Caribbean Trade Law and Development

Tag: trade news

  • Caribbean Trade & Development Digest – June 3-9, 2018

    Caribbean Trade & Development Digest – June 3-9, 2018

    Welcome to the Caribbean Trade & Development Digest for the week of June 3-9, 2018! What a difference a week makes in the world of trade policy, it seems! From the CARICOM High Level Stakeholders’ Consultation on the implementation of the CARICOM Single Market to the tumultuous G7 Leaders’ Meeting, we are happy to bring the trade and development headlines from across the Caribbean Region and the world from last week:

    REGIONAL

    (Belize) Trade Minister Responds to CARICOM Sugar Call

    Channel 5 Belize: On Tuesday, Briceño said G.O.B. should be doing more to export all Belizean sugar to CARICOM. According to Panton, Belize’s sugar has market access at duty free rates but what is lacking is market penetration. Read more

    CSME implementation deficit not Secretariat’s fault – Golding

    InewsGuyana: To blame the Caribbean Community (CARICOM) Secretariat for the gaps in implementation of the CARCIOM Single Market and Economy (CSME) was unfair, a former Prime Minister of Jamaica has said. Read more

    St Vincent PM says T&T extracts most from CARICOM

    Stabroek News: Stating that outstanding issues such as free movement of people and a co-ordinated foreign policy have to be resolved before CARICOM can move to a Single Economy, St Vincent and the Grenadines (SVG) Prime Minister Dr Ralph Gonsalves also cited Trinidad for drawing the most from the integration movement in an uneven relationship. Read more

    Regional leaders have lost faith in CSME realisation

    St. Lucia Times Online: CARICOM members have to become more practical in their approach to the concepts of the Caricom Single Market and Economy (CSME), St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves said Friday. Read more

    Statement at the Conclusion of an IMF Staff Visit to Barbados

    IMF: At the request of the newly elected Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown on June 5-7, to have discussions on economic policies and possible IMF financial support of the government’s economic plan. Read more

    Price hike expected due to trade tariffs

    The Reporter: The cost of living in Belize could be taking another hit, as the price of various imported goods are in danger of going up due to an ongoing trade war among the United States, Mexico and Canada. Read more

    Barbados pledges to play greater role in regional integration

    CMC (via Jamaica Observer): Barbados on Tuesday said it would seek to play a greater role in the revitalisation of the regional integration movement, as the new government of Prime Minister Mia Mottley outlined its priorities for the next 12 months.  Read more

    INTERNATIONAL 

    Malaysia’s Mahathir calls for review of Trans-Pacific trade pact

    CNBC: Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership trade agreement, saying smaller economies like Malaysia were at a disadvantage under the current terms. Read more

    Trump against Rwanda in trade war over used clothes

    Deutsche Welle: When East African countries announced a ban on the import of secondhand clothes to help their own textile industries, this irked US President Donald Trump. All but Rwanda have now backtracked. What’s at stake? Read more

    Trump Wants Bilateral Nafta Talks But He Won’t Quit Accord

    Bloomberg: President Donald Trump is seriously considering separate trade negotiations with Canada and Mexico but he doesn’t plan to withdraw from the North American Free Trade Agreement, White House economic adviser Larry Kudlow said. Read more

    EU trade defence: stronger and more effective rules enter into force

    European Commission: The changes which came into force last week are aimed at modernising the EU’s trade defence toolbox. Read more

    EU-US Trade: European Commission endorses rebalancing duties on US products

    European Commission: The College of Commissioners endorsed today the decision to impose additional duties on the full list of US products notified to the World Trade Organisation (WTO), as part of the EU’s response to the US tariffs on steel and aluminium products. Read more

    EU and Chile complete third round of negotiations

    European Commission: Negotiators met in Brussels from 28 May to 1 June for the 3rd round of negotiations for a new, modernised trade agreement between the EU and Chile. Read more

    Azevêdo highlights ‘significant progress’ on trade finance, outlines further actions

    WTO: Speaking at a meeting of the WTO Working Group on Trade, Debt and Finance on 8 June, Director-General Roberto Azevêdo highlighted the significant progress made in improving access to trade finance, in response to the persistent gaps in provision which affect small businesses and poorer countries in particular. Read more

    Mexico initiates WTO dispute complaint against US steel, aluminium duties

    WTO: Mexico has requested WTO dispute consultations with the United States regarding US duties on certain imported steel and aluminium products. The request was circulated to WTO members on 7 June. Read more

    EU, Canada initiate WTO dispute complaints against US steel, aluminium duties

    WTO: The European Union and Canada have requested WTO dispute consultations with the United States regarding US duties on certain imported steel and aluminium products. The requests were circulated to WTO members on 6 June. Read more

    European Union files WTO complaint against China’s protection of intellectual property rights

    WTO: The European Union has requested WTO consultations with China concerning certain Chinese measures which the EU alleges are inconsistent with China’s obligations under the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs). The request was circulated to WTO members on 6 June. Read more

