Tag: WTO

Welcome to the Caribbean Trade and Development News Digest for the week of June 20-26, 2021! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

According to the World Trade Organization (WTO), first quarter 2021 global merchandise trade “continued to bounce back from its collapse earlier in the pandemic, but the pace of recovery has diverged strongly across countries and regions.” Read more here.

In its latest World Investment Report (2021) released this week, UNCTAD revealed that “foreign direct investment flows plunged globally by 35% in 2020 to $1 trillion, with fall heavily skewed towards developed economies, where FDI fell by 58%. UNCTAD predicts a recovery in 2021, but uncertainty remains. Read the full report here.

The UK and CPTPP nations will formally commence negotiations for the UK’s accession to that trading bloc. Read more here.

The Financial Action Task Force (FATF) held its June meetings this week. Among the outcome documents, Barbados, Jamaica, and Cayman Islands remain on its list of jurisdictions subject to increased monitoring (the FATF greylist) and Haiti was added. This and other outcome documents from the June meetings may be accessed here.

IFC Review’s Big Debate on “Is the G7 tax initiative another form of economic colonialism”?

I’m delighted to have been one of the contributors to IFC Review’s Big Debate on “Is the G7 tax initiative another form of economic colonialism?” Read the varying reflections of myself and others on this topic here.

REGIONAL NEWS

Local content requirements not restrictive to CARICOM investment

South Florida Caribbean News: The requirements for certain levels of local content involvement in investment and development projects in Guyana should not in any way negatively impact investment by businesses from CARICOM member states which want to do business with its South American sister CARICOM member state. Read more

Grenada’s Prime Minister spearheads CARICOM engagement with Telecoms Providers on removal of Roaming Charges

CARICOM: Grenada’s Prime Minister, Dr. the Right Honourable Keith Mitchell is spearheading a CARICOM initiative to eliminate roaming charges for Caribbean nationals traveling within the region. Read more

Haiti, Other CARICOM Member States on Allocation Plan for Second Tranche of Vaccines From US

CARICOM: Haiti, and other CARICOM Member States are among countries that will receive vaccines from the 55 million doses that the United States will share through the COVAX Facility. The doses are the remainder of the 80 million that President Joe Biden had pledged to allocate by the end of June. Earlier in the month, the US had indicated its allocation plan for the first 25 million doses to be shared globally. Read more

CDB president wants Caribbean institutions to advance regional development agenda

Jamaica Observer: President of the Barbados-based Caribbean Development Bank (CDB), Dr Gene Leon, has proposed the formation of a regional action group, combining the strengths and capacity of key regional institutions to drive the Caribbean’s economic and social development agenda. Read more

Cement shortage in Grenada

Nation News: Grenada is seeking permission from the Caribbean Community (CARICOM) Council for Trade and Economic Development (COTED) to be allowed to import cement from outside of the region because the main supplier in Trinidad and Tobago is not exporting product because of reduced business activities linked to containing and controlling the spread of coronavirus (COVID-19) in the neighbouring CARICOM country. Read more

Approximately 500 head of cattle to be exported from Belize to Mexico next week

BBN: Next week Belizean cattle farmers will be exporting approximately 500 head of cattle to Mexico as formal cattle exports to the neighboring countries continue and as the government negotiates a partial-scope agreement with Mexico. Read more

National strategy for commodities, especially sugar, recommended

Demerara Waves: An International Labour Organisation (ILO)-supported study on the impact of the closure of four of Guyana’s sugar estates has recommended the crafting of a strategy to withstand market volatility of commodities and gear up the sugar industry to invest in ethanol production. Read more

Barbados making a case for keeping corporate tax rate amid global move

Barbados Today: Barbados is mounting a case against the introduction of a global minimum corporate tax rate that would see the island having to almost triple its current rate and lose its status as a low-tax jurisdiction. Read more

Senator Adams: Choose to respond positively

Barbados Advocate: One Barbados government senator believes Barbados can still profit from the international business sector regardless of the stipulations being imposed by the European Union and other international organisations. Read more

