said negotiating a free trade agreement would be a “real priority” once the UK had left the EU. Read more

Japan-U.S. talks on bilateral trade deal likely to face delay

Japan Times: Japan and the United States are unlikely to open negotiations on a proposed bilateral trade pact before the end of this month, due chiefly to the prolonged partial U.S. government shutdown, sources have said. Read more 

Commerce Secretary Wilbur Ross: The US is still ‘miles and miles’ from a trade deal with China

CNBC: Commerce Secretary Wilbur Ross said Thursday the U.S. is still “miles and miles” from a trade deal with China. Read more

No Sweeping Free Trade Deal, Brussels Tells Washington

Foreign Policy: Six months after U.S. President Donald Trump proclaimed he’d already reached a trade deal with the European Union, Brussels has only now laid out its preliminary conditions for talks. Read more 

Expert urges caution over speedy trade deal with EU

Radio New Zealand: A trade expert is advising negotiators not to rush a free trade agreement with the European Union, New Zealand’s third largest export market. Read more

Brexit: Liam Fox yet to seal no-deal trade agreements

BBC: The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit. International Trade Secretary Liam Fox said he “hoped” they would but it depended on whether other countries were “willing to put the work in”. Read more 

WTO NEWS

United States appeals panel report regarding US duties on Turkish pipe and tube products

WTO: The United States filed an appeal on 25 January concerning the WTO panel report in the case brought by Turkey in “United States — Countervailing Measures on Certain Pipe and Tube Products” (DS523). The panel report was circulated to WTO members on 18 December 2018. Read more 

DG Azevêdo meets ministers in Davos: discussions focus on reform; progress on e-commerce

WTO: Participating in a series of ministerial discussions during the World Economic Forum Annual Meeting in Davos this week, Director-General Roberto Azevêdo reviewed the challenges and opportunities facing global trade today, and stressed that the trading system must evolve if it is to remain relevant. Read more 

DDG Yi stresses importance of WTO-APEC cooperation in crucial period for global trade

WTO: Deputy Director-General Yi Xiaozhun has stressed the importance of exploiting the synergies between the WTO and the Asia-Pacific Economic Cooperation (APEC) in a crucial period for global trade. Read more 

Registration opens for public hearing in “US — Countervailing Measures on Softwood Lumber from Canada”

WTO: At the request of the parties in the dispute “US — Countervailing Measures on Softwood Lumber from Canada” (DS533), the panel has decided to open its first substantive meeting to public observation on 26, 27, and 28 February 2019. The live screening will take place at the WTO’s headquarters in Geneva. Read more 

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

Caribbean Trade and Development Digest – January 13 – 19, 2019

Welcome to the Caribbean Trade & Development Digest for the week of January 13-19, 2019! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

Brexit turbulence has dominated the headlines for yet another week. British MPs, as expected, voted against the current Withdrawal Agreement negotiated by Prime Minister Theresa May’s government with the EU. With 432 votes against, versus just 202 in favour of the deal, it was the biggest legislative loss for a British Government in modern British history. Coupled with narrowly surviving a no confidence motion brought by the Leader of the main opposition, Labour Leader Jeremy Corbyn, Prime Minister May now has three days  (until Monday) to bring a ‘Brexit Plan B’ to Parliament.

On January 19, 2018, the eleven parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) held their first ministerial meeting since its entry into force on December 30, 2018, in Japan this week.

