Caribbean Trade Law and Development

Tag: WTO

  • Caribbean Trade and Development News Digest – May 30 – June 5

    Caribbean Trade and Development News Digest – May 30 – June 5

    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

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  • WTO: New DG Okonjo-Iweala officially assumes office and delivers maiden speech

    WTO: New DG Okonjo-Iweala officially assumes office and delivers maiden speech

    Alicia Nicholls

    On March 1, 2021, and after a protracted selection period, the World Trade Organization (WTO)’s seventh and first female Director-General, Dr. Ngozi Okonjo-Iweala officially took office. A world -respected finance expert and development economist, Dr. Okonjo-Iweala further makes history by being the first DG from the African continent.

    In her maiden speech, the new DG acknowledged the high expectations attendant with her assumption of office. While noting she would do her utmost to move the organisation forward, she rightly indicated that as a membership-driven organisation cooperation of its 164 members was needed. As such, she implored Members that “high expectations of my leadership also means that I have high expectations of you to help me deliver”.

    As is widely acknowledged, Dr. Okonjo-Iweala assumes directorship of the WTO at a critical time in that organisation’s over two decades-long history. She will be leading an organisation which is fighting fires on several fronts and faces questions of its continued relevance given its stalemated negotiations function and defunct Appellate Body. The new DG reiterated to Members that “it cannot be business as usual”.

    Outlining some of the priorities Members had indicated to her, she urged the need to “work hard to complete a few deliverables before MC12 so that Ministers can focus on ratifying agreements and agreeing best methods for implementation”. In particular, she cited the “the need to prioritize action on COVID-19 both for the immediate and longer term and focus on completing Fisheries Subsidies negotiations before the middle of the year”.

    She also recommended that “three or four clear deliverables” be finalized before the WTO’s overdue Twelfth Ministerial Conference. (MC12). MC12 was originally to be held in Kazakhstan in 2020 but was postponed due to the COVID-19 pandemic. At the General Council meeting on March 1, WTO members decided that MC12 will take place “in the week of 29 November 2021” in Geneva, Switzerland.

    The new DG also drew attention to the unequal global distribution of COVID-19 vaccines, in which many poor countries lag behind rich countries in accessing doses for their citizens. She noted her hope to be able to “initiate a dialogue and information exchange between us and representatives of manufacturers associations from developing and developed countries”.

    Dr. Okonjo-Iweala’s term of office will expire on August 25, 2025 and is renewable for one more term. Read her full speech here.

    We at the CTLD Blog take this opportunity to congratulate Dr. Okonjo-Iweala and wish her a successful tenure.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. All views herein expressed are her personal views and should not be attributed to any institution with which she may from time to time be affiliated. You can read more of her commentaries and follow her on Twitter @LicyLaw.

  • WTO DG Race: Okonjo-Iweala secures Biden-Harris support

    WTO DG Race: Okonjo-Iweala secures Biden-Harris support

    Alicia Nicholls

    After several weeks of speculation over whether it would maintain the United States (US) objection to the selection of Dr. Ngozi Okonjo-Iweala as the next Director-General of the World Trade Organization (WTO), the Biden-Harris Administration this afternoon announced that it is in support of the world renowned development economist’s selection to the post.

    In a statement released this evening on the website of the United States Trade Representative (USTR), it was noted that:

    The Biden-Harris Administration is pleased to express its strong support for the candidacy of Dr. Ngozi Okonjo-Iweala as the next Director General of the WTO.  Dr. Okonjo-Iweala brings a wealth of knowledge in economics and international diplomacy from her 25 years with the World Bank and two terms as Nigerian Finance Minister.  She is widely respected for her effective leadership and has proven experience managing a large international organization with a diverse membership.  

    USTR Statement of February 5, 2021

    Last year, after what seemed to be consensus around Dr. Okonjo-Iweala’s selection, the US (then under the Trump Administration) objected to, and effectively blocked her appointment, citing her limited experience in international trade compared to the other finalist, South Korea Minister of Trade, Yoo Hyung-Hee. Immediately before leaving office, then outgoing USTR Robert Lighthizer doubled down on his objection to her appointment, saying it would be a “mistake”.