Association of Jamaicans in China Continues to Provide Support

JIS: Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, says the Association of Jamaicans in China will continue to be leveraged as an outreach mechanism, which complements the Diplomatic Mission, to serve nationals residing in the Asian country. Read more

Honorary Investment Advisor appointed for Toronto, Canada

JIS: JAMPRO and the Ministry of Foreign Affairs and Foreign Trade (MFAFT) have officially appointed Mr. Jerrold Johnson to be Jamaica’s Honorary Investment Advisor (HIA) for Toronto, Canada. Johnson will work to promote Jamaican investment opportunities in Toronto and will facilitate business connections to attract investment to Jamaica. Read more

Gov’t Provides Greater Safeguards For Brand Jamaica

JIS: The Government is providing greater safeguards for brand Jamaica on the international marketplace through passage of amendments to the Trade Marks Act in the House of Representatives on Tuesday (June 1). Read more

Global Jamaica Diaspora Councils Operationalised

JIS: The Global Jamaica Diaspora Council and the Global Jamaica Diaspora Youth Council have been operationalised following the establishment of working groups and the preparation of a programme to guide their work. Read more

INTERNATIONAL NEWS

WTO to hold key meeting of trade ministers on July 15 over fisheries subsidies

Business Today: The aim is to conclude the negotiations soon and after that, a text is finalised so that an agreement on fisheries can be reached in the forthcoming ministerial meet of WTO in December in Geneva. Read more

UK begins talks to join Asia-Pacific CPTPP trade treaty

The Guardian: The UK is beginning negotiations to join a free trade alliance with Asia-Pacific countries, a key part of its attempts to pivot trade away from Europe after Brexit. Read more

Brexit: Irish fishing fleet stages protest over EU-UK trade deal

BBC: People working in the Irish fishing industry are protesting at Dublin Port over the impact of the Brexit deal. Read more

What’s behind China’s anti-dumping complaint against Australia at the World Trade Organization?

ABC (Australia): On Thursday, China’s government suddenly announced it would raise a dispute at the World Trade Organization (WTO) against Australian anti-dumping duties on three of its exports. Read more

Building business engagement ahead of the WTO’s 12th Ministerial Conference

ICC: ICC joined business leaders and World Trade Organization (WTO) Ambassadors to discuss and exchange ideas on ensuring the equitable distribution of COVID-19 vaccines. Read more

WTO head says South Africa, Senegal, Rwanda and Nigeria considered as vaccine production hubs

Reuters: Africa is working with the European Union and other partners to help create regional vaccine manufacturing hubs in South Africa, Senegal and Rwanda, with Nigeria under consideration, World Trade Organization Director-General Ngozi Okonjo-Iweala said. Read more

Global minimum tax faces ‘long and rocky path’ to implementation after G20 endorsement

SCMP: A new global minimum corporate tax could take up to five years to come into effect if endorsed by the Group of 20 (G20), with countries such as India likely to be beneficiaries, tax consultants say. Read more

Taiwan, U.S. to hold long-stalled trade talks next week

Reuters: Taiwan and the United States will hold trade talks next week, the de facto U.S. embassy in Taipei said on Friday, resuming long-stalled discussions as Washington seeks to deepen its support for the Chinese-claimed island. Read more

Scotch whisky tariffs suspended in UK-US trade deal

BBC: The Scotch whisky industry has welcomed the suspension of US tariffs on its products after the UK and US resolved a long-running trade row over subsidies given to Airbus and Boeing. Read more

U.S. trade nominee urges ‘robust monitoring’ of aircraft subsidy truce with EU

Reuters: The United States must carry out “robust monitoring” of its five-year truce with the European Union in a 17-year battle over aircraft subsidies, Jayme White, President Joe Biden’s nominee to serve as deputy U.S. Trade Representative, said on Thursday. Read more

U.S. trade boss Tai: We will not incentivize firms to move jobs overseas

Reuters: The Biden administration said on Monday it was working closely with the United Autoworkers union in pressing Mexico to probe alleged labor rights violations at a General Motors Co (GM.N) plant in that country, and vowed to fight for a worker-focused trade policy. Read more