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

REGIONAL

Trump weighs dramatic tightening of embargo on Cuba

Associated Press: The Trump administration is weighing what could become the most serious tightening of the U.S. trade embargo on Cuba in more than two decades — a move that could unleash a flurry of lawsuits against foreign companies that have invested on the island. Read more 

Shaw wants more aggressive approach to trade facilitation programme

Jamaica Observer: Minister of Industry, Commerce, Agriculture and Fisheries Audley Shaw has called on Government agencies and departments to move with a greater sense of urgency to facilitate trade and the private sector’s need for a more responsive Government. Read more

Cuba, Iran to improve trade relations

Prensa Latina: The 17th Session of the Cuba-Iran Intergovernmental Commission, whose main goal is to expand collaboration on various economic and social areas, has concluded on Wednesday in Havana. Read more 

Antigua & Barbuda hit visitor arrival record 

Caribbean360: Antigua and Barbuda welcomed over one million visitors to the destination in 2018, topping 2017 figures and leading Antigua and Barbuda Minister of Tourism Charles Fernandez to call 2018, “a record-setting year” for the twin-island nation. Read more

Correspondent banking still an issue for CARICOM

Love FM (Belize): Plaguing Belize and other Caribbean countries is the issue of correspondent banking, CARICOM along with groups have been lobbying for restored relations. Read more

Jamaica says buy-back of Petrojam shares not a CARICOM issue

Jamaica Observer: Minister of Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith has dismissed Opposition criticisms that the Government has not involved the Caribbean Community (Caricom) in its negotiation of a buy-back of the 49 per cent shares in Petrojam from Venezuela. Read more 

Gopee-Scoon: TT preparing for Brexit

Newsday: Trade and Industry Minister Paula Gopee-Scoon on Wednesday said TT was doing what it could to deal with the outcome of the Brexit process in the UK. Read more

PM: OAS vote on Venezuela was in Trinidad’s interest

Newsday: The Prime Minister says the decision to abstain on a vote by the Organisation of American States to not recognise the legitimacy of the presidency of Venezuelan President Nicolas Maduro was done in the country’s interest. Read more 

Trinidad & Tobago Rice production plummets 97%

Newsday: LOCAL rice production has plummeted about 97 per cent in the past 26 years and 95 per cent of what is currently produced is used as input for animal feed. Read more

Jamaica exports grew 17.6% in Q1 2018

Jamaica Gleaner: Exports of Jamaica increased 17.6 per cent year-on-year in the first quarter of 2018, according to an Inter-American Development Bank (IDB) report which said that sales from Latin America and the Caribbean to overseas markets were the highest in six years. Read more

Arley Gill to be Grenada’s new ambassador to CARICOM

Now Grenada: Arley Gill is nominated to be Grenada’s new ambassador to CARICOM. Read more

IDB: Latin America, Caribbean register highest exports in six years 

Jamaica Gleaner: The Inter-American Development Bank (IDB) says exports from Latin America and the Caribbean, including Jamaica, hit their highest level in six years as a result of a 9.9 per cent increase in 2018, albeit amid growing downside risks in the future. Read more 

INTERNATIONAL

These are the biggest risks to the global economy in 2019

World Economic Forum: Major risks include a growth recession in China, a rise in global long-term real interest rates, and a crescendo of populist economic policies that undermine the credibility of central bank independence, resulting in higher interest rates on safe, advanced-country government bonds. Read more 

Expansion of Pacific trade deal discussed at ministerial meeting in Tokyo

Japan Times: The 11 members of a trans-Pacific free trade agreement on Saturday held their first ministerial meeting since the pact entered into force, discussing its future expansion as well as how to counter the rise of protectionism. Read more 

China Offers a Path to Eliminate U.S. Trade Imbalance, Sources Say

Bloomberg: China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations. Read more 

Malaysia hopes for RCEP to finalise by end-2019

New Strait Times: Malaysia hopes to conclude talks with other Regional Comprehensive Economic Partnership (RCEP) member countries by the end of this year. Read more 

CPTPP members signal intent to expand the agreement

Strait Times: Members of a landmark 11-nation Pacific Rim trade deal have signalled their openness to expand the agreement by taking in new members to form a stronger united front against the rise of protectionism. Read more 

Climate change clouds Australia’s Pacific charm offensive 

ABS-CBN: Australian Prime Minister Scott Morrison’s Pacific charm offensive went off course on Friday when he was forced to defend Fiji’s accusations of inaction over climate change.  Read more

India keen on closer trade ties with neighbours

Daily Star: India is keenly promoting the trade potential of its northeastern states because it would not only give an economic boost to the region but also enable closer engagement with Bangladesh, Myanmar and Bhutan. Read more

Can ASEAN cope with the trade war?