    This decision by the Biden-Harris Administration, hopefully, clears the way for the appointment of Dr. Okonjo-Iweala who would become not just the organisation’s first black and first female Director General, but its first from the African continent. A Nigerian born and internationally respected development economist who is also a naturalised US citizen, Dr. Okonjo-Iweala will bring to the post of WTO DG a wealth of experience and knowledge in tackling development issues at the national and global levels, international diplomacy and finance. Among other things, she previously served as Nigeria’s Minister of Finance for two terms where she championed several reforms, as well as second-in-command (Managing Director) at the World Bank. She currently serves as board chair of GAVI, the Vaccine Alliance, as well as sits on the boards of several other international agencies.

    The USTR statement also lauded the credentials of Minister Yoo who withdrew her bid for the WTO’s top post.

    The full statement may be accessed here.

    Image source: Wikipedia

  • Caribbean Trade & Development News Digest – November 29 – December 5, 2020

    Caribbean Trade & Development News Digest – November 29 – December 5, 2020

    Season’s Greetings! Welcome to the Caribbean Trade & Development News Digest for the week of November 29-December 5, 2020! 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

    This week, on December 3, negotiators from the European Union (EU) and the Organisation of African, Caribbean and Pacific States (OACPS) finally reached a twenty-year post-Cotonou partnership agreement. With the clock ticking to December 31 – the end of the UK’s transition period – post-brexit negotiations remain hung up on sticking points.

    For the first time since its establishment, the WTO’s Appellate Body will no longer have a single sitting judge as the term of the last remaining AB member Prof. Dr. Hong Zhao of China expired November 30.

    On December 4, Vanuatu became the sixth country to graduate from the United Nations’ category of Least Developed Country. Read more here

    The UN Commission on Narcotic Drugs has voted this week to reclassify cannabis out of the most dangerous category of drug, i.e. removal from Schedule IV of the 1961 Single Convention on Narcotic Drugs which had discouraged even medicinal use. This reclassification has been hailed as a step forward for some Caribbean countries like Jamaica which have joined a growing number of developed countries in developing a cannabis industry, including making cannabis use legal for medicinal and therapeutic purposes. Read more here.

    Looking regionally, the Caribbean Community (CARICOM) signed an MOU with the recently formed CARICOM Private Sector Organisation towards achievement of the CARICOM Single Market and Economy (CSME). CPSO was designated a CARICOM associate institution on October 29, 2020. Read my article on this deepened CARICOM-private sector engagement here.

    REGIONAL NEWS

    Caribbean welcomes new deal to replace Cotonou Agreement

    Jamaica Observer: The Caribbean has welcomed the political deal reached between chief negotiators for the European Union and the Organisation of African, Caribbean and Pacific States (OACPS), for a new partnership accord to replace the Cotonou Agreement. Read more

    EU Blacklists and the WTO

    News784: In this piece, we have argued that trade agreements, buttressed by their dispute settlement and institutional mechanisms, provide viable avenues for CARICOM MS to address the longstanding problem of their inclusion on arbitrary national blacklists by the EU. Read more

    EU and ACP finalise post-Cotonou treaty, after two-year delay

    Euractiv: Negotiators from the EU and African, Caribbean and Pacific community signed off on a broad 20-year partnership deal to succeed the Cotonou Agreement on Thursday night (3 December) after nearly three years of difficult talks. Read more

    CARICOM asks probing questions at UN special session

    Barbados Today: On December 3 and 4, some 155 Presidents and Prime Ministers participated in a Special Session of the United Nations (UN) General Assembly, to discuss the Corona Virus Disease (COVID-19) and the UN response to the pandemic. Read more

    Port of Bridgetown wins Top Award

    GIS.bb: The Port of Bridgetown has captured the 2020 Novaport Cup for Most Improved Port Performance, emerging the winner among nine regional competing ports. Read more