China slams‘bandit-like’ US over trade restrictions on Xinjiang firms

SCMP: China on Friday hit out at a “bandit-like” US government after Washington banned imports of solar panel materials from a Chinese company and placed trade restrictions on four others for alleged use of forced labour in Xinjiang. Read more

Economy Minister says Brazil has “major problem” with Argentina in MERCOSUR negotiations

The Rio Times: The Minister also complained that international criticism of Brazil, supposedly for environmental issues, is really motivated by protectionism. Read more

Chemical industry calls for current MERCOSUR rules to be respected in TEC revision

The Rio Times: The joint document expresses concerns of domestic chemical firms in Brazil, Argentina, and Uruguay, which fear competition from abroad if tariffs are reduced. Read more

STRAIGHT FROM THE WTO

• Madagascar launches safeguard investigation on dry pastries and breakfast cereals
• Madagascar launches safeguard investigation on plastic pipes and tubes and accessories
• Türkiye launches safeguard investigation on polyethylene terephthalate resin
• Türkiye launches safeguard investigation on terephthalic acid
• Türkiye launches safeguard investigation on "other paper and paperboard"

NEW ON THE CTLD BLOG

• CARICOM Releases Statement on Military Build-Up in Caribbean Sea
• Is CARICOM Complicit in the United States and Trinidad’s Unlawful Partnership?
• Trinidad’s Troubling Invitation of War to Caribbean Shores
• From Extractivism to Impact: What I learnt in Zambia
• Boosting island economies’ trade through education

SUBSCRIBE TO OUR MAILING LIST

The Caribbean Trade & Development Digest is a weekly trade news digest produced and 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:

Welcome to the Caribbean Trade and Development News Digest for the week of June 6-12, 2021! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

Lots of interesting developments happened this week. Where do we start? Leaders of the Group of Seven (G7) are meeting in Cornwall, United Kingdom (UK) on June 11-13, for their first in-person G7 summit since the start of the COVID-19 pandemic. Among the decisions so far has been a declaration on pandemics and a commitment to increase climate change finance contributions.

Ahead of the Summit, US President Joe Biden and UK Prime Minister Boris Johnson agreed on a New Atlantic Charter covering US-UK bilateral and multilateral cooperation in a number of areas, including climate change and security. Access the new document and the Joint Statement by the two leaders here.

Rebeca Grynspan of Costa Rica has been chosen to be the new head of UNCTAD, becoming the first Central American to hold the position and the first woman appointed. She will take over from interim SG Isabelle Durant. Read more here

According to a WTO press release, WTO members have moved closer to a text-based process to address the proposals put forward by delegations aimed at improving the international response to COVID-19 and to providing equitable access for COVID-19 vaccines and medical supplies. Read here.

US Trade Representative (USTR) Ambassador Katherine Tai outlined the Biden Administration’s “Worker-Centred Trade Policy”. Read her full remarks doing so here.

Post-Brexit relations between the UK and the European Union (EU) remain tense as the latter has fired a warning that it would react swiftly if the UK acted alone to change post-Brexit trading arrangements for Northern Ireland. Read the full story here.

Articles on the Proposed Global Minimum Corporate Income Tax

I was pleased to co-author an article with Tammi Pilgrim entitled “What might the proposed global minimum corporate income tax mean for Caribbean International Financial Centres (IFCs)?”. I thank the Barbados Business Authority (the leading business magazine in Barbados) and Barbados Today for publishing.

I also highly recommend Bruce Zagaris’ excellent recent article for Tax Notes on this same issue here.

REGIONAL NEWS

Caricom concerned about G7 tax initiative

Jamaica Observer: Caribbean Community (Caricom) Secretary General Irwin LaRocque says Caribbean countries must be “concerned about the soundings” being made by the Group of Seven (G7) nations that last week announced a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on United States tech giants such as Amazon and Facebook. Read more

There could be greater achievements, says CARICOM SG

Jamaica Observer: Outgoing Caribbean Community (Caricom) Secretary General Irwin LaRocque is suggesting that “another mechanism” be utilised in getting member countries to greater strengthen their existing cooperation and collaboration for the future development of the region. Read more

Irwin LaRocque recommends other mechanism for quicker implementation of CARICOM decisions