Strait Times: Asean is facing a prolonged period of heightened United States-China competition and, hence, of greater uncertainty. The most obvious manifestation of this new phase in relations between the two nations is the so-called “trade war”. Read more

Trudeau’s U.S. Envoy Confident on USMCA Passage, Tariff Relief

Bloomberg: Canada’s ambassador to Washington is confident that the U.S. will both pass the revised North American trade deal and lift tariffs on steel and aluminum. Read more 

New trade agreements secure Australian exports to Britain post-Brexit

Sydney Morning Herald: Australia and Britain have signed a new bilateral Wine Agreement and Mutual Recognition Agreement overnight in London, which will help ensure the continued flow of trade post-Brexit. Read more 

Lifting trade barriers key to Africa’s economic emergence, DP World chairman says

The National: DP World’s chairman urged African leaders to lift barriers on trade after the global ports operator last year pushed to expand its footprint in the continent where it faces some opposition to its operations. Read more 

AfCFTA seeks to increase intra-Africa trade

KBC (Kenya): African states are nearing the threshold of 22 countries to help operationalise the African Continental Free Trade Agreement (AfCFTA). Read more 

Vietnam-Africa trade reaches US$6.6 million in 2018

Nhan Dan Online: Bilateral trade between Vietnam and African nations hit US$6.6 billion in 2018, with Vietnam’s exports worth US$3 billion, up 10% from the previous year. Read more 

Voters would back remaining in EU over May’s Brexit deal

The Guardian: Opinium poll for the Observer finds only 35% of voters would back Theresa May’s deal if remain was an option. Read more 

Brexit; Theresa May’s deal is voted down in historic defeat 

BBC: Prime Minister Theresa May’s Brexit deal has been rejected by 230 votes – the largest defeat for a sitting government in history. MPs voted by 432 votes to 202 to reject the deal, which sets out the terms of Britain’s exit from the EU on 29 March. Read more

Theresa May survives vote, Britain remains in Brexit deadlock

The Guardian: Theresa May has survived as prime minister after weathering a dramatic no-confidence vote in her government, but was left scrambling to strike a Brexit compromise that could secure the backing of parliament. Read more 

May scrambles to agree plan B for Brexit ahead of deadline

Sky News: The PM will meet with cabinet ministers at her Chequers retreat but has until Monday to come up with a new plan for Brexit. Read more

Amazon warns UK sellers to prepare for no-deal Brexit disruption to deliveries

Independent: Amazon has warned UK businesses trading through its online marketplace to prepare for a no-deal Brexit or risk not being able to sell to customers in the EU. Read more 

Brexit: Liam Fox yet to seal no-deal trade agreements

BBC: The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit. Read more 

The EU moves forward efforts at UN on multilateral reform of ISDS

EU: Today, the EU and its Member States submitted two papers to the UN Working Group under the United Nations Commission on International Trade Law (UNCITRAL). The Working Group has been tasked with examining reform of investor-state dispute settlement (ISDS). Read more 

EU-US Trade Talks: European Commission presents draft negotiating mandates

EU: The European Commission has today adopted proposals for negotiating directives for its trade talks with the United States: one on conformity assessment, and one on the elimination of tariffs for industrial goods. Read more 

EU imposes safeguard measures on rice from Cambodia and Myanmar

EU: An investigation has confirmed a significant increase of imports of Indica rice from Cambodia and Myanmar into the European Union that has caused economic damage to European producers. The European Commission has therefore decided today to re-introduce import duties that will be steadily reduced over a period of three years. Read more

