Caribbean Trade Law and Development

Tag: WTO

  • Caribbean Trade & Development News Digest – June 2-8, 2019

    Caribbean Trade & Development News Digest – June 2-8, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of June 2 – 8, 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

    After threatening to impose tariffs on Mexico if that country does not stem illegal migration to the US, the Trump Administration this week announced that US and Mexico have reached a deal. Read the Joint Declaration here.

    The WTO issued its Annual Report 2018, as well as its updated one page dispute settlement case summaries (1995-2018) accessible here.

    St. Vincent & the Grenadines was elected to the UN Security Council, becoming the smallest nation ever to hold a Security Council seat. Read the press release here.

    On June 6 and 7, 2019, the United States and the Caribbean Community (CARICOM) held the eighth meeting of the United States-CARICOM Trade and Investment Council (TIC). Read release here.

    The Thirty-Sixth Meeting of the CARICOM Council for Human and Social Development (COHSOD) was Thursday and Friday (June 6-7, 2019) to discuss matters in relation to Culture within CARICOM. Read here.

    REGIONAL NEWS

    Expanding China-Caribbean trade

    Barbados Today: Economic and political ties between the People’s Republic of China (China) and the Caribbean as a whole have undergone a substantial deepening in recent years. Read more

    Grenada nutmeg gets FDA approval

    Nation News: Chairman of the Grenada Cooperative Nutmeg Association (GCNA), Leo Cato says Grenada now has the opportunity to exploit the market in the United States, having recently passed inspection by the Food and Drug Administration (FDA). Read more

    Trump admin imposes new travel restrictions on Cuba, banning cruise ships

    CNN: The US announced major new restrictions on US citizens traveling to Cuba on Tuesday, blocking the most common way Americans are able to visit the island — through organized tour groups that license US citizens to travel automatically — and banning US cruise ships from stopping in the country. Read more

    Government Pursuing Programme to Facilitate Trade

    JIS: Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, says the Government has commenced a programme of trade facilitation to increase Jamaica’s chances of global competitiveness. Read more

    Trade Information Portal to be Promoted Heavily at Diaspora Conference

    JIS: Foreign Affairs and Foreign Trade Minister, Senator the Hon. Kamina Johnson Smith, says the Jamaica Trade Information Portal (JTIP) will be promoted heavily to members of the diaspora at the upcoming Eighth Biennial Jamaica Diaspora Conference. Read more

    BP Payments to Government more than doubled last year

    Saturday Express: Though still far below 2013 levels, the country’s largest natural gas producer more than doubled its contribution to the Government coffers last year to US$360.5 million from US$148.7 million the year before, London-listed BP plc’s Payment to Governments declaration showed last week. Read more

    GRDB rejects Suriname envoy’s reported rice plague statement

    Stabroek News: The Guyana Rice Development Board today “categorically” rejected statements in Suriname’s De Ware Tijd’s, dwtonline quoting Suriname’s Ambassador to Guyana Ebu Jones as saying that an insect plague has broken out in the rice sector. Read more

    Post COTED 48: Highlights of the Agenda

    Directorate General for Foreign Trade (Belize): The 48th Regular Ministerial Meeting of the Council of Trade and Economic Development (COTED) was recently held in Georgetown, Guyana from 29th to 30th April, 2019. COTED, a collection of Trade Ministers designated by member states, is the organ of the Caribbean Community tasked with the responsibility of promoting trade and economic development in the Community. Read more

    CARICOM, Indonesia strengthen ties

    CARICOM Today: A new chapter in the growing friendship between the Caribbean Community (CARICOM) and Indonesia was opened on Friday 31 May 2019, as CARICOM Secretary-General, Ambassador Irwin LaRocque accredited a new envoy of the Southeast Asian country. Read more

    Antigua and Barbuda signs CARIFORUM-UK EPA with UK

    Antigua News Room: Antigua and Barbuda has today signed the CARIFORUM-UK Economic Partnership Agreement (EPA), the trade continuity agreement signed between the UK and a series of countries in the Caribbean on 22 March, and in the UK in April. Read more

    Gopee-Scoon pushes US investment in T&T

    The Guardian: Trade and In­dus­try Min­is­ter, Paula Gopee-Scoon is pro­mot­ing T&T’s in­vest­ment op­por­tu­ni­ties to US firms in­ter­est­ed in ex­pand­ing their busi­ness­es in the Caribbean. Read more

    Duck virus triggers poultry ban from Guyana

    Trinidad Express: Trinidad & Tobago Agriculture Minister Clarence Rambharat has announced an immediate ban on raw and cooked poultry originating from Guyana. Read more

    CDB support for regional trade facilitation initiative

    Nation News: Making regional trade easier is the goal of a recent grant which the Caribbean Development Bank (CDB) approved for the Caribbean Community (CARICOM). Read more

    Regional Ministers of Culture, Officials to meet in Guyana for COHSOD this week

    CARICOM today: The Council for Human and Social Development (COHSOD), will gathehr for its Thirty-Sixth Meeting on Thursday and Friday (June 6-7, 2019) to discuss matters in relation to Culture within CARICOM. Read more

    CARICOM-US Relations: What Of CBI?

