Guyana seeking to close trade facilitation gaps

May 27, 2018 News

Guyana along with other Caribbean Community (CARICOM) countries on Thursday concluded a review of the implementation of the World Trade Organisation (WTO)’s Trade Facilitation Agreement (TFA).
Minister of Foreign Affairs, Carl Greenidge indicated that Guyana has established a national committee that is jointly coordinated by the Ministry and the Guyana Revenue Authority.
He said that in response to the WTO agreement, the Government of Guyana is committed to a consultative process and also focused on public/private dialogue such as the National Trade Facilitation Committee.
He said Government is working to enhance the understanding and involvement of the Guyanese public in the development of the country’s trade policy and to encourage the broad benefits and impact of trade and trade liberalization.

Attendees at the CARICOM’s dialogue on the World Trade Organisation’s Trade Facilitation Agreement.

The WTO agreement, according to Greenidge, will help to cut red tape associated with the processing of import and exports which will contribute to the country’s ability to increase and expand exports and imports.
It is envisaged that the WTO agreement will reduce cost on average by 14.3% and boost global trade by $1 trillion per year.
“Developing countries like ours are expected to see the biggest gains for both consumer and supply, since we are faced with some of the largest procedural obstacles at ports of entry and hinterland ports,” Greenidge stated.
The two-day review which concluded on Thursday was held at the Marriot Hotel in Georgetown. Guyana ratified the WTO agreement on November 30, 2015.
The Islamic Development Bank and the Caribbean Development Bank facilitated the regional dialogue.
CDB’s Projects Department Director, Daniel Best outlined that international performance has contributed to the growing discount with the inequitable distribution of cost and benefits of globalization and international trade.
“This trend has strengthened the appeal of protectionism and inward looking policies in several developed countries. On the current trajectory it is imperative that our region continues to craft bold and innovative strategies to ensure that progress towards the 2013 Sustainable Development Goals (SDGs) remain on track,” Best stated.
He explained that regional competitiveness continues to be stymied by the relatively flat performance of inter-regional trade which is due to a largely unimplemented trade facilitation agenda which goes beyond the typical border issues.
Best noted that access to testing and accreditation services, and the ability of traders to meet mandatory standards, are variables that impact the region’s doing business ranking and ability to attract much needed investment.
Joseph Cox, Assistant Secretary General for Trade and Economic Integration at the CARICOM Secretariat, indicated that there is a regional approved strategy for regional implementation of the WTO agreement which will guide the implementation of 18 technical measures of the agreement.
Cox explained that the agreement will be the main tool of mobilizing technical and financial support for the implementation of the WTO agreement by CARICOM countries.