    Jamaica Government secures partnership to expand e-commerce opportunities for MSMEs

    Jamaica Observer: The Government has partnered with two international firms to deliver digital marketing solutions and e-commerce opportunities to micro, small and medium enterprises (MSMEs) as a mechanism to cope with the impact of physical distancing and other restrictive measures due to the novel coronavirus pandemic. Read more

    COTED endorses Made in CARICOM Initiative

    CARICOM: Trade ministers of the Caribbean Community (CARICOM) have unanimously endorsed a proposal to develop a ‘Made in CARICOM’ promotional initiative which will capitalise on one of the opportunities presented by the pandemic. Read more

    New CARICOM-EU project will tackle climate change and its health impacts in the Caribbean

    PAHO: International, regional, and government leaders announced the launch of a broad-based project to support actions to mitigate climate change and its serious health impacts in Caribbean nations. The EU/CARIFORUM Strengthening Climate Resilient Health Systems Project – a joint project of the European Union and CARICOM that PAHO is coordinating – will advance public understanding of climate change effects and strengthen the ability of health systems to respond to climate-related health impacts. Read more

    Guyana’s private sector must help gov’t push down CARICOM trade barriers- Pres. Ali

    Demerara Waves: Even as a newly-formed Caribbean Manufacturing Association (CMA) plans to explore the production of specialised sugars, Guyana’s President Irfaan Ali on Wednesday called on local manufacturers to aggressively remove trade barriers in the Caribbean Community’s Single Market. Read more

    New Chamber of Commerce to Facilitate Two-Way Trade & Investment Between Canada & Guyana

    Newswire: The Canada-Guyana Chamber of Commerce (CGCC) was officially launched today with a mission to facilitate two-way trade and investment between Canada and one of the fastest growing economies in the world – Guyana. Read more

    Grenada Announces Temporary Ban On Poultry From United Kingdom

    Jamaica Gleaner: Grenada says it will place a temporary ban on the importation of poultry products from the United Kingdom as of Monday. Read more

    Jamaica’s imports and exports decline from January – August 2020

    Jamaica Observer: There was a decline in Jamaica’s imports and exports for January to August 2020 when compared to the similar period in 2019 as released today by the Statistical Institute of Jamaica (STATIN). Read more

    Guyana lacks workforce to benefit from impending `explosive’ growth – Canadian High Commissioner

    Stabroek: Outgoing Canadian High Commissioner Lilian Chatterjee today said that Guyana lacks a skilled and sizeable labour force to benefit from the “explosive” oil-linked growth that is coming and she urged the country not to resist foreign investment but use its judgement on who to trust. Read more

    Entrepreneur touts Dominican Republic-Commonwealth trade ties

    Dominican Today: The president of the Round Table of the Countries of the Commonwealth in the Dominican Republic, Fernando González Nicolás, highlighted the influence that the 54 countries of the Commonwealth have on exports and foreign investment in our nation. Read more

    INTERNATIONAL NEWS

    Vanuatu graduated from LDC status

    UN: On 4 December, Vanuatu became the sixth country to graduate from the least developed country (LDC) category. As noted by the United Nations Secretary-General, this is “testimony to years of effort resulting in hard-won sustainable development gains”. Read more

    ‘Painful’ exit of Chinese member leaves WTO appeals body without a judge and trade dispute cases in limbo

    SCMP: For the first time since the World Trade Organization was set up 25 years ago, its Appellate Body, dubbed the top court for world trade, will have no serving judges after the departure of the Chinese member, curbing the WTO’s capacity to handle disputes. Read more

    China’s former trade chief hits out at ‘groundless’ claims country cannot join CPTPP

    SCMP: Beijing’s former top trade negotiator has dismissed as “groundless” claims that China would not meet strict criteria to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in the long term. Read more

    U.S. trade deficit widens by 1.7% to $63.1 billion in October

    CNBC: The U.S. trade deficit widened 1.7% in October to $63.1 billion. The politically sensitive gap in the trade of goods with China and Mexico grew. Read more