    Jamaica Gleaner: You will recall from previous articles that the Caribbean Basin Initiative (CBI) comprises the Caribbean Basin Economic Recovery Act (CBERA) and the Caribbean Basin Trade Partnership Act (CBPTA). CBERA’s duration is indefinite, but CBPTA, which amends provisions of CBERA, will expire on September 30, 2020 and would need to be extended. Read more

    Guyana Livestock Authority Says Trinidad’s Poultry Ban ‘Ill-Advised’

    Jamaica Gleaner: A recent ban on poultry from Guyana by the Government of Trinidad and Tobago has been described as “ill-advised and premature”. Read more

    Mobile number portability for ECTEL Member States

    CARICOM Today: All member states of the Eastern Caribbean Telecommunications Authority (ECTEL), will have access to Mobile Number Portability (MNP), as of Monday. Read more

    Duty-free concessions for entertainers

    Nation News: Local entertainers have been granted duty-free concessions. Days before the official launch of Crop Over 2019, Minister of Culture, Sports and the Creative Economy, John King made the announcement at the National Cultural Foundation (NCF) this afternoon. Read more

    Guyana Agreement remembered on ACP day

    CARICOM Today: Friday, June 7, 2019 is celebrated as ACP Day. The Georgetown Agreement establishing the African, Caribbean and Pacific (ACP) Group of States was signed on Friday, June 6, 1975 in Georgetown, Guyana. Read more

    BIDC Buyers’ Programme opens doors, facilitates new opportunities for local manufacturers

    Barbados Advocate: The fourth Buyers’ Programme now in its fourth year, is being hosted by the Barbados Investment and Development Corporation in collaboration with the Barbados Manufacturers’ Association and the Caribbean Export Development Agency. It is intended to be a supporting activity for BMEX which takes place over the weekend. Read more

    ACP-EU Partnership – Group of 79 Insists On Long-Term Trade Relations

    AllAfrica: The African, Caribbean and Pacific (ACP) Group of states has recognised the importance of maintaining long-term trade relations with the European Union (EU) on the one hand, and with the United Kingdom (UK) on the other hand, which are beneficial to all stakeholders. Read more

    INTERNATIONAL NEWS

    Rare Earths Battle Looms as U.S. Aims to Counter China Export Threat

    Bloomberg: The U.S. and China are heading for a stand-off over critical minerals used in everything from washing machines to military hardware. Read more

    US sanctions on Cuba could hurt Spanish hotel operators

    Deutsche Welle: The Trump administration is imposing tougher sanctions on Cuba, a move that could have serious consequences for Spanish hotel chains operating on the island. How will it affect locals who work in the tourism industry? Read more

    African free trade – ready for the next steps?

    Deutsche Welle: Africa’s new free trade zone only exists on paper. Ministers from the 23 signatory countries are now discussing its implementation. Africa’s biggest economies are not at the table. Read more

    Canada appeals WTO ruling on U.S. lumber duties: official

    Reuters: Canada has appealed against a World Trade Organization (WTO) panel ruling in a case it lost in April that would allow the United States to use “zeroing” to calculate anti-dumping tariffs on lumber, a WTO official said on Wednesday. Read more

    Trump sees possible U.S.-UK trade deal once UK removes ‘shackles’

    Reuters: U.S. President Donald Trump said during his visit to London on Monday that the United States and Britain could soon negotiate a trade deal. Read more

    Nigel Farage to send own team to US for Brexit trade deal talks as UK ‘inferior’
    Express: Farage will pull together his own delegation and send it to Washington to strike a trade deal with the US after it “dawned on” him that the Americans have done their homework and have the upper hand in negotiations. Read more

    Argentina, Brazil say free trade accord with EU at hand

    Yahoo News: The presidents of Argentina and Brazil said Thursday that an agreement is imminent on a free trade agreement between the European Union and the South American trading bloc Mercosur. Read more

    Bill Morneau’s hasty bill to protect the steel industry carries risks

    CBC (Canada): The broad political support greasing the wheels of C-101, Finance Minister Bill Morneau’s new legislation to change Canada’s trade safeguard rules, may obscure the calculated risk the Liberal government is taking with its strategy to protect the steel industry. Read more

    U.S. tightens Venezuela oil sanctions, indicates more actions to come

    Reuters: The U.S. Treasury Department on Thursday tightened its pressure on Venezuela’s state-owned oil company by making clear that exports of diluents by international shippers could be subject to U.S. sanctions. Read more

    In Full: China’s White Paper on U.S. Economic and Trade Talks

    Bloomberg: On Sunday June 2, China released a government white paper of more than 5,000 words on its trade talks with the U.S. and Vice-Minister of Commerce Wang Shouwen held a press conference to discuss the matter that day. What follows is an English translation of the paper. Read more

    U.S. Trade Representative and the U.S. Department of Treasury respond to the “White Paper” issued by China on June 2, 2019