    EU initiates new WTO compliance proceedings over Airbus subsidies

    WTO: The European Union has requested WTO dispute consultations with the United States to address the EU’s claim that the EU and its member states have complied with the WTO ruling on subsidies to Airbus which was adopted by the Dispute Settlement Body on 28 May. The request was circulated to WTO members on 06 June. Read more

    South Africa Looks to Deepen Trade Ties with Canada Following G7 Summit

    Footprint to Africa: South Africa is looking to deepen its trade relations with Canada following discussions at the G7 Summit, an annual high profile event that brings together seven of the wealthiest nations in the world. Read more

    Africa bids to unlock trade finance potential

    Africa Business Magazine: Efforts to create a free trade grouping date back to the establishment of the African Economic Community under the Abuja treaty in 1991. In this context, therefore, the CFTA should be celebrated. Nonetheless, it remains more of a beginning than an end to overcoming intra-African trade barriers. Read more

    UNCTAD launches World Investment Report 2018 

    UNCTAD: Global flows of foreign direct investment fell by 23 per cent in 2017. Cross-border investment in developed and transition economies dropped sharply, while growth was near zero in developing economies and with only a very modest recovery predicted for 2018. Read more

    COMESA, IOM sign cross border trade agreement

    Africa Business Communities: COMESA and International Organization for Migration (IOM) have signed a co-delegation Agreement on the implementation of the small scale cross border trade initiative in five border posts within the region. Read more

    BONUS – Trade Tensions Escalate 

    The leaders of the Group of 7 (G-7) wealthiest countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) met in Charlevoix, Quebec, Canada on June 8-9 against a backdrop of escalating trade tensions between the US and major allies, Mexico, Canada and the EU over the former’s imposition of steel and aluminium tariffs and threats of retaliation by the latter.

    The official communique was signed by six countries, the US excepted. Specifically, the six signatories to the communique expressed their support for free trade and the rules-based multilateral trading system and denounced protectionism as follows:

    “We acknowledge that free, fair and mutually beneficial trade and investment, while creating reciprocal benefits, are key engines for growth and job creation. We recommit to the conclusions on trade of the Hamburg G20 Summit, in particular, we underline the crucial role of a rules-based international trading system and continue to fight protectionism. We note the importance of bilateral, regional and plurilateral agreements being open, transparent, inclusive and WTO-consistent, and commit to working to ensure they complement the multilateral trade agreements. We commit to modernize the WTO to make it more fair as soon as possible. We strive to reduce tariff barriers, non-tariff barriers and subsidies.”

    The full text of the communique may be accessed here.

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

  • Caribbean Trade & Development Digest – March 18-24, 2018

    Caribbean Trade & Development Digest – March 18-24, 2018

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

    REGIONAL

    CDB programme to support increased trade among CARICOM states

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

    Is Guyana ready for an oil boom?

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

    Catfish exports

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

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

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

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

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

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

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

    INTERNATIONAL

    Forty-four countries sign historic African Union free trade agreement

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

    Fiji-PNG discuss trade relations with UK post-Brexit 

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

    Brexit: Government still planning for no deal scenario

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

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

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

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

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

    India Hosting Mini-Ministerial meet to break WTO impasse 

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

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

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

     

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

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

    US and South Korea Reach Agreement on Trade, Steel Tariffs

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

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

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

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

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

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

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

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

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

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

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

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

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

    REGIONAL

    Work to begin on new CARICOM Strategic Plan

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

    CSME MER Framework Workshop 

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

    CARICOM observer mission releases preliminary statement on Grenada elections

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

    Protecting consumers in the CSME

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

    INTERNATIONAL

    EU Lists US Exports it could hit 

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

    EP wants to include gender equality in free-trade agreements

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

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

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

    Vietnamese farmers expect higher profits with CPTPP

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

    Trade deals a priority at ASEAN-Australia summit 

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

    Buhari cancels Rwanda trip, reconsiders signing African trade agreement

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

    Top five trade deals that changed history

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

    Jordan suspends free trade agreement with Turkey

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

    Winners and Losers in an EU-UK agreement

    Financial Times: Read the article here.

    Indonesian President Widodo wants a free trade agreement with Australia

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

    Why Canada must move quickly on the new Asian trade pact

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

    Severing NAFTA ties harms much more than trade

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

    What impact will trade agreements have on global food markets?

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

    BONUS

    Trade War Bad for Region

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

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

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

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

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

    REGIONAL

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

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

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

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

    Barbados ratifies Trade Facilitation Agreement

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

    Jamaica Prime Minister Tables Report on CARICOM

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

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

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

    INTERNATIONAL

    Brazil Circulates Proposal for WTO Investment Facilitation Deal

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

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

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

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

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

    African Leaders Prep for Summit on Continental Trade Deal

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

    No blanket EU trade ban, says Mustapa

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

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

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

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

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

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

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

    How can East Asia defend the WTO?

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

    BiH near membership in the WTO

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

    Bosnia and Herzegovina’s WTO accession negotiations advance towards conclusion

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

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

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

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

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

    Italy eyes stronger ties with ASEAN countries

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

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