    US judge orders Trump administration to restore ‘Dreamer’ immigration program

    Barbados Today: A US judge ordered the Trump administration Friday to fully reinstate a program that protects from deportation immigrants who came to the country illegally as children. Read more

    Why Biden will find it hard to undo Trump’s costly ‘America first’ trade policy

    The Conversation: Since becoming president-elect, Joe Biden has signaled that restoring America’s leadership on the world stage is among his highest priorities – an intention aptly demonstrated by his Cabinet picks. Read more

    India submits new proposal limiting role of WTO dispute panel in fisheries management

    Hindu Business Line: New Delhi’s proposal on exempting developing countries with incomes, fish volume below given threshold to be discussed further. Read more

    Thirteen Extra Ordinary Session on the African Continental Free Trade Area (AfCFTA): The Assembly of the Union adopts decision on the start of trading

    Africa News: African Union Heads of State and Government have underscored the urgent need for member states to kick-start trading activities, under the African Continental Free Trade Area (AfCFTA). The decision was adopted during a virtual meeting of the 13th Extra Ordinary Session of the Assembly of the Union on the AfCFTA, held on Saturday 5 December 2020, under the Chairmanship of H.E. Mr Cyril Ramaphosa, President of the Republic of South Africa and Chairperson of the African Union (AU). Read more

    South Africa to make changes to its borders as it prepares for multi-trillion rand trade deal

    Business Tech: President Cyril Ramaphosa’s cabinet has approved a draft One-Stop Border Policy (OSBP) for public consultation. Read more

    Canada trade deficit shrinks slightly in October, still higher than expected

    Reuters: Canada’s trade deficit narrowed slightly to a still greater-than-expected C$3.76 billion ($2.94 billion) in October as exports grew at a faster pace than imports, Statistics Canada data showed on Friday. Read more

    Cambodia, S. Korea FTA much closer

    Khmer Times: A senior official of the Ministry of Commerce (MoC) said negotiations towards a free trade agreement (FTA) between Cambodia and South Korea saw agreement on 90 percent of the issues addressed as the fourth round of talks concluded last month. Read more

    Envoy: US trade embargo is ‘main obstacle’ to trade between Cuba and other countries

    Khmer Times: Sanctions imposed by the United States (US) are a serious roadblock for Cuba doing business with other countries. This was one of the points made by Cuban Ambassador to Cambodia Liurka Rodriguez Barrios in an exclusive interview conducted at the Cuban Embassy in Phnom Penh. Read more

    WTO members may seek more time to decide on TRIPS waiver to fight Covid-19

    Hindu Business Line: 90-day timeline for decision on the India-South Africa proposal to lapse on December 31, but more deliberations could be needed, say officials. Read more

    Japan urges South Korea to end tariffs on steel bars after WTO ruling

    Japan Times: Japan urged South Korea on Tuesday to immediately remove its anti-dumping tariff on Japan-made stainless steel bars after a World Trade Organization dispute settlement panel decision said an extension of the protections would be a contravention of WTO rules. Read more

    What Janet Yellen’s nomination as Treasury secretary means for U.S. policy on China and trade

    CNBC: Former Federal Reserve Chair Janet Yellen has been nominated by President-elect Joe Biden as his Treasury secretary — a position that would make her, if confirmed by the Senate, a critical figure in U.S. trade negotiations with China. Read more

    WTO Members Reveal “Entrenched” Differences as Fisheries Talks Approach 2020 Deadline

    IISD: “Entrenched” positions regarding the issue of special and differential treatment (S&DT) for developing and least developed countries (LDCs) are presenting a challenge in the negotiations on a World Trade Organization (WTO) agreement that would curb harmful fisheries subsidies. Read more

    Brexit trade talks: What’s at stake if no deal is reached

    Sky News: Tariffs, Northern Ireland, travel and mobile phone roaming charges will all be impacted if the two sides cannot reach agreement. Read more

    STRAIGHT FROM THE WTO

    NEW ON THE CTLD BLOG

    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: