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OFFICE OF TRADE NEGOTIATIONS
DAILY DIGEST
2010 October 14th
WTO Arena
Threat of 1930s-style protectionism is looming, warns WTO director-general Pascal Lamy
The man responsible for policing global trade warned policymakers today that growing currency tensions
risked the return of 1930s-style protectionism. Amid fresh evidence that governments are seeking to boost
their own economies' growth by manipulating their exchange rates, Pascal Lamy expressed concern that the
next step would be the erection of tariff barriers. "We have been living with this for two years," the directorgeneral of the World Trade Organisation told the Guardian on a visit to London to meet government
ministers. "The question is whether this [the anti-protectionist mood] is stable or risks being dented by
currency developments. There is a risk and the risk is not nil."
http://www.guardian.co.uk/business/2010/oct/14/pascal-lamy-wto-1930s-protectionism
WTO official eyes trade rules on fossil fuel subsidies
A senior World Trade Organisation official said Thursday that hard thought must be given to WTO-enforced
restrictions on multibillion dollar subsidies for polluting fuels such as oil and coal. "Fossil fuel subsidy reform
is undoubtedly one of the major tools in the hands of the international commuhnity to fight climate change,"
WTO Deputy Director General Harsha Vardhana Singh said at a conference hosted by the organisation on
the issue. "Reflections on the link between trade and climate change, and on the eventual role of the WTO
rulebook on an issue such as fossil-fuel subsidies, must take place," Singh told the meeting.
http://www.expatica.com/ch/news/swiss-news/wto-official-eyes-trade-rules-on-fossil-fuelsubsidies_103154.html
WTO Fisheries Negotiations ‘On’ Again
Negotiators at the WTO are hailing a “new environment” in ongoing talks on how to discipline government
payments to the fisheries sector, a major factor contributing to declining fish stocks in the world’s oceans.
The negotiations - which have been exceedingly slow since early 2008 - last week saw countries engaging
once again in specific and technical exchanges (albeit without discernible forward movement). Part of the
reason for the change is delegations’ desire to make their respective cases to the new chair of the
Negotiating Group on Rules. An additional impetus has come from a process involving a group of
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
ambassadors who have been meeting regularly to examine their differences on the entire spectrum of
issues in the Doha Round negotiations, including fisheries subsidies.
http://ictsd.org/i/news/bridgesweekly/86991/
PM: Georgia will support Russia's accession to WTO if it complies with requirements of organization
Georgia will support Russia's accession to the World Trade Organization if it complies with the requirements
of the organization, Prime Minister Nika Gilauri said at a meeting of government today. According to him,
particularly this refers to transparent customs checkpoints. The Prime Minister noted that this issue was
discussed during his visit to the United States.
http://en.trend.az/news/politics/foreign/1766082.html
CARICOM-CANADA
“CYENTT hosts workshop on ‘Green Economy’
CYENTT will host a series of activities aimed at encouraging youth to get directly involved in shaping their
future… Lynch explained that CYENTT chose to highlight and stimulate debate on the Green Economy,
because we can use it as a model to incorporate “green”, eco-friendly, low-carbon strategies to power our
economy. She said it can also increase job creation while at the same time reduce our overall impact on the
environment and combat the negative effects of climate change. “The workshop is designed to build
awareness on youth and unemployment issues and how persons may be affected in light of the CaricomCanada trade negotiations. It will also serve to highlight how a green economy will promote sustainable
development while increasing job opportunities and ensuring the preservation of the environment,” Lynch
explained.
http://www.newsday.co.tt/features/0,129116.html
MERCOSUR
Europe, Mercosur to Boost Trade Cooperation
The European Union and the Southern Common Market (Mercosur) promised to make rapid progress in
talks on a trade partnership agreement between the two blocs. Until Friday, representatives of the two
parties meet at the 18th Meeting of the bi-regional negotiations committee, to improve access for South
American agricultural products in the European market. This is the second round, started on Wednesday, at
the level of chief negotiators since the negotiations were relaunched last May, and they will be discussing
the conditions of market access and all disciplines.
http://www.escambray.cu/Eng/world/euromerco101014930
EU/ ACP
Nigerian cocoa grinding slumps as demand drops
The failure of Nigeria to sign a trade deal with the European Union since 2008 has also all but crippled local
processing, he said. The EU imposed tariffs on cocoa products and other exports from Nigeria after Africa's
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
top oil and gas producer declined to sign an economic partnership agreement, EPA, by a Dec 31, 2007
deadline. This has badly hit the Nigerian cocoa sector's ability to compete with regional rivals Ivory Coast,
Ghana and Cameroon, all of whom had signed trade deals with the European trade bloc to maintain
preferential access for their products. Local processors are losing a minimum of $400,000 monthly or nearly
$5 million a year in duty liabilities, a burden Oladunjoye said was too heavy for COPAN members to carry.