EU Chief Negotiator updates civil society on the state of play of negotiations with Mercosur

EU: On Tuesday 15 January the European Commission held a meeting with civil society representatives on the state of play of trade negotiations between the EU and Mercosur (Argentina, Brazil, Paraguay and Uruguay). Read more 

EU requests bilateral dispute settlement consultations with Ukraine over wood export ban

EU: The EU has formally requested consultations with Ukraine under the EU-Ukraine Association Agreement on Ukraine’s export ban on unprocessed wood. Read more 

European Commission set to adopt definitive safeguard measures on imports of steel

EU: The European Commission welcomes the support received yesterday from Member States to its plan to impose definitive safeguard measures on imports of steel. Read more 

WTO NEWS 

General Council Chair appoints facilitator to address disagreement on Appellate Body

WTO: General Council Chair Junichi Ihara of Japan has appointed Amb. David Walker of New Zealand to assist him in working with WTO members to resolve differences on the urgent matter of the functioning of the organization’s Appellate Body. Read more

Venezuela initiates WTO dispute case against Colombia regarding liquid fuel restrictions

WTO: Venezuela has requested WTO dispute consultations with Colombia regarding certain Colombian measures affecting the distribution of liquid fuels. Venezuela’s request was circulated to WTO members on 14 January. Read more 

Members review US request for panel on Turkish duties, adopt rulings on Brazil tax, US tuna

WTO: At a meeting of the Dispute Settlement Body (DSB) on 11 January, WTO members considered a request from the United States for the establishment of a panel to rule on additional duties levied by Turkey on certain US imports. WTO members also formally adopted panel and Appellate Body rulings concerning tax measures in Brazil used to promote domestic production of automotive and high-tech goods as well as revised US “dolphin-safe” tuna labelling requirements. 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 – January 1 – 13, 2019

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

THIS WEEK’S HIGHLIGHTS

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

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

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

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

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

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

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

REGIONAL

Jamaica takes action to safeguard energy security

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

Joining WTO no ‘snap election’ decision

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

‘Buy Bahamian’ best defence under WTO

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

Dutch blacklist unjustified diversion tactic

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

Regional trade with the US

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

Cuba to expand facilities for foreign trade

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

Jamaica’s trade deficit with CARICOM widens

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

EU provides millions in budgetary support to Montserrat

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

CARICOM remains divided on Venezuela

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

Venezuela plans to remap its offshore oil territory

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

PM Skerrit wants a united approach to investment programme

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

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

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

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

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

Gonsalves reiterates call for unity 

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

Sir Dennis praises Caribbean Court of Justice’s achievements

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

INTERNATIONAL

Juncker hints at helping out Theresa May over Brexit deal 

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

Macron vows to exclude UK creative industries from future EU deal 

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

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

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

Air freight demand flat in November 

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

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

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

What is stopping India from joining RCEP trade deal?

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

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

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

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

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

New database of all subsidies investigated by EU

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

Storm Clouds are brewing for the global economy

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

WTO seeks to ban government raids on corporate data

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

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

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

Europe ready to help with WTO reform

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

Brexit: Jeremy Corbyn demands election to ‘break deadlock’

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

WTO NEWS

Philippines launches safeguard investigation on ceramic floor and wall tiles

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

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

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

Turkey launches safeguard investigation on yarn of nylon or other polyamides

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

Madagascar launches safeguard investigation on detergent powder

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

NEW ON THE CTLD BLOG

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

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

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

Global Trade Policy in 2019: What to Watch?

This article has been updated.

Alicia Nicholls

Happy New Year to all! 2018 was without doubt a nail-biting year for global trade policy developments. In our first blog for the year, we take a look back at some of the key trade policy developments in 2018 and five developments to watch for 2019!