    USTR: The United States is disappointed that the Chinese have chosen in the “White Paper” issued yesterday and recent public statements to pursue a blame game misrepresenting the nature and history of trade negotiations between the two countries. To understand where the parties are and where they can go, it is necessary to understand the history that has led to the current impasse. Read more

    Trade tensions have hit cargo demand in Asia, but there’s a silver lining for regional airlines, experts say

    CNBC: The ongoing trade war between the United States and China is negatively affecting air cargo demand for Asian airlines, according to the director general of the Association of Asia Pacific Airlines, a regional trade body. Read more

    There’s only a ‘very small’ chance of a no-deal Brexit, says UK’s Hammond

    CNBC: The probability of the U.K. leaving the European Union without a deal is “very small,” according to Philip Hammond, Britain’s chancellor of the exchequer. Read more

    China’s Xi says world’s multilateral trade system must be protected

    Reuters: Chinese President Xi Jinping called on Friday for world powers to protect the global multilateral trade system and said it was important to find a solution to trade disputes despite disagreements. Read more

    World trade is projected to grow 2.6 per cent in 2019: WTO

    Gulf Today: Mounting trade tensions, an increase in trade-restrictive measures and continuing economic uncertainty created real challenges for world trade in 2018, with trade projected to grow by just 2.6 per cent this year, according to the 2019 World Trade Organisation, WTO, report. Read more

    UK calls for progress in reforming global trade rules at G20

    Gov.uk: Dr Liam Fox, International Trade Secretary, is attending the G20 Ministerial meeting on Trade and Digital Economy in Tsukuba, Japan this weekend (Saturday 8 to Sunday 9 June). Read more

    G20 finance chiefs to warn of trade risks, but differ on how ‘pressing’ they are

    CBC (Canada): Global trade tensions threaten an expected pick-up in economic growth this year and in 2020, a draft communiqué by the world’s financial leaders showed on Saturday, but the policymakers were divided on whether the need to resolve them was “pressing.” Read more

    G20 ministers agree on guiding principles for using artificial intelligence

    Japan Times: Ministers from the Group of 20 major economies Saturday kicked off two days of meetings on trade and the digital economy, during which they agreed on guiding principles for using artificial intelligence. They also faced another round of discussions likely to highlight divisions over trade issues such as reform of the World Trade Organization. Read more

    EU to propose workaround to avoid U.S. block on WTO judges: document

    Reuters: The European Union is set to propose creating a shadow system to get around a U.S. block on appeals in disputes at the World Trade Organization (WTO), according to a draft proposal circulated to national lawmakers. Read more

    Canada endorses plan to stop Trump administration from disrupting WTO: trade minister

    Global News: Canada’s trade minister is endorsing a European Union plan to prevent the Trump administration from paralyzing the World Trade Organization’s dispute-settlement body later this year. Read more

    India may oppose efforts to seal trade deal at G20 meet

    Livemint: Attempts by the US, Japan and Australia to finalize a new trade deal, scrapping curbs on data flows, at the G20 trade ministers’ meeting in Japan this weekend, could prompt a push-back from India and other developing countries. Read more

    Trump says U.S. and Mexico reach last-minute deal to avoid tariffs

    CBS: Mexico has agreed to U.S. demands that it tighten its borders to stop the flow of illegal Central American immigrants from coming into the U.S. through mexico. The deal suspends steep tariffs on imported Mexican goods that were to go into effect on Monday. Read more

    Trade Tensions Worry Ship Operators

    Wall Street Journal: Global ship operators that normally begin the summer preparing for peak shipping season instead are bracing for a surge in tariffs. Read more

    Trump: Britain’s NHS should be ‘on the table’ in trade deal talks

    Al Jazeera: On the second day of his state visit to the United Kingdom, Trump also said the National Health Service (NHS) should be included in any post-Brexit trade deal with the US. Read more

    WTO NEWS

    NEW ON CTLD BLOG


    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 subscribe to our Blog below:

  • Trinidad & Tobago receives largely positive feedback during latest WTO Trade Policy Review

    Trinidad & Tobago receives largely positive feedback during latest WTO Trade Policy Review

    Alicia Nicholls

    On May 22 and 24, 2019, the Republic of Trinidad & Tobago underwent the fourth review of its trade policies and practices under the World Trade Organization (WTO) Trade Policy Review Mechanism. Trade Policy Reviews are the process by which the trade practices and policies of each WTO member are collectively evaluated by the WTO Membership (acting as the Trade Policy Review Body) at periodic intervals. Trinidad & Tobago is reviewed every six years and previously underwent reviews in 2012, 2005 and 1998.

    In April this year, the Trade Policy Review Mechanism celebrated 30 years of existence. It is an important aspect of the WTO’s monitoring function and aims to periodically evaluate the impact of each Member’s trade policies and practices on the multilateral system, thereby ensuring accountability, predictability and transparency of the rules-based multilateral trading system.