Nigeria has held fast in its refusal to sign an EPA, which the EU demanded to make its long-preferential
trade with Africa, Caribbean and Pacific former colonies compliant with the World Trade Organisation.
http://www.ibtimes.com/articles/72015/20101014/nigerian-cocoa-grinding-slumps-as-demanddrops.htm
Regional
(NB. Watch the Caribbean Media Corporation (CMC) News Brief via this link)
(NB. Also listen to BBC Caribbean Report via this link)
Free movement of skills could lead to more trafficking in persons – seminar hears
The Caricom Free Movement of Skilled Nationals could result in an increase of human trafficking in person
in Caribbean countries. This is according to Coordinator of the Anti-Trafficking in Persons Unit, Department
of Public Security of the Organisation of American States, Fernando Garci-Robles. Robles was at the time
addressing the opening of a two-day workshop on trafficking in person today at the Regency Hotel in
Hadfield Street. In the keynote address the OAS security expert also cautioned that the Caribbean is
becoming an important transshipment point for the illegal trade.
http://www.stabroeknews.com/2010/news/breaking/10/14/free-movement-of-skills-could-lead-tomore-trafficking-in-persons-%E2%80%93-seminar-hears/
When will changes begin, Mr Obama?
IN addressing on September 22 the current session of the United Nations General Assembly, US President
Barack Obama focused on the coming launch of what he has highlighted as the "New US Global
Development Policy''… Barbados and its partners in the Caribbean Community (Caricom) would be well
advised to pay serious attention to the Obama Development Policy (ODP) in the context of this region's own
needs and aspirations and the quality of "development partnership'' that's desirable and relevant. Casting
his announcement of a new approach on global development, Obama stressed that it was the "first of its
kind by an American administration'', one rooted in the USA's "enduring commitment to the dignity and
potential of every human being...'' At the core of the new policy he articulated, is: First, the changing of how
we (the USA) define development. "For too long'', he noted, "we have measured our efforts by the dollars
we spent and the food and medicine that we delivered. But aid alone is not (our emphasis) development....''
"Development'', he added, "is helping nations to actually develop —moving from poverty to prosperity. And
we need more than just aid to unleash that change. We need to harness all the tools at our disposal—from
our diplomacy to our trade policies to our investment policies...
http://www.trinidadexpress.com/commentaries/When_will_changes_begin__Mr_Obama_104833674.html
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
World
Tianjin Climate Meeting Delivers Little, Overshadowed by US-China Spat
The latest round of United Nations climate change talks in Tianjin, China made little headway before closing
last Saturday, casting further doubt onto whether governments will be able to take meaningful steps towards
a global treaty on reducing greenhouse gas emissions when they meet in Cancun next month.
Overshadowing the discussions in Tianjin were increasingly sharp exchanges between Chinese and US
officials, which have given rise to concerns that the talks in the Mexican beach resort might even see the
UN-led process slide backwards from the disappointing outcome and aftermath of last year’s climate summit
in Copenhagen. It is already clear that the Cancun meeting will not produce a new global agreement on
curbing greenhouse gas emissions; hopes for that have already turned to the 2011 UN climate summit in
South Africa.
http://ictsd.org/i/news/bridgesweekly/86988/
SA, Botswana tighten trade relations
South Africa’s Trade and Industry Minister Rob Davies has said his country’s economy and that of its
neighboring countries such as Botswana are interdependent thus the need for cooperation. “We believe that
South Africa’s economy and the economies of our neighbours are interdependent and that our development
can only be sustainable if we cooperate for mutual benefit,” he said. Speaking at a forum dubbed, ‘Doing
Business with Botswana’, Davies reiterated his country’s commitment to contributing to the development of
the African continent. He noted that projects such as the proposed Mmamabula power station and the Trans
Kalahari Railway line that Botswana is undertaking could unlock economic development.
http://gazettebw.com/index.php?option=com_content&view=article&id=7763:sa-botswana-tightentrade-relations-&catid=13:business&Itemid=2
We must keep politics out of trade, China tells U.S.