Dominica Online: Outgoing Secretary-General of the Caribbean Community (CARICOM), Ambassador Irwin LaRocque is proposing that another mechanism be put in place to speed up the implementation of decisions for greater achievement among countries in the region. Read more

Campbell to CARICOM: Build resilience at front end of all future planning

EyeWitness News: If the global COVID-19 Pandemic has taught regional countries one lesson, it would be the need for regional planners to place greater focus on building resilience at the front end of all future planning to create sustainable, preventative programmes for potential crises. Read more

Tobacco sector generates more than 110,800 jobs in the Dominican Republic

Dominican Today: Of the 15 products leading the Dominican Republic’s total exports during 2021, tobacco (or cigars) ranks second, trailing only gold, according to data published by the Dominican Republic’s Export and Investment Center (ProDominicana). Read more

The US continues as the DR’s main export destination

Dominican Today: According to data published by the Center for Exportation and Investment of the Republic Dominicana, of the 15 products that lead the total exports of the Dominican Republic during 2021, tobacco (or cigars) occupies second place, only remaining below gold (ProDominicana). Read more

Cuba suspending cash bank deposits in dollars, citing U.S. sanctions

Reuters: Cuba said on Thursday it would temporarily stop accepting cash bank deposits in dollars, blaming tighter U.S. sanctions that are restricting its ability to use greenbacks abroad, although it will still accept transfers. Read more

Cuba: locally-made disposable face masks to be sold

OnCuba: The distribution of Cuban masks will begin with health workers, while their commercialization will be carried out in establishments in freely convertible currency and in others in Cuban pesos (CUP) “at very affordable prices.” Read more

Dominica Signs Agreement To Begin Construction Of International Airport

News 784: A monumental signing for the Commonwealth of Dominica’s international airport took place at Windsor Park Stadium on Wednesday. The agreement saw the Government of Dominicaand Montreal Management Consultants (MMCE) move one step closer to the development and construction of the airport. Read more

GOB Optimistic that Belize will see an Increase in Exports to Guatemala

LoveFM: Following the formalities between the leaders and delegations for Belize and Guatemala, the official discussions began with one of the main topics being the idea of a partial scope agreement. Read more

Antigua calls for tax cuts in airline ticket prices in region

Jamaica Observer: Antigua and Barbuda Prime Minister Gaston Browne says the novel coronavirus pandemic has provided Caribbean governments with the opportunity to implement tax cuts for airline tickets across the region. Read more

52nd meeting of COTED: emerging issues on regional affairs

Jamaica Gleaner: The Council for Trade and Economic Development (COTED) of the Caribbean Community (CARICOM) held its 52nd session virtually on June 1-2. It was chaired by Jamaica’s Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith. Read more

Vietnam, Barbados examine ways to step up bilateral cooperation

VoV: Vietnamese Ambassador to Venezuela, and Barbados Le Viet Duyen on June 3 had an online meeting with Permanent Secretary of the Ministry of Foreign Affairs and Foreign Trade of Barbados Simone Rudder to discuss bilateral cooperative ties between the two countries. Read more

INTERNATIONAL NEWS

No movement: UK, EU show little sign of defusing post-Brexit row

CNBC: Britain and the European Union showed little sign of defusing a post-Brexit trade dispute on Saturday, with both sides repeating their opposing positions even after U.S. President Joe Biden encouraged them to find a compromise. Read more

‘Whatever it takes’, UK’s Johnson warns EU over post-Brexit trade

Reuters: Britain will do “whatever it takes” to protect its territorial integrity in a trade dispute with the European Union, Prime Minister Boris Johnson said on Saturday, threatening emergency measures if no solution was found. Read more

Figures show Brexit continues to depress trade with EU

Independent: Brexit is continuing to depress UK trade with the EU, with total imports and exports of goods in the first four months of this year down by a quarter compared to 2019, according to new official figures. Read more

Ambassador Tai Outlined Biden’s Goal of Worker-Focused Trade Policy

New York Times: The U.S. trade representative called for stronger worker protections in trade policy as the administration looks to curb the negative impact of globalization. Read more