    An independent report prepared by the WTO Secretariat and a report by the WTO member being reviewed form the basis of the review. Trade Policy Reviews are a detailed and lengthy process which begin many months in advance of the actual meetings in Geneva. In January 2019, a WTO Review team visited Trinidad & Tobago and consulted with various government and private sector stakeholders. This week a delegation from Trinidad & Tobago which was led by H.E. Senator Paula Gopee-Scoon, Minister of Trade and Industry of Trinidad & Tobago and comprised five technical members, was in Geneva, Switzerland for the period May 20-24 to attend the review meetings at the WTO.

    Trinidad & Tobago received largely positive feedback for the current review period (2012-2019). According to the concluding remarks by the Chairperson, more than 200 questions were submitted by 15 Members. The questions and answers are usually available six weeks after the review process is completed. The Chairperson’s concluding remarks noted that Trinidad & Tobago provided answers to all the written questions submitted in advance of the meeting.

    The Chairperson’s concluding remarks listed the areas in which WTO Members appeared to be pleased with Trinidad & Tobago’s performance, including the return to economic growth after a period of recession, the steps taken to improve its government procurement regime through the passage of the Public Procurement and Disposal of Public Property Act, the modernization of its customs infrastructure and the introduction of a single electronic window in 2012 and the introduction of a new online payment system for import tariffs and other taxes and fees in 2019. They also praised the twin island Republic’s active participation in the WTO, its acceptance of the Protocol Amending the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in 2013 and its ratification of the Trade Facilitation Agreement in 2015.

    Trinidad & Tobago was encouraged by some Members to join the Information Technology Agreement (ITA) and to become an observer to the Agreement on Government Procurement. Other areas suggested for improvement include facilitation of access to visas and foreign exchange, improving the regime for Sanitary and Phyto-sanitary Standards (SPS) and providing further information on enforcement actions for intellectual property rights. Some Members also encouraged Trinidad & Tobago to notify its announcement of an import ban on plastics from 2019 to the Committee on Technical Barriers to Trade to allow comments from Members.

    Members, however, raised some areas of particular concern. On the issue of tariffs, they noted, for example, that the applied Most Favoured Nation (MFN) rate exceeded the country’s bound rate on 59 tariff lines in 2018, up from 50 in 2011 during its last review. Another area of concern for Members was while the import surcharges imposed in 1990 were supposed to be temporary, the Government had continued to apply new import surcharges. Members also noted that Trinidad & Tobago’s notifications were either not up to date or outstanding in some areas, but were pleased to learn that the country made a formal request for technical assistance on notifications.

    While Trade Policy Reviews are an often intensive exercise for the Member being reviewed, they are an important opportunity for WTO Members to query other Members’ trade policies and practices, as well as for Members themselves to receive objective periodic feedback on their adherence to rules, disciplines and commitments under the WTO’s agreements, as well as on their general trade and investment framework. This feedback could be useful to Governments seeking to make business and investment facilitation reforms to improve their competitiveness and investment attraction.

    The Secretariat’s detailed report contains extensive information on the overall business environment of the Member reviewed for the review period, including its macroeconomic environment, its legal and regulatory framework for trade and investment and trade policies and practices by measure and by sector. As such, trade policy review documents are often rich initial sources of information for businesses and investors interested in doing business or investing in a particular economy.  

    Once Trinidad & Tobago submits its replies within a month’s time to any follow up questions raised during the meeting, the Trade Policy Review will have been successfully concluded.

    The documents from Trinidad & Tobago’s latest review may be accessed here. Also visit the website of the Ministry of Trade and Industry for press releases related to the review here.

    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.

    DISCLAIMER: All views expressed herein are her personal views and do not necessarily reflect the views of any institution or entity with which she may be affiliated from time to time.

  • Caribbean Trade & Development News Digest – May 5-11, 2019

    Caribbean Trade & Development News Digest – May 5-11, 2019

    Welcome to the Caribbean Trade & Development News Digest for the week of May 5-11, 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

    This week, US-China trade talks came to an end without any agreement. The Trump Administration increased the level of tariffs from 10 percent to 25 percent on approximately $200 billion worth of Chinese imports. Read the statement by USTR Robert Lighthizer here.

    REGIONAL NEWS

    Cuba to increase rationing amid shortages

    BBC: Cuba has announced rationing of more products amid shortages it blames on the US trade embargo and hoarders. Read more 

    Fake skills certificates detected in the region

    The New Today: Grenada is among six CARICOM countries that have been on the receiving end of fake skills certificates from CARICOM nationals especially Jamaicans who are seeking employment. Read more 

    Seprod Drops Case For Evaporated Milk, But Ready For Condensed Market

    Jamaica Gleaner: Jamaica need only prove that it can supply three-quarters of the market for condensed and evaporated to gain protection for manufacturers, but a top dairy producer, Seprod Limited, says it already has the capacity to serve 100 per cent of the Caribbean market for one of those commodities. Read more 

