Welcome to the Caribbean Trade & Development News Digest for the week of June 23-29, 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 TRADE HIGHLIGHTS
The EU and Mercosur have reached a trade deal. Read the EU’s press release here.
G20 leaders met in Osaka, Japan and among other things, have affirmed their commitment to WTO reform. The full G20 statement may be read here.
Barbados and UAE will co-chair UNCTAD’s 15th Quadrennial in October 2020. Read more here.
REGIONAL NEWS
C’bean leaders to further discuss CSME at summit
Jamaica Observer: Caribbean Community (CARICOM) leaders will meet here early next week with the implementation of measures to enhance the CARICOM Single Market and Economy (CSME) high on the agenda. Read more
Caricom heads to meet in July
Newsday: The 40th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (Caricom) will be held in St Lucia from July 3-5. Read more
Barbados to host UNCTAD Conference
Nation News: Prime Minister Mia Mottley announced today the island would host the 15th United Nations Conference on Trade and Development (UNCTAD) quadrennial meeting in October next year. Read more
Imports up 1.9% in May 2019
Amandala: The Statistics Institute of Belize (SIB) reported that Belize imported $169.4 million worth of goods in May 2019, a 1.9% increase over goods imported last year in the same period. Read more
Guyana listed as world’s fastest growing economy
Jamaica Observer: The world’s second largest stock market NASDAQ, has named Guyana as the fastest growing economy in the world. Read more
Regional rum producers promoting responsible drinking
Jamaica Observer: The West Indies Rum & Spirits Producers’ Association (WIRSPA) has ended a meeting here discussing how to promote responsible drinking and to reduce the harmful use of alcohol. Read more
Jamaica Imports and exports rising
Jamaica Observer: The Statistical Institute of Jamaica (Statin) is reporting in its quarterly report that for the period January to March 2019, Jamaica’s imports were valued at US$1.66 billion — a 13.1 per cent increase when compared to the corresponding period for 2018 with a value of US$1.47 billion. Read more
Antigua PM willing to create team to sensitise correspondent banks about CIP
Antigua Observer: In an effort to sensitise correspondent banks on the integrity and security of the Citizenship by Investment Programme’s (CIP’s) application and approval process, Prime Minister Gaston Browne, in his capacity as OECS Chair, said that he is willing to assemble a team of government officials, CIP executives, Anti-Money Laundering and Countering Financing of Terrorism experts and banks to hold joint meetings. Read more
INTERNATIONAL NEWS
G-20 leaders agree to speed up WTO reforms
Nikkei Asian Review: The Group of 20 leaders ended a summit dominated by the U.S.-China trade war with a commitment to accelerating efforts to reform the World Trade Organization. Read more
India wins solar case against US at WTO
Livemint: India on Thursday won a major trade dispute against the US at the World Trade Organization, with a dispute settlement panel pronouncing that subsidies and mandatory local content requirements instituted by eight American states breached global trade rules. Read more
Nigeria: Finally, Nigeria to Sign African Continental Free Trade Agreement
AllAfrica: Following the recommendation of the Presidential Committee on African Continental Free Trade Agreement (AfCFTA), which submitted its report to President Muhammadu Buhari yesterday, Nigeria will sign the agreement, with conditions authoritative presidency sources have told THISDAY. Read more
All set for Horn of Africa trade forum focusing on region’s pharmaceutical industry
Africanews: All is set for the two-day regional trade forum for the Horn of Africa focusing on the implementation of the historic African Continental Free Trade Agreement that went into force on 30 May. Read more
Dairy imports off to a slow start in Pacific Rim trade deal
CBC: As dairy, egg and poultry farmers wait for the Liberal government to explain the details of a $3.9 billion compensation package promised in this spring’s federal budget, a serious threat from imports under the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) has yet to emerge. Read more
UK seeks new no-deal Brexit freight plan
BBC: Transport companies are being asked to bid to provide extra freight capacity to be used in the event of a no-deal Brexit on 31 October. The hurried ferry procurement process as the UK prepared to leave the EU on 29 March cost taxpayers more than £85m. Read more
Canada and Mexico may be open to tweaking USMCA: U.S. Democrat
Reuters: Canada and Mexico may be open to a limited renegotiation of aspects of the United States-Mexico-Canada free trade agreement to satisfy U.S. lawmakers’ concerns, a top U.S. Democrat said on Wednesday, opening the door to its passage in the fall. Read more
EU signs free trade agreement with Vietnam
Deutsche Welle: The European Union has signed a landmark free trade deal with Vietnam. With concerns from some lawmakers about the country’s human rights record, the agreement needs approval from the European Parliament. Read more
U.S. will sanction any countries that import Iranian oil: special envoy
Reuters: The United States will sanction any country that imports Iranian oil and there are no exemptions in place, the U.S. special envoy for Iran said on Friday. Read more
G20 summit: Trump and Xi agree to restart US-China trade talks
BBC: The US and China have agreed to resume trade talks, easing a long row that has contributed to a global economic slowdown. US President Donald Trump and China’s President Xi Jinping reached agreement at the G20 summit in Japan. Read more
EU to provide 40 billion euros in grants to help create jobs in Africa
Africanews: The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa. Read more
Trump Says He’ll Allow China’s Huawei to Buy From U.S. Suppliers
Bloomberg: President Donald Trump said he’ll allow Huawei Technologies Co. to buy products from U.S. suppliers, in a concession to China after talks with the country’s President Xi Jinping on Saturday. Read more
Farmers welcome trade truce, hope for more
WSJ: Farmers and agricultural groups welcomed the U.S.-China trade truce but many said they still need a comprehensive agreement to restore large-scale exports of U.S. crops and meat and lift the fragile farm economy. Read more
WTO NEWS
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