China and the United States must nurture their relationship and ensure trade and economic issues do not
become politicized, Chinese Vice Premier Wang Qishan was quoted as saying on Thursday. "The two
nations should further enhance understanding and mutual trust to avoid politicizing economic and trade
issues," Wang told former U.S. Secretary of State Madeleine Albright in Beijing, the official Xinhua news
agency said. U.S.-China relations are "moving forward through difficulties," Xinhua quoted him as saying…
The Treasury Department is due in the coming days to decide in a semi-annual report on exchange rate
practices whether to formally label China a currency manipulator, a designation that would anger Beijing.
Wang added that China would not reverse its policy of opening up its economy and said the investment
environment would be improved, Xinhua said. There has been concern among some foreign businesses
that China's reforms have stalled.
http://www.reuters.com/article/idUSTRE69D4C320101014
U.S.-Canada trade deficit grows wider
America’s trade deficit with Canada grew wider toward the end of summer, according to a report released
Thursday morning by the U.S. Bureau of Economic Analysis. The U.S.-Canadian trade gap reached $2.19
billion in August, up from $1.43 billion in July. American companies exported $21.05 billion of goods to
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
Canadian customers in August, but U.S. consumers bought $23.24 billion of imported goods from Canada,
yielding a deficit of $2.19 billion. Canada is Georgia’s leading export destination, with exports last year
totaling $4.1 billion. The Peach State imported $3.8 billion in goods from Canada in 2009. These were the
eight countries with the largest trade imbalances over the United States in August:
• China, $28.04 billion
• Mexico, $6.04 billion
• Japan, $5.83 billion
• Germany, $3.43 billion
• Nigeria, $2.67 billion
• Ireland, $2.49 billion
• Venezuela, $2.20 billion
• Canada, $2.19 billion
http://www.bizjournals.com/atlanta/stories/2010/10/11/daily38.html
See also:
Canada's Trade Deficit Narrows in August From Record as Exports Rebound
Canada’s trade deficit narrowed more than expected in August from a record the previous month, as
shipments abroad increased and imports fell. The deficit narrowed to C$1.34 billion ($1.34 billion) in August,
from a revised C$2.55 billion in July, which was the largest in records dating to 1971, Statistics Canada said
today in Ottawa. Economists surveyed by Bloomberg predicted the gap would narrow to C$2.3 billion from
an initially reported July gap of C$2.74 billion, according to the median of 16 estimates. “For the quarter as a
whole, trade is still going to be a sharp drag on the economy,” said Derek Holt, economist at Bank of Nova
Scotia in Toronto. “We are in a period of prolonged weakness,” in part because of the risk of further strength
in the Canadian dollar, he said. The Canadian currency strengthened before the report today to beyond
parity with its U.S. counterpart for the first time since April, in part on speculation the U.S. Federal Reserve
will take actions next week to reduce that currency’s value. The Canadian dollar gained as much as 0.5
percent to 99.81 Canadian cents per U.S. dollar, and was down 0.2 percent to C$1.0049 at 9:57 a.m. in
Toronto, from C$1.0033 yesterday. One Canadian dollar buys 99.51 U.S. cents.
http://www.bloomberg.com/news/2010-10-14/canada-s-trade-deficit-narrows-in-august-from-recordas-exports-rebound.html
U.S. trade deficit grew in August
The U.S. trade deficit rose in August after falling in July, the Bureau of Economic Analysis said Thursday.
The deficit rose to $46.3 billion in the month, an increase over a revised $42.6 billion in July, but not as high
as the $49.8 billion trading deficit posted in June. Exports and imports both rose, as international business
continues to pick up steam from a summer of 2009 trough. For the month, exports rose by $300 million to
$153.8 billion. Imports rose by $4.1 billion compared to July to $200.2 billion.