    Better cocoa – T&T Ministry of Trade & Industry wants improved quality of beans

    The Guardian (T&T): Min­is­ter of Trade and In­dus­try, Paula Gopee-Scoon, has pre­sent­ed two new co­coa stan­dards to The Uni­ver­si­ty of the West In­dies (UWI) which were de­vel­oped by the Trinidad and To­ba­go Bu­reau of Stan­dards (TTBS), in­tend­ed to im­prove the qual­i­ty of lo­cal­ly pro­duced co­coa beans. Read more

    Exports ‘tun up’ but not enough – Seaga

    Jamaica Gleaner: Jamaica’s impressive export performance for 2018 when the country recorded a whopping 37.8 per cent increase over the previous year, the highest growth in 10 years, was dampened by the failure to stem in any substantial way the country’s heavy dependence on imported goods, according to Metry Seaga, president of the Jamaica Manufacturers and Exporteers’ Association (JMEA). Read more

    Former Barbados Central Bank Governor proposes regional switch to US currency

    Barbados Today: According to former Governor of the Central Bank of Barbados Dr DeLisle Worrell switching to the US currency would essentially eliminate the threat of domestic currency depreciation and with it, the resulting possible disruptions to economic stability. The economist said there was no time like the present to switch to US currency and he noted that the process is not as difficult as some people may imagine. Read more

    Dominica to get technical assistance from World Bank for international airport says Skerrit

    Dominica News Online: Prime Minister Roosevelt Skerrit has said that the government hopes to access technical assistance from the World Bank in its plans to construct an international airport in Dominica. Read more 

    INTERNATIONAL NEWS

    WTO meet next week: Appellate body, reforms in focus

    Economic Times: A WTO mini-ministerial meeting of 16 developing and six least-developed countries in Delhi next week will take up impasse over the appointment of appellate body members at the World Trade Organisation and reforms at the global trade body. Read more 

    The Panama Canal Could Become the Center of the U.S.-China Trade War

    Foreign Policy: Following outgoing president Juan Carlos Varela’s unexpected decision to end diplomatic relations with Taiwan in order to establish formal ties with Beijing in June 2017, a tidal wave of Chinese investment is in the works. Read more 

    Rick Scott wants the U.S. Navy to block Cuba and Venezuela’s oil trade

    Miami Herald: A week after Rick Scott called for the U.S. military to intervene in Venezuela amid Juan Guaidó’s attempt to oust Nicolás Maduro from power, the U.S. Senate’s biggest hawk on Venezuela is calling for more. Read more 

    Canada calls out on China at WTO council meeting, demands evidence to back canola ban

    Global News: Stephen de Boer, the Canadian ambassador to the world’s leading trade body in Geneva, told the WTO’s general council on Tuesday that Canada wants to meet in China in good faith to hear its science-based concerns that recent Canadian canola shipments were, in fact, tainted. Read more

    Time to say goodbye to NAFTA’s replacement?

    Toronto Star: Last week, White House acting chief of staff Mick Mulvaney was sanguine about the prospect of Congress rejecting NAFTA’s proposed replacement, the United States-Mexico-Canada Agreement (USMCA). “You could stay status quo,” Mulvaney told a California business conference. “Your real Plan Bs are either NAFTA or withdraw from NAFTA.” Read more

    Trade war and Brexit pose mounting risk to EU economy, says EC

    The Guardian: The threat of a full-blown trade war between the US and China and Brexit uncertainty are posing mounting risks to the EU economy, the European commission has warned, after downgrading its growth outlook for 2019. Read more 

    Canada’s trade deficit shrank to $3.2 billion in March, StatsCan reports

    CBC: Statistics Canada says the country’s merchandise trade deficit shrank in March as exports — led by the energy sector — rose faster than imports. The agency says the deficit for March amounted to $3.2 billion compared with $3.4 billion in February. Read more

    A defence of the beleaguered WTO Appellate Body

    IELP blog: See blog post by Prof. Steve Charvonitz.  Read here.

    UK, EU to agree free-trade deal, October 31 Brexit date in doubt – Reuters poll

    The Hill: Britain will eventually leave the European Union and agree a free-trade deal with the bloc, according to the vast majority of economists polled by Reuters who were, however, split on whether the two sides would divorce on Oct. 31. Read more

    As Europe grapples with Brexit, the African Union seeks a more United States of Africa

    CNN: While debates about the unpredictability of economic and political relationships between the EU and Britain continue to linger, thousands of miles away, the African Union (AU) is creating a close-knit relationship among its own 55 member nations. Read more

    US imposes sanctions on shipping firms, tankers tied to Venezuela

    The Hill: The Treasury Department on Friday said it is slapping new sanctions on companies involved in shipping oil from Venezuela to Cuba, marking the latest move by the U.S. to clamp down on embattled President Nicolás Maduro. Read more 

    New FinCEN Guidance on Virtual Currencies

    FinCEN: To provide regulatory certainty for businesses and individuals engaged in expanding fields of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC). Read more 