US, EU, and the unmaking of Donald Trump’s trade war

DW: Brussels and Washington are expected to put an end to much of the trade tensions fueled by the former US president. DW takes a look at the various trade crises that have strained relations between the two allies. Read more

EU in talks with US, UK on mutual recognition of COVID-19 travel certificates

Euractiv: The European Commission is discussing with the United States and the United Kingdom the recognition of the COVID-19 travel certificate that will come into force in July in the EU, the European Commissioner for Justice has announced. Read more

EU ministers approve strategy on climate change adaptation

Euractiv: European Union environment ministers on Thursday (10 June) approved the EU’s new climate change adaptation strategy, which sets out a vision up to 2050 to make Europe resilient and “fully adapted to its inevitable impacts”. Read more

UK-Africa Forum on Trade, Policy and Reform to examine the future of trade and avenues for policy reform

Africa News: Invest Africa (www.InvestAfrica.com), a Pan-African business and investment platform, aims to build constructive dialogue between policy makers and business leaders from the UK and Africa during the Forum. James Duddridge MP, Minister for Africa, Emma Wade-Smith OBE, H.M. Trade Commissioner for Africa, and His Excellency Ken Ofori-Atta, Minister of Finance of the Republic of Ghana will feature in the programme. Read more

WTO council offers hope for TRIPS vaccine proposal

Devex: It has been more than eight months since South Africa and India’s delegations to the World Trade Organization tabled a proposal to waive intellectual property protections for COVID-19 vaccines and therapeutics. Yesterday, delegates to the global body’s Council for Trade-Related Intellectual Property Rights, or TRIPS, finally agreed to move to the next stage of text-based negotiations amid growing international support for some version of the waiver. Read more

Argentina still resists drive to make Mercosur more flexible

Mercopress: A top official from the Argentine Government spoke yet again against a bid from Brazil and Uruguay to make Mercosur more flexible and allow members to broker one-on-one deals with other countries or blocs. Read more

Push to change Mercosur rules opens rift among members

BNAmericas: The Mercosur trade bloc is confronting a rift among key members Argentina, Brazil, Paraguay and Uruguay over a potential rule change. Read more

STRAIGHT FROM THE WTO

• Madagascar launches safeguard investigation on dry pastries and breakfast cereals
• Madagascar launches safeguard investigation on plastic pipes and tubes and accessories
• Türkiye launches safeguard investigation on polyethylene terephthalate resin
• Türkiye launches safeguard investigation on terephthalic acid
• Türkiye launches safeguard investigation on "other paper and paperboard"

NEW ON THE CTLD BLOG

• CARICOM Releases Statement on Military Build-Up in Caribbean Sea
• Is CARICOM Complicit in the United States and Trinidad’s Unlawful Partnership?
• Trinidad’s Troubling Invitation of War to Caribbean Shores
• From Extractivism to Impact: What I learnt in Zambia
• Boosting island economies’ trade through education

SUBSCRIBE TO OUR MAILING LIST

The Caribbean Trade & Development Digest is a weekly trade news digest produced and 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:

Welcome to the Caribbean Trade and Development News Digest for the week of May 30-June 5, 2021! We are pleased to bring you the major trade and development news headlines and analysis from across the Caribbean Region and the world from the past week.

THIS WEEK’S HIGHLIGHTS

The biggest news from the G7 meetings held this week is that the grouping of some of the world’s richest nations has committed to a 15% global minimum corporate income tax rate. This development will have implications for international financial centres (IFCs), including those in the Caribbean and others around the world like the Republic of Ireland which has resisted the EU’s attempt at a minimum corporate income tax rate for that bloc.

The UK has reached a trade deal with Norway, Iceland and Liechtenstein. Read more here. The countries of the  Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to hold accession talks with the UK, placing that country one step closer in its bid to join the trading bloc.

This week the Caribbean Community (CARICOM) Council for Trade and Economic Development (COTED) held its 52nd annual meeting on June 1-2. WTO Director-General Ngozi Okonjo-Iweala addressed the grouping.

CARICOM is among the priority regions to which the Biden Administration will provide vaccines through the COVAX Facility. Read the announcement from the White House here.

