Home' Trinidad and Tobago Guardian : April 20th 2017 Contents APRIL 20 • 2017 guardian.co.tt BUSINESS GUARDIAN
REGIONAL | BG21
OECS prepares for WTO
fisheries subsidies talks
The Organisation of Eastern
Caribbean States (OECS)
Commission has begun
consultations to develop a
brief for negotiations on the
rules that govern fisheries
subsidies in the World Trade Organisation
The first meeting convened via online
web-conference on Monday and was attend-
ed by senior trade and fisheries officials from
OECS Member States and representatives
from the OECS Commission's trade policy
unit, economic development policy unit,
oceans governance and fisheries division,
and the Geneva Mission.
OECS oceans governance and fisheries
co-ordinator, David Robin, in presenting an
overview of the fisheries sector in the OECS
,outlined specific elements relating to the
management and development of the sector .
These included as key characteristics,
policy goals and objectives, the incidence
or impact of overfishing and overcapacity,
the level and type of subsidies, the exist-
ence of bilateral or other arrangements for
sharing of EEZ resources, bilateral fishing
access arrangements and the nature of fish-
eries management systems.
The meeting noted the economic, tech-
nical and policy-related concerns of the
sector that influence the OECS' position in
the WTO Fisheries Subsidies Negotiations.
Participants also discussed the merits
of recent proposals by other WTO mem-
bers/delegations on the scope of the dis-
ciplines that should be applied to subsidy
Implications for the OECS region were
considered with a view to determining
whether the proposals are aligned with
The consultation provided an opportunity
for Member States to indicate their interests
and concerns in relation to each element of
the Fisheries Subsidies Negotiations.
These discussions will assist Member
States in ongoing negotiations in the WTO
as well as with other member states of the
Caribbean Community (Caricom).
Pursuant to the Doha Development Agen-
da and Sustainable Development Goal (SDG)
14.6, a representative of the OECS Geneva
Mission updated the meeting on current
negotiations within the WTO framework
to clarify and improve disciplines on fish-
SDG 14.6 calls for prohibiting certain
forms of fisheries subsidies that contrib-
ute to overcapacity and overfishing, elim-
inating subsidies that contribute to illegal,
unreported and unregulated (IUU) fishing,
and refraining from introducing new such
subsidies by 2020.
Multilateral talks on fisheries subsidies
disciplines have been ongoing in the WTO
since the launch of the Doha Development
Agenda (DDA) in 2001.
WTO trade ministers agreed at the 2005
Hong Kong Ministerial Conference to work
towards a prohibition of certain forms
of fisheries subsidies that contribute to
overcapacity and overfishing, taking into
account appropriate Special and Differential
Treatment (S&DT) for developing and least
developed members as an integral element.
WTO members are working towards an
outcome/agreement on fisheries subsidies
during the upcoming WTO Ministerial Con-
ference scheduled to be held in Buenos Aires,
Argentina in December. CMC
Managing director of JN Bank Maureen
Hayden-Carter, has urged the government to establish
more concrete avenues for Jamaicans in the diaspora
to contribute to the development of the nation.
While acknowledging the work of government, she
said there are many opportunities for the financial
sector in Jamaica to increase direct partnerships and
engagement of the diaspora.
Hayden-Cater, who was speaking against the back-
ground of JN Bank's recent launch of its JN Diaspora
Certificate of Deposit, maintained that many persons
in the diaspora are prepared to invest; however, they
are often unable to identify the specific products, ser-
vices and information they need.
"We should be willing and prepared to design
products and services that are exclusive to Jamaicans
overseas; and provide the avenues that allow them to
further contribute to the development of the country,"
the JN Bank managing director underscored, point-
ing to 2013 data published by InfoDev for the World
Bank which shows that a quarter of Jamaicans in the
Diaspora have investable wealth or annual earnings
of US$100,000 or more.
More than 70 per cent are interested in investing in
start-ups and small and medium-sized enterprises
and 63 per cent are also interested in Diaspora bonds.
"We have to recognise that Jamaica is not simply an
island of some 2.7 million people, we are much bigger
and expansive than that!" she declared.
The JN Diaspora Certificate of Deposit, available in
the United Kingdom, the United States of America,
and Canadian currencies, was launched last month;
and was among the products and services on display
for 5,000 Jamaicans in Canada who patronised the
recently held JN Group Expo in Brampton, Ontario.
The product allows for a portion of the interest
earned by the certificate of deposit to be used to fund
social enterprises operating in the micro, small and
medium enterprise sector.
The sector is responsible for about a third of the
"What makes this an even more distinctive product
is the fact that, the businesses to benefit are those
which are operating as social enterprises, which are
businesses established for a social good; and generate
employment and economic sustainability for certain
communities and groups of people," she explained.
She further noted that two per cent of the interest
income earned by individual investors will be matched
by JN Bank and contributed to social enterprises en-
gaged in the JN Foundation's Social Enterprise Boost
The instrument is tenured from one to five years;
and starts at £1,000, CA$1,000, or US$2,000.
Interest at the top end of the longest terms on these
investments range from 1.5 per cent in pounds; 1.1 per
cent in Canadian dollars; to 1.8 per cent in US dollars.
Hayden Cater also said that beyond specific prod-
ucts and services targeted to the Diaspora, clearer and
more defined efforts must be made to engage them
in their respective communities; and not only when
they visit Jamaica.
"There are many opportunities to strengthen ties
with our nationals overseas, but we need to create
the context to engage them, so that they can receive
current information; ask penetrating questions; and
attain the right perception about Jamaica, its econom-
ic status; and the opportunities that are available,"
"We need to recognise that Jamaicans in the dias-
pora are an important constituent in our economic
fabric; and, therefore, we should make it easier for
interested persons to access information about in-
vestment opportunities in Jamaica," Hayden Cater
Jca govt approves transfer of licences to Canadian company
The Canadian based exploration company,
Carube Copper has now received the offi-
cial transfer documents from the Ministry of
Transport and Mining in Jamaica for seven
special exploration and prospecting licens-
es previously held by the Australian mining
company OZ Minerals.
As a result, Carube Copper now has 100
per cent ownership of 11 licenses covering
535 square kilometres in the island.
"Now that the Licenses are 100 per cent
in the company's name, we can move for-
ward with aggressive exploration programs
on our flagship Bellas Gate Project and the
newly acquired highly prospective licenses.
Armed with the C$14 million exploration
data package from OZ Minerals as well as
our recently closed C$1.6 million financing,
we plan to start our programs immediate-
ly," said Jeff Ackert, President and CEO of
He added that Jamaica is a highly favour-
able, stable jurisdiction for exploration and
mining with strong support from Ministry of
Transport and Mining, as well as the Com-
missioner of Mines and Geology.
The company says Jamaica's Cretaceous
aged inliers host numerous copper and gold
porphyry occurrences. And to date seven
porphyry centres have been identified at
the Bellas Gate Project in the central parish
of St Catherine.
"Many identified prospective areas on
all licenses have yet to be drill tested. Drill
results have indicated strong and consistent
mineralisation in well altered porphyry style
sequences," Ackert said.
Last year, Oz Minerals announced its
withdrawal from Jamaica after three years
of exploration activities. The Australian
company's operations included five whol-
ly owned tenements at Bellas Gate and the
Rodinia in the eastern parish of Portland.
Chief executive officer of Oz, Andrew
Coles then said the company had decided to
quit its operations here because the mineral
deposits it discovered were not satisfactory.
urged to give
access to invest
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