    Why the New U.S.-EU Trade Talks May Be Doomed Before They Even Start

    Fortune: By the middle of last year, the U.S. had hit the European Union with steel and aluminum tariffs, the EU had responded with counter-tariffs on American goods, and some feared the situation could escalate into a full-blown trade war. Read more 

    EU commissioner says agriculture not on agenda for US talks

    Euractiv: The European Union intends to keep agriculture off the agenda in its trade talks with the United States and continues to support rules-based, open and predictable international commerce, the EU’s agriculture commissioner said on Friday (10 May). Read more 

    USMCA trade deal could cost Georgia produce growers nearly $900 million, report says

    CNBC: Unless the proposed U.S. Mexico Canada Agreement (USMCA) is changed, it could “cause extensive economic damage to Georgia” and its fresh produce industry, according to economists at the University of Georgia. Read more 

    China says ‘fed up’ with hearing U.S. complaints on Belt and Road

    Reuters: China is “fed up” with hearing complaints from the United States about its Belt and Road program to re-create the old Silk Road, the government said on Thursday, following stinging criticism from U.S. Secretary of State Mike Pompeo. Read more 

    Italy could become Belt and Road terminal in southern Europe: officials

    Xinhua: A conference entitled “Italy-China Partnership in the New Silk Road” was held Friday here, at which Italian government officials and experts voiced their support for the China-proposed Belt and Road Initiative (BRI), discussing the possibility of Italy becoming the BRI’s terminal in southern Europe. Read more 

    Trade facilitation reforms spur development, experts say

    UNCTAD: Effective implementation of reforms to trade facilitation in developing countries can catalyse progress towards meeting development goals, attendees at an UNCTAD expert meeting heard on 7 May. Read more 

    Canada reveals final trade safeguards for heavy plate, stainless steel wire

    CBC: The Canadian Border Services Agency announced Friday the final ‘safeguard’ surtaxes meant to shield the domestic steel industry from competition from cheaper foreign imports of heavy plate and stainless steel wire. Read more 

    WTO NEWS

    UN’s Guterres underscores importance of revitalizing multilateral trade cooperation

    A rules-based, non-discriminatory and equitable trading system is not only in the interest of all trading partners but is essential to preserving the interests of the poorest and most vulnerable economies, United Nations Secretary-General António Guterres told WTO members on 10 May. Speaking at a special session of the WTO’s General Council, Secretary-General Guterres, alongside Director-General Roberto Azevêdo and General Council Chair Sunanta Kangvalkulkij, said members need to work to restore the spirit of international cooperation and “buttress this unique institution that has safeguarded international trading relationships over the past 70 years”. Read more

    WTO launches updated profiles on trade in value-added terms and global value chains

    The WTO released on 9 May an updated set of profiles for 64 WTO members, revealing the share of domestic and foreign components in the exports of these economies and their participation in global value chains (GVCs). The profiles also shed light on the contribution of the services sector to trade and the value of trade in intermediate products for each of the economies covered by the profiles. Read more 

    DG Azevêdo meets with participants of Geneva Week for non-resident members and observers

    Director-General Roberto Azevêdo met with participants in the Geneva Week for non-resident members and observers, taking place at the WTO from 6 to 10 May 2019. Participants had the opportunity to interact with the Director-General, who informed them about current issues in the WTO and the wider trading system. Read more 

    Trade Policy Review: Papua New Guinea

    The third review of the trade policies and practices of Papua New Guinea takes place on 8 May and 10 May 2019. The basis for the review is a report by the WTO Secretariat and a report by the Government of Papua New Guinea. Read more 

    Summary of WTO General Council Meeting

    A WTO General Council Meeting was held on May 7, 2019. The summary of the meeting is available here.

    Philippines submits request for observer status in WTO Committee on Government Procurement

    Ambassador Manuel A. J. Teehankee, Philippine Permanent Representative to the WTO, delivered to WTO Director-General Roberto Azevêdo on 6 May the request of the Philippine government to become an observer in the Committee on Government Procurement. Read more 

    Consumer groups express support for multilateral trade, stress priorities for e-commerce

    Senior representatives of consumer organizations meeting today (6 May 2019) at the WTO headquarters sent a strong message of support for the WTO and the multilateral trading system. They stressed the importance of ensuring consumers’ concerns are taken into account in trade negotiations and policy-making and presented their priorities for e-commerce along with recommendations on how these priorities should be addressed at the WTO. Read more 

    Applications open for WTO workshop on public health, global trade and intellectual property

    The WTO, in close collaboration with the World Health Organization (WHO) and the World Intellectual Property Organization (WIPO), will hold its 6th annual Workshop on Trade and Public Health in Geneva from 11 to 15 November 2019. The deadline to submit applications is 14 June 2019. Read more 

    BLOG NEWS

    59967901_10156350648221687_2425942741625077760_o (2)This week I presented a paper at the 20th Annual SALISES Conference on “Rethinking Caribbean Futures: New Paradigms, Possibilities and Policies” held at the Hilton Hotel, Barbados, May 8-10, 2019.

