Welcome to the Caribbean Trade & Development Digest for the week of September 30 – October 6, 2018! We are happy to bring you the trade and development headlines and analysis from across the Caribbean Region and the world from the past week.
THIS WEEK’S HIGHLIGHTS
Undoubtedly, the biggest trade news of the week is that after a year of negotiations, we now have the agreed text of an updated North American Free Trade Agreement (NAFTA), or what it is now officially called, the United States-Mexico-Canada Agreement (USMCA). The Agreement’s text may be found here.
On the multilateral front, the World Trade Organisation this week concluded another successful Public Forum, with this year’s theme being “Trade 2030”. During the Public Forum, the WTO also released its flagship World Trade Report 2018, which focused on the transformative impacts which new digital technologies, such as 3D printing, blockchain and the like, will have on trade, and the challenges they could also bring.
Please see further headlines below:
REGIONAL NEWS
EU Provides Funding to Develop Jamaica’s Forest Sector
Jamaica Information Service: Some 14 million Euros will be spent by the Forestry Department to implement a National Forest Management and Conservation Plan, which is a 10-year blueprint for the building of a vibrant, sustainable and climate-resilient forest sector. Read more
New energy information portal to boost investments and improve decision-making within the Caribbean’s energy sector
St Lucia News Online: News of an impending natural gas price hike across Europe, and deepening volatility surrounding Middle Eastern Oil, has within the past week been met with a more promising refrain from a region traditionally viewed as a pawn amongst kings and rooks within the global energy sector. Read more
Businesses equipped with tools to access the European Market
LoveFM: Beltraide aims at tackling the problem of poverty by promoting business growth. Beltraide in collaboration with the CARIFORUM-EU Economic Partnership Agreement (EPA) held a workshop to sensitize potential exporters as to the requirements of the European Union market. Read more
“Belizean products have global competitiveness,” says Caribbean Export
Breaking Belize News: According to the Caribbean Export Development Agency (CEDA), Belizean businesses can hold a competitive space in the world market if greater care is taken in making businesses export ready. Read more
Central American Agriculture Council Meeting Held in Belize
Breaking Belize News: On Thursday, October 4, 2018, the Ministry of Agriculture in collaboration with the Central American Agriculture Council hosted a one-day National Consultation Workshop for the Central American Agriculture Council Regional Agriculture Policy. Read more
Mixed Bag for Caribbean tourism
Jamaica Gleaner: With marked reduction from its main source market, the United States, and only a marginal increase out of Europe, tourist arrivals into the region in the last six months has been a mixed bag. Read more
More Value Added Products Need to be Exported to the EU, says JAMPRO head
Caribbean360: Jamaica Promotions Corporation (JAMPRO) President Diane Edwards says more value-added products need to be exported to the European Union (EU), to reverse the decline in trade with the bloc. Read more
JAMPRO Partners with EU and Caribbean Export on CARIFORUM-EU EPA Workshop
South Florida Caribbean News: The European Union (EU) in Jamaica in collaboration with the Jamaica Promotions Corporation (JAMPRO), and the Caribbean Export Development Agency (Caribbean Export) hosted a workshop on the CARIFORUM-EU Economic Partnership Agreement (EPA) on October 2, 2018, at the Knutsford Court Hotel. Read more
INTERNATIONAL NEWS
USMCA, Trump’s new NAFTA deal, explained in 500 words
Vox: The US, Canada, and Mexico struck a new trade deal to replace NAFTA on Sunday. It’s known as the United States-Mexico-Canada Agreement, or USMCA. Read more
WTO issues compliance panel reports regarding Colombian measures on textiles, apparel, footwear
WTO: On 5 October the WTO circulated compliance reports in the dispute “Colombia — Measures Relating to the Importation of Textiles, Apparel and Footwear — Recourse to Article 21.5 of the DSU by Panama and Recourse to Article 21.5 of the DSU by Colombia” (DS461). Read more
Isolate Trump at WTO, says former top trade judge Bacchus
Reuters: Countries belonging to the World Trade Organization should unite against the bullying of U.S. President Donald Trump, former WTO chief judge James Bacchus said on Wednesday. Read more
WTO sees technology adding one third to annual trade by 2030
CNBC: Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday. Read more
US says its cannot support some of the EU’s ideas on WTO reform
Euractiv: The United States gave the first hint on Thursday (4 October) of its view of attempts to reform the World Trade Organization, rejecting some proposals put forward by the European Union to resolve a crisis at the home of world trade in Geneva. Read more
Australia questions India’s sugar subsidy bilaterally and at WTO
Economic Times: Australia has raised concerns over India’s sugar subsidy dole out and questioned how the host of financial assistance measures announced this year are within the rules of the World Trade Organisation (WTO). Read more
Canada agrees to join U.S. and Mexico in new trade deal to replace NAFTA, say US and Canadian officials
USA Today: Canada has agreed to join the United States and Mexico in a trade deal that will replace the North American Free Trade Agreement, U.S. and Canadian officials said Sunday night. Read more
ACP-EU negotiations: Taking the road to prosperity together
EURACTIV: Talks on a new agreement between the ACP and the EU will only bear fruit if both parties take the road to prosperity together, writes the ACP’s chief negotiator. Read more
EU to hit Cambodia with trade sanctions, says Myanmar may follow
Channel News Asia: The European Union told Cambodia on Friday (Oct 5) it will lose its special access to the world’s largest trading bloc, and said it was considering similar trade sanctions for Myanmar in a toughening of EU policy on human rights in Southeast Asia. Read more
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