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We must focus on where the best opportunities exist
Dear Editor,
As Canada strengthens its partnership with the European Union, we too as a nation must also pursue a similar strategy to diversify and strengthen our trade partnerships. There is a strong presence of Guyanese in Canada, and our understanding of the culture is very strong. Europe has continued to be a dependable partner for our nation over the decades and their strength in environmental protection aligns well with our country’s ambitions.
Our exports to Canada continue to be dominated by the gold sector and we must establish strong trade agreements that enable other sectors of the economy to benefit. Similarly, trade between the EU and Guyana is strong, but this is due to our oil exports, and we must use this opportunity to increase exports from other sectors to continue to build the non-oil segment of the economy.
Our strong historical ties, proximity and the economic strength of these trading partners should make expanding trade opportunities with them a high priority for our government. There are also additional benefits from further integrating our development path with businesses from these two economic powerhouses. They have many capabilities that we should access, and we have resources that they do not. Achieving expansion in our trade with Canada and the European Union should be considered a task that can be accomplished within the current election cycle.
Trade with Canada excluding the mining sector sits in the mid-single digits and is driven primarily by our alcohol exports. Given their current trade war with the U.S. we have a great opportunity to further expand our alcohol exports to Canada. It will also provide a path to profitability for our sugar industry. (References: OEC and Trading Economics). Trade between Guyana and Europe shows a decline in our exports and an increase in our imports in Agricultural Products (food including fish and raw materials) 2022 to 2025. (Reference: European Commission).
This is very concerning and given the inflationary pressures on food in the EU we should be able to present our country as an inexpensive alternative source for high-quality food for their integrated $23 Trillion economy (nominal GDP) of which agricultural products represent over $200 Billion in imports. (Reference: Eurostat). It should be noted that the import market for agricultural products ($230 Billion to $235 Billion) for the EU is larger than the size of Qatar’s economy which is currently