Contrary to the Obama/Biden administration, the Biden/Harris Administration has shown no sign of loosening the US’ illegal trade, financial and economic embargo on Cuba or of reversing the retightening of policies under the Trump administration. Read more here.

REGIONAL NEWS

Caricom-Mercosur Chamber to attend WHO forum on post covid-19 trade

Mercopress: The World Trade Organization (WTO) has invited the Inter-Regional CARICOM–MERCOSUR Trade Council (CCICaMe) to take part in the 2021 Public Forum “Trade after covid-19: Building Resilience,” to be held at its headquarters in Geneva, Switzerland, it was announced. Read more

New Chamber seeking to boost Africa – Guyana trade, start direct flights

News Guyana: Guyana and other countries across the Caribbean region are being presented with a new opportunity to access Africa directly and improve trade with the world’s second-largest and second-most-populous continent. A newly operational African Caribbean Chambers of Trade, Commerce and Industry, has moved in the direction of CARICOM and has opened its head office along Lamaha Street, Georgetown. Read more

CARICOM SG calls for fairness in international financing for SIDS

CARICOM: CARICOM Secretary-General Ambassador Irwin LaRocque has made a call for fairness in international financing for Small Island Developing States (SIDs), noting that they have been experiencing a battering from climate impacts, not of their own making. Read more

Persaud highlights recommendations of CARICOM Commission on the Economy Report

Barbados Advocate: During a recent web forum, Professor Avinash Persaud, Chairman of the CARICOM Commission on the Economy, highlighted that he believes CARICOM and the region’s economy could benefit greatly from enhanced co-operation and subsidiarity. Read more

Caribbean Export, Caribbean Development Bank Join Forces to Provide Grants to MSMEs

Caribank: The Caribbean Development Bank (CDB) and the Caribbean Export Development Agency (Caribbean Export) in collaboration with the European Union, have entered a partnership to support regional MSMEs with financial assistance to help businesses retool and preserve jobs. Read more

With CARICOM economies in double-digit decline, PM prescribes a remedy

Barbados Today: With ominous signs of emerging debt and other financial crises looming for Caribbean economies pummeled by the COVID-19 pandemic, Prime Minister Mia Mottley has told regional counterparts that increasing cooperation and deepening regional integration are the best options to kickstart the recovery. Read more

Barbados Minister Discusses Areas Of Cooperation With EU

BGIS: New models for climate financing, the setting up of a specialist centre in health care, and nutrition security were among the areas discussed, during a courtesy call with Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle, and Head of Delegation of the European Union (EU) to Barbados and the Eastern Caribbean, Ambassador Malgorzata Wasilewska. Read more

A pre-taste of UNCTAD15 with flavours from Barbados

UNCTAD: With the 15th UNCTAD ministerial conference approaching, it’s time to give you a taste of what we are cooking for you. As the conference will be held online, we invite you to embark for virtual Barbados from 3 to 7 October 2021. Read more

Regulations For Cannabis Import/Export In Final Stages

JIS: Chairman of the Cannabis Licensing Authority (CLA), LeVaughn Flynn, says the Dangerous Drugs (Cannabis Import and Export Licensing) Regulations 2020 is now in the final stages before promulgation. Read more

New loan window for SME exporters

Jamaica Gleaner: JMMB Bank has partnered with EXIM Bank on a $150-million loan window for small to medium-sized businesses, or SMEs, involved in exports. Read more

China woos Jamaican seafood exporters

Jamaica Gleaner: Chinese Ambassador Tian Qi has agreed to facilitate further exploration of the economic ties between China and Jamaica to increase exports of deep-sea foods to his country. Read more

INTERNATIONAL NEWS

UK strikes trade deal with Norway, Iceland and Liechtenstein

The Guardian: Digital documents to be used to cut post-Brexit paperwork under agreement hailed by Liz Truss as ‘massive boost’. Read more

UK begins process to join Asia-Pacific bloc

BBC: The 11-member Trans-Pacific Partnership trade bloc has agreed to open accession talks with the UK. The British government, which asked to join the TPP in February, said membership was a huge opportunity in a post-Brexit world. Read more