  1. US-China Trade Tensions and Truce?

Starting with the scary; 2018 saw an escalation in global trade tensions among major trading powers. Without doubt, the election of President Donald Trump in the US in 2016 has led to a more nationalistic, protectionist and unilateral turn in US trade and foreign policy. Under his ‘America First’ ideology, President Trump issued proclamations hiking tariffs on imported steel and aluminum under the guise of national security, with only a small handful of countries being spared.

Tensions between the US and its other key trading partners, such as Canada and the EU, were inflamed, but China was the main target of US trade action. According to the BBC, the US has imposed tariffs on over $250 billion dollars of Chinese goods and had threatened an additional $260 billion, while China has imposed tariffs on $50 billion dollars of US goods and threatened tariffs on an additional $60 billion. Both countries agreed to a truce in December to suspend any further tariff impositions for a 90-day period while talks resume.

Trade talks held between the US and China this week have been hailed as positive by both sides, but the two economic behemoths are still a long way from resolving long-simmering tensions. US President Donald Trump appears confident that China will acquiesce to the US’ demands given the current slowdown in the Chinese economy. However, the US has not escaped the trade tensions unharmed as, for example,  soybean farmers have been affected by the reduced Chinese demand for their produce.

The WTO has warned that the uncertainty around the escalating trade tensions was beginning to adversely impact business and investment confidence, with potential implications for continued global trade growth. Moreover, in its Global Economic Prospects – January 2019 report, ominously titled ‘Darkening Skies’, the World Bank has warned of darkening clouds over the global economy and softening global trade and investment flows.

2. WTO Reform

On the multilateral scene, the crisis in the WTO’s Appellate Body due to the US’ blockage of appointments appears to have given new political will and urgency to the need to reform the WTO, which is facing its greatest existential crisis since its founding in 1995.

The US’ continued blockage of appointments/re-appointments to the organisation’s seven-member Appellate Body has now resulted in only three sitting Appellate Body members – the minimum for the Body to function.

Several WTO members have tabled proposals for reforms on discrete issues, such as transparency/notification, while the European Union (EU) and Canada have both placed more comprehensive reform proposals on the table, including reform of the dispute settlement system.

However, WTO members are still a long way from deciding on how deep and wide-ranging the reform agenda should be. The US, which has for a long time expressed grave reservations about the Appellate Body, has so far not been convinced by any of the proposals tabled.

This year will be critical for deciding on the way forward for WTO reform, especially since the loss of yet another Appellate Body member will result in the Appellate Body being unable to operate, with grave implications for the prompt settlement of disputes and the rules-based multilateral trading system, on a whole.

3. Regional Trade Agreements – AfCTA, USMCA, CPTPP, EU-Japan 

On the regional trade agreement scene, there were several positive and major developments in 2018. One of the most exciting was in March, 2018 when forty-four African states signed the Africa Continental Free Trade Agreement (AfCTA) in Kigali, Rwanda. Since then, five other States have signed the agreement. Thirteen African States have ratified the agreement thus far and further ratifications will be needed before it comes into effect.

President Donald Trump made good on one of his major trade policy promises – the renegotiation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico to make it ‘fit for purpose’ for the 21st century. In November 2018, the three countries announced they had agreed an agreement under a new name – the United States, Mexico and Canada (USMCA) Agreement. Some of the major changes include more stringent rules of origin (RoO), extension of terms of copyright protection, a sunset clause and provision for a 6-year review.  The Agreement is awaiting ratification in the three countries.

After the US’ withdrawal from the Trans-Pacific Partnership (TPP) under President Trump, the remaining eleven TPP parties signed a successor agreement termed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in March 2018. The Agreement came into effect on December 30, 2018, and its parties account for an estimated 14% of global GDP.

Five years after negotiations began in 2013, the EU and Japan signed the Economic Partnership Agreement and the EU-Japan Strategic Partnership Agreement. The Agreement, which is on track to come in effect in February 2019, is the first free trade agreement to make explicit reference to the Paris Climate Change Agreement which was signed in 2015.

