Latest update January 6th, 2025 4:00 AM
Leverage oil status in CARICOM to remove trade barriers on Guyanese exports — GCCI
Kaieteur News – The leadership of the Georgetown Chambers of Commerce and Industry (GCCI) insists that Guyana as a country is now in a position—given its oil producer status—to leverage its hydrocarbon boom in order to remove non-tariff trade barriers on its exports to the Caribbean Community.
Recently elected GCCI President, Timothy Tucker
According to the recently elected GCCI President, Timothy Tucker, the government of Guyana can use the country’s newfound wealth to put pressure on its regional counterparts on the matter. He was discussing at the time, ‘Local Content, Business and Guyana’s Development’, during a webinar hosted this past week by GlobeSpan24X7 and moderated by economics lecturer at the University of Guyana, Richard Rambarran. They were also joined by head of the National Industrial and Commercial Investments Limited (NICIL) Paul Cheong.
According to Tucker, Guyana’s development is tied to its exports being able to move freely in order for the country to earn much needed foreign exchange. He pointed to the fact that many Caribbean countries are at present facing economic and foreign currency crises and that Guyana is quickly emerging as the business epicentre of the Caribbean.
The GCCI President stated while there technically exists a free market system under the CARICOM Single Market and Economy (CSME), this is not applied across the board for members.
Tucker claimed that CARICOM nationals are allowed to operate in Guyana’s market feely while the same does not obtain for Guyanese nationals overseas or their exports. As such, Tucker was adamant, “we have to use our newfound wealth and the investment opportunities to create open markets for Guyanese business exporting to Suriname, Brazil” and other neighbours in the CARICOM bloc.
He used the occasion to reiterate that Guyana must either use its newfound economic position within CARICOM to negotiate ways to get around the non-tariff trade barriers or get out of the grouping altogether. Tucker pointed to the fact that a number of businesses will soon be destined for Guyana and the benefits of staying in the regime are currently outweighed by the negatives.
The GCCI President said that with the country’s newfound wealth and inherent status as an investment destination for regional businesses, “we must leverage that ability.” Guyana as a country, he posits, cannot be developed fully with fewer than a million persons and as such, it will take a Caribbean effort in terms of what capacity is needed and as such, “we have to leverage this kind of development to clear the way for our manufacturers and people who are exporting because we have to get foreign currency coming to this country.”
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