    The topic of my paper was on rethinking the eligibility model for Special and Differential Treatment (S&DT) in the World Trade Organization (WTO).

    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 – April 21-27, 2019

    Caribbean Trade & Development Digest – April 21-27, 2019

    Welcome to the Caribbean Trade & Development Digest for the week of April 21-27, 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

    This week, Caribbean representatives were among 5,000 delegates from around the world who attended the Second Belt and Road Forum for International Cooperation in Beijing April 25-27, 2019. The key note speech delivered by President Xi Xinping of China may be viewed here, while the Joint Communique of the Leaders’ Roundtable may be accessed here.

    REGIONAL NEWS

    Jamaica’s annual exports up by one-third

    Jamaica Gleaner: Jamaican exports grew by nearly 38 per cent last year, a pace that was nearly four times faster than the rise in imports. Read more 

    EU blacklisting causing irreparable harm to Caribbean says St Kitts-Nevis foreign minister

    Caribbean News Now: St Kitts and Nevis wasn’t blacklisted by the European Union in a revised blacklist for tax havens outside the EU last month; however, that hasn’t stopped foreign affairs minister Mark Brantley denouncing what he considers unfair targeting of Caribbean countries. Read more

    Closer EU-Caribbean ties mean greater prosperity for all

    EU Observer: This month ministers and officials from across the Caribbean assembled in Jamaica to discuss the future of our collective relationship with the European Union. This was the latest in a series of forums that have taken place in the past eighteen months, all with the aim of working toward a bolstered agreement that will further integrate our political and economic interests. Read more 

    Renewable energy is making its way into Guyana’s agriculture sector

    IICA: A pilot project by the Inter-American Institute for Cooperation on Agriculture (IICA), the Organization of American States (OAS), and the state-owned company, Guyana Power & Light Inc., will promote the adoption of renewable energy in the Guyanese agriculture sector. The project will unfold in the final six months of 2019. Read more 

    China says Latin America and Caribbean will benefit significantly under BRI

    Jamaica Observer: China’s Ambassador to Dominica Lu Kun says his country’s Belt and Road Initiative (BRI) will bring tangible benefits to Latin America and the Caribbean (LAC). Read more 

    Ghana and Suriname sign four agreements

    Government of Ghana: Ghana and Suriname on Tuesday signed four separate agreements as part of efforts to strengthen the bilateral relations between the two nations. Read more 

    ITFC signs 6 trade deals worth over $1.1bn, including with Suriname

    Trade Arabia: ITFC’s framework agreement with the Republic of Suriname will see it mobilize up to $75 million financing for SME’s, exports and lines of finance to local banks, in addition to a Murabaha agreement over three years to boost the import of essential goods. Read more 

    King Sugar takes a break as Belize exports fall sharply

    Breaking Belize News: Belize’s number one export is grinding into high gear for the end of the season in May and June. But in March it counted for just under three million of Belize’s almost $26 million in exports, representing a slash by more than half of March 2018’s total. Read more 

    China and the Caribbean’s future 

    CGTN: China’s highly anticipated second Belt and Road International Cooperation Forum (BRF) wrapped up on April 27. Initially not including Caribbean nations, the country’s signature policy has gained increasing momentum in the region since 2017. So far, several Caribbean countries, such as Barbados, Jamaica, Dominica and Grenada, etc., have signed up to the initiative, which provides a useful context for offering some reflections on the place of China in the future development of the independent states of the English-speaking Caribbean. Read more 

    COTED officials hold preparatory meeting

    CARICOM: Work in preparation for the Forty-Sixth Ministerial Meeting of the Council for Trade and Economic Development (COTED) began on Thursday. Read more

    CARICOM leaders to meet in Trinidad next week

    CARICOM: Caribbean Community (CARICOM) leaders will meet in Trinidad and Tobago early next month to discuss security issues within the 15-member regional integration movement. Read more 

    Future EU-Caribbean Relations in New ACP-EU Partnership

    ACP: As the EU is working to modernise its relations with 79 countries in Africa, the Caribbean and the Pacific (ACP), the two groups’ chief negotiators Neven Mimica and Robert Dussey met with ACP Caribbean leaders for a dedicated dialogue on the regional EU-Caribbean pillar in the framework of the post Cotonou ACP-EU partnership. Read more 

    INTERNATIONAL NEWS

    Eswatini walking tightrope to become Africa’s trade hub

    Yeni Safak: The Kingdom of Eswatini in Southern Africa is walking a tightrope in its bid to become Africa’s trade hub and is competing against some of the continent’s biggest economies to win hosting rights for the African Continental Free Trade Area (AfCFTA) Secretariat. Read more 

    AfDB signs $50m agreement with Natixis to boost trade finance in Africa

    Ghanaweb: The African Development Bank (AfDB) has signed a $50 million risk participation agreement (APR) with investment and corporate bank Natixis. Read more 

    EU and Japan in delicate trade talks

    EU Observer: Top EU officials will meet Japanese prime minister Shinzo Abe on Thursday (25 April) in Brussels as world leaders prepare for their G20 meeting in June in Osaka, Japan. Read more 