UK and Australia bid to strike trade deal by mid-June

Reuters: Britain and Australia are seeking to strike a trade agreement by mid-June, the British envoy said on Thursday, following another round of bilateral talks. Read more

EU reaches deal on tax transparency for multinational firms

Euractiv: European Union government and parliament negotiators reached a deal on Tuesday (1 June) on rules that will force large multinational companies to disclose how much revenue and tax they pay in the 27-nation bloc and how much in countries considered tax havens by the EU. Read more

EU counters Biden’s vaccine patent-waiver with WTO plan

EUObserver: The EU has submitted to the World Trade Organization (WTO) a plan aimed at expanding the production of Covid-19 vaccines – which Brussels sees as a quicker and more-targeted solution to unequal global distribution of vaccines than the intellectual property right-waiver proposal backed by the US. Read more

EU’s Borrell: Palm oil issue shouldn’t hamper trade talks with Indonesia

Reuters: Ongoing negotiations between the European Union and Indonesia on a trade and investment deal should not be hampered by differences over palm oil, the EU’s top diplomat said, even as the bloc aims to phase out use of palm oil in fuel. Read more

Hungary to block EU’s Africa-Pacific trade and development deal

Reuters: Hungary cannot approve a new European Union trade and development accord with African, Caribbean and Pacific countries because it would bring more migrants into the bloc, the country’s foreign minister said on Thursday. Read more

Suez Canal disruption hits North African ports

GTR: The Suez Canal – a vital artery for global trade – was brought to a sudden standstill in March, when giant container ship Ever Given became wedged sideways across it. Read more

Uruguayan ministers travel to Paraguay to discuss flexibilization of Mercosur

Mercopress: Uruguay’s Economy Minister Azucena Arbeleche and Foreign Minister Francisco Bustillo travelled to Paraguay Friday to discuss with the local administration of President Mario Abdo Benítez new steps towards flexibilities Mercosur’s rules. Read more

Minister Guedes says Brazil favors the modernizing of Mercosur

Mercopress: “We are liberal but not stupid,” said Brazil’s Economy Minister Paulo Guedes Thursday during a virtual event where he explained that his country has no intention of leaving Mercosur, but it does want to modernize it. Read more

S. Korea, Mercosur bloc hold 6th round of FTA talks

Yonhap News Agency: South Korea on Tuesday held the sixth round of free trade talks with a group of South American countries, after around a year of hiatus amid the COVID-19 pandemic. Read more

India to start FTA talks with UK, EU by year-end

Livemint: India may begin formal negotiations for free trade agreements (FTAs) with the United Kingdom (UK) and European Union (EU) by end of 2021 after completing ongoing preparatory work, commerce secretary Anup Wadhawan said. Read more

APEC agree with WTO call for agreement on harmful fisheries by July 31- statement

Reuters: Ministers from the Asia-Pacific Economic Cooperation (APEC) trade group said on Saturday that they supported the head of the World Trade Organization’s call to reach a “comprehensive and meaningful agreement” on harmful fisheries subsidies by July 31. Read more

U.S. seeks trade-pact dispute panel to probe Canada dairy quotas

BNN Bloomberg: The U.S. moved to set up a dispute-settlement panel to review Canada’s dairy quotas, which Washington alleges undermine the ability of American dairy exporters to sell a wide range of products to Canadian consumers. Read more

STRAIGHT FROM THE WTO

• Madagascar launches safeguard investigation on dry pastries and breakfast cereals
• Madagascar launches safeguard investigation on plastic pipes and tubes and accessories
• Türkiye launches safeguard investigation on polyethylene terephthalate resin
• Türkiye launches safeguard investigation on terephthalic acid
• Türkiye launches safeguard investigation on "other paper and paperboard"

NEW ON THE CTLD BLOG

• CARICOM Releases Statement on Military Build-Up in Caribbean Sea
• Is CARICOM Complicit in the United States and Trinidad’s Unlawful Partnership?
• Trinidad’s Troubling Invitation of War to Caribbean Shores
• From Extractivism to Impact: What I learnt in Zambia
• Boosting island economies’ trade through education

SUBSCRIBE TO OUR MAILING LIST

The Caribbean Trade & Development Digest is a weekly trade news digest produced and 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: