Latest update March 29th, 2025 5:38 AM
Guyana establishes national committee on trade facilitation
In keeping with an agreement under the World Trade Organisation (WTO), Cabinet has given the go ahead for the establishment of a National Committee on Trade Facilitation. The committee was formally established yesterday, and its first meeting convened following a workshop at the Guyana Revenue Authority’s (GRA’s) Camp Street office.
A section of the participants of the workshop on the implementation of the WTO Trade Facilitation Agreement.
The event underscored the government’s resolve to the agreement and the commitment to implement it. This agreement was concluded at the 9th WTO Ministerial Conference, held in Bali, Indonesia in December 2014.
Also, on the agenda of the meeting and workshop, was the coordination of the domestic arrangements and Guyana’s input into CARICOM’s implementation of the agreement.
Finance Minister Dr. Ashni Singh, in his address at the opening ceremony, noted his pleasure at being able to be a part of such an important event, which will determine a lot for Guyana’s economic future.
This workshop, the minister pointed out, will form the precursor for the convening of the National Committee on Trade Facilitation. “The thrust of the matter is that the subject addressed by this workshop is extremely important, way beyond its obvious superficial relevance.”
He added that the immediate and obvious would relate to Guyana’s obligations as a member of the international community and the WTO, having participated in the negotiations, leading to the conclusion of the agreement.
“The Cabinet of Guyana has considered that agreement, and we are on the verge of signalling our ratification and we intend to do so, once this workshop and sensitisation programme has been completed.”
Hence, the minister underscored the importance of the convening of the committee and the ratification of this agreement, as it forms a very important part of Guyana’s obligations as a member of the global family of nations, “…And indeed, as a part of the global trading system, from that perspective, the subject matter of this workshop is of course extremely important, but I believe that there is an even more basic and even more fundamental relevance and importance of this workshop.”
That fundamental importance, the minister explained, relates to Guyana’s economy and economic performance, which form the inevitable future direction of the economy.
“The fact of the matter is that Guyana is very peculiar in a number of perspectives, but the fact of the matter is that Guyana is a relatively large country, with abundant national resources, a relatively small population and a relatively small economy.”
Dr. Singh added that notwithstanding Guyana’s strong growth performance over the last nine years, the significance of that achievement is nothing compared with what Guyana’s aspirations are.
The fact of the matter is that achieving the kind of growth and development that we would like to achieve and that we aspire to achieve as a country, cannot be contingent only on the domestic market.”
Acknowledging the fact that the domestic market and population are still relatively small, Dr. Singh said mobilising the fullness and vastness of Guyana’s natural resources and other potential, to achieve accelerated economic growth and economic development at the a desired rate and level, will require Guyana to look way beyond the domestic market.
“The truth is that it is in trade and from trade Guyana will achieve the kind of growth that we aspire to achieve, our government has a strong conviction that Guyana has a number of unique advantages.” Pointing to one of the many advantages, Dr. Singh pointed to the fact that Guyana is positioned rightly on the cusp of realising the benefits of trade, given its geographic contiguity with South America.
“Businesses operating in Guyana have a natural extension to the domestic market, a company manufacturing an item of goods or service in Guyana; I believe has no real reason why they should not look to Suriname and Brazil as natural extension to their market.”
Meanwhile, Commissioner General of the GRA, Khurshid Sattaur, while endorsing the initiative, noted that it provides another opportunity to involve the private sector and other stakeholders in the affairs of the GRA.
The fact of the matter is, that achieving the kind of growth and development that we would like to achieve and that we aspire to achieve as a country cannot be contingent only on the domestic market.”
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