    USTR Releases Annual Special 301 Report on Intellectual Property Protection and Review of Notorious Markets for Piracy and Counterfeiting

    USTR: The Office of the United States Trade Representative today released its annual Special 301 Report on the adequacy and effectiveness of trading partners’ protection of intellectual property rights and the findings of its Notorious Markets List, which highlights online and physical markets that reportedly engage in and facilitate substantial copyright piracy and trademark counterfeiting. Read more 

    Turkey-Africa trade volume totals $179 billion in last decade

    Daily Sabah: Turkey’s improving relations with African countries have also been reflected in the growing trade volume. Between 2009 and 2018, bilateral trade volume between Turkey and the African continent stood at $179 billion. Read more 

    P&O sues over £33m Eurotunnel payout in Brexit ferry fiasco

    The Guardian: P&O Ferries is suing the government over its £33m settlement with Eurotunnel, in the latest controversy over the Department for Transport’s fraught no-deal Brexit preparations. Read more 

    Amid Brexit uncertainty and allegations, UK lawmakers consider Mueller-like inquiry

    ABC News: The parallels between Russian meddling in the U.S. presidential election and the Brexit referendum in Britain are striking. In fact, calls among lawmakers have been growing for a public inquiry, according to The Guardian, into Prime Minister Theresa May’s Brexit strategy. Read more 

    ‘Running OUT OF TIME’ – EU expert issues DAMNING statement on May’s latest extension

    Express: Although Mrs May has managed to buy some valuable time to get her Brexit deal through, the UK is only just coming to the end of the beginning of the whole process. Dr Simon Usherwood, deputy chair at The UK in Changing Europe think tank, has argued that with every extension, the UK is cutting into the crucial transition stage of the Brexit negotiations. Read more 

    U.S. organized labor opposes USMCA in current form, says official

    Japan Times: The head of the largest U.S. labor union said Tuesday he opposes ratification of the new North American free trade pact, because he doubts Mexico will enforce labor reforms required by the deal. Read more 

    U.S. considers concessions on drug protections in China talks: Sources

    BNN Bloomberg: The Trump administration may concede to a Chinese proposal that would give less protection for U.S. pharmaceutical products than they receive at home, according to people familiar with the matter, a move that could draw opposition from the American drug industry. Read more 

    U.S. and Japan Push for a Trade Deal Following Failed Pacific Partnership

    New York Times: President Trump said on Friday that trade talks between the United States and Japan were “moving along very nicely” and suggested a deal might be reached by late May as he met with Shinzo Abe, the Japanese prime minister, at the White House. Read more 

    Donald Trump pulls US out of UN Arms Treaty

    Euronews: Donald Trump has said he is pulling the United States out of an international arms treaty designed to prevent weapons being sold to those who abuse human rights. Read more 

    Qatar withdraws measures established against UAE at WTO

    Al Arabiya: Qatar has decided to withdraw its measures against the UAE in a significant concession aimed at averting the consequences of the UAE’s case in WTO against an illegal Qatari ban on UAE goods and services. Read more 

    U.S. says WTO national security ruling ‘seriously flawed’

    Reuters: The United States said on Friday a World Trade Organization ruling on national security was “seriously flawed”, a warning not to use it as a precedent to judge U.S. President Donald Trump’s tariffs on imported steel and cars. Read more 

    Japan seeks to join WTO dispute consultations over India’s import duties on ICT products

    Business Today: Japan has expressed interest to join consultations in a dispute case filed by the EU in the WTO against India’s import duties on some information and communications technology products, including mobile phones, according to a communication of the World Trade Organization. Read more

    Wine, beef imports rise after free trade pacts

    NHK: Japan’s Finance Ministry says wine and cheese imports from Europe, and beef imports from Canada and New Zealand, increased considerably up to March after two free trade deals came into effect. Read more

    WTO NEWS

    WTO Forum looks at addressing food safety concerns through trade and cooperation

    WTO rules on food safety play an important part in enabling governments to protect their citizens while ensuring trade can play its critical part in maintaining timely supplies of safe and affordable food, said Director-General Roberto Azevêdo in opening the International Forum on Food Safety and Trade taking place at the WTO on 23-24 April. Read more 

    DDG Wolff suggests members look at accessions as source of inspiration for WTO reform

    Is there scope for members to look at the experience of WTO accessions for additional inspiration in the ongoing WTO reform debate, asked Deputy Director-General Alan Wolff at a meeting of the Informal Group of Acceding Governments on 25 April. Read more

    DDG Wolff welcomes timely and substantive discussions on trends in food safety and trade

    Speaking at the pre-event session of the International Forum on Food Safety and Trade on 23 April at the WTO, Deputy Director-General Alan Wolff stressed the importance of interlinkages between trade and food safety standards, as recognized by WTO members in the Sanitary and Phytosanitary Measures Agreement. Read more 

    International Forum on Food Safety and Trade

    Remarks by WTO Director General Roberto Azevedo. 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.