4. Bolsonaro’s Brazil

South America’s largest country, Brazil, elected Jair Bolsonaro who took office as president at the beginning of 2019. Riding the wave of right-wing populism, Mr. Bolsonaro has expressed support for the unilateral foreign policy espoused by his US counterpart and has expressed apathy about Mercosur. Brazil is one of the most influential emerging economies, both hemispherically and internationally. The implications of the South American nation’s shifting foreign and trade policy will, therefore, be key to watch.

5. Brexit Uncertainty

Of course, one of the biggest trade policy developments to watch in 2019 will be the UK’s impending withdrawal from the EU – Brexit – which, as it stands, is to take place on March 29, 2019.

After nearly two years of intense negotiations, the EU-27 and the UK finally arrived at a Draft Agreement on the UK’s Withdrawal from the EU and a Political Declaration Setting out the Framework for the Future Relationship between the EU and the UK in November 2018. The EU-27 leaders endorsed the two texts at a special emergency meeting of the European Council.

However, in the face of strong opposition to the deal, particularly the ‘backstop’ provisions regarding the Northern Ireland/Ireland Border, UK Prime Minister Theresa May cancelled a crucial House of Commons vote on the deal which she likely would have lost. Mrs. May has sought to obtain further binding concessions from the EU, but without success thus far.

This week, the British House of Commons MPs voted in favour of an amendment requiring the Prime Minister to present to Parliament a Brexit Plan B within three days, in the event that MPs reject the current Draft Withdrawal Agreement in their vote rescheduled for next week Tuesday. Meanwhile, Labour Leader Jeremy Corbyn is calling for a general election to break the Brexit deadlock.

The Brexit deadline looms, but the May Government has ruled out requesting an extension under Article 50. With the timeline for the UK’s withdrawal ticking and the real threat of a potentially economically disastrous ‘no-deal’ exit, this will be one of the major trade policy issues to watch in 2019.

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

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

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

THIS WEEK’S HIGHLIGHTS

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

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

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

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

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

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

Please see below some of the other major headlines:

REGIONAL

T&T to host special CSME meeting in December

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

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

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

Republic Financial Holdings to acquire Scotiabank in nine Caribbean countries

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

Josie Warns Of Potential For Dire Consequences From Scotiabank Sale

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

 

CARICOM Sugar Industries prepared to supply total regional demand

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

T&T can lose CARICOM market for fuel

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

Cuba’s most valuable exports: its doctors

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

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

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

CARICOM calls for seat on ICAO council

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

CARICOM highlights work against gender violence in the region

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

CARICOM Secretary General describes new management system

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

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

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

INTERNATIONAL

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

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

G20: US and China agree to suspend new trade tariffs

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

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

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

USTR Statement on China’s Auto Tariffs

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

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

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

Argentina, India agree to increase trade flows

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

EU leaders agree UK’s Brexit deal at Brussels summit

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

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

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

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

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

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

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

New WTO publication analyses potential impact of Blockchain on international trade

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

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

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

Unlocking Africa’s trade potential

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

Study: Trade supports over 36 million jobs across the EU

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

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

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

Welcome to the Caribbean Trade & Development Digest for the week of November 18-24, 2018! We are happy to bring you the major trade and development headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

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

Please see below some of the other major headlines:

REGIONAL

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

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

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

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

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

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

Bahamas’ WTO membership is no “fait accompli”

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

Bahamas Chamber hires consultant for WTO Impact analysis

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

UK Hydrographic Office presents Guyana with marine geospatial data

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

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

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

CARICOM Development funds must be replenished soon 

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

CARICOM Looking To Re-Introduce Single Security Check

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

 

INTERNATIONAL 

EU leaders agree UK’s Brexit deal

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

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

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

Africa-China trade hits $230bn

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

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

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

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

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

Investors hope for trade war ceasefire at G20 summit

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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