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
http://www.upi.com/Business_News/2010/10/14/US-trade-deficit-grew-in-August/UPI82591287075063/
European Union and South Korea Sign Free Trade Agreement
The European Union and South Korea formally signed a free trade agreement (FTA) on 6 October. The
pact, Brussels’ first with an Asian country, is scheduled to take effect on 1 July 2011, if ratified by both
parties. The accord becomes the largest external free trade agreement negotiated by the EU, and may
eventually emerge as the largest bilateral free trade agreement ever, exceeding even Australia’s bilateral
agreements with China and the United States.
http://ictsd.org/i/news/bridgesweekly/86983/
Other News
Barbados to be one of the leaders in GDP growth in 2011
BARBADOS is projected to achieve one of the higher levels of economic growth among Caribbean
countries next year, following a prolonged period of recovery from the global recession. This is according to
projections by the International Monetary Fund, which is projecting growth of around three per cent for
Barbados in 2011.
http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=13346
CARICOM secretary general receives Suriname's highest national award
Edwin Carrington, outgoing secretary general of the Caribbean Community (CARICOM), on Tuesday
evening received Suriname’s highest national award. Carrington, who is stepping down as the regional
body’s most prominent public servant, was appointed Bearer of the Grand Sash in the Honorary Order of
the Yellow Star. Meanwhile, CARICOM assistant secretary general Edward Greene, late Tuesday night at
the Presidential Palace in Paramaribo, was bestowed with the distinction of Grand Officer in the Honorary
Order of the Yellow Star. Both CARICOM officials also received the Youth Lifetime Achievement Award.
http://www.caribbeannewsnow.com/topstory-CARICOM-secretary-general-receives-Suriname%27shighest-national-award-2643.html
LONDON- Trinidad PM makes a picth for foreign investment
Prime Minister Kamla Persad Bissessar Wednesday urged investors to use her country, Trinidad and
Tobago, as the gateway for business opportunities in Latin America, South and North America.
http://www.csmenetwork.com/2/index.php?option=com_content&view=article&id=9701:londontrinidad-pm-makes-a-picth-for-foreign-investment&catid=122:csme-network-latest&Itemid=211
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
Quick Media Links
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Antigua & Barbuda
Antigua & Barbuda Government Portal http://www.ab.gov.ag/gov_v3/index.php
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The Bahamas
Broadcasting Corporation of the Bahamas http://www.znsbahamas.com
The Government of the Bahamas http://www.bahamas.gov.bs/bahamasweb2/home.nsf
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Barbados
Caribbean Broadcasting Corporation http://www.cbc.bb/
Barbados Government Information Service http://www.gisbarbados.gov.bb/
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Belize
Belize News http://belizenews.com/
Government of Belize Portal http://www.belize.gov.bz/
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Cuba
Granma (Official News) http://www.granma.cu
Cuban News Agency http://www.ain.cubaweb.cu
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Dominica
Dominica News http://www.dominicanewsonline.com/
Dominica Government http://www.dominica.gov.dm/cms/
Dominica GIS http://www.gis.dominica.gov.dm/index.php
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Dominican Republic
Dominica Today http://www.dominicantoday.com/
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Grenada
Grenada Government Portal http://www.gov.gd/
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Guyana
GINA – Guyana Government Information Agency http://www.gina.gov.gy
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Haiti
News Haiti http://www.newshaiti.com
Haitian Times http://www.haitiantimes.com/
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Jamaica
Jamaica Information Service http://www.jis.gov.jm
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St. Kitts & Nevis
St. Kitts/ Nevis News http://www.sknvibes.com/News
St. Kitts & Nevis CUOPM http://www.cuopm.com/
St. Kitts & Nevis ZIZ http://www.zizonline.com/
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St. Lucia
Helen Television Services (HTS) http://www.htsstlucia.com
Radio St. Lucia (RSL) http://www.rslonline.com
St. Lucia Government Information Service http://www.stlucia.gov.lc/
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St. Vincent & the Grenadines
National Broadcasting Corporation http://www.nbcsvg.com
St Vincent Today http://svgtoday.com/
Government of St. Vincent & the Grenadines GIS http://www.gov.vc/
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Suriname
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org
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Surinamese Televise Stichting http://www.strs.info.sr
ATV TeleSur http://www.sr.net
Suriname News http://www.topix.net/world/suriname/
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Trinidad & Tobago
Trinidad & Tobago Official News http://www.news.gov.tt/
NOTE: The opinions and articles mentioned do not necessarily reflect the views of The Office of Trade
Negotiations (OTN), or the Caribbean Community (CARICOM) Secretariat.
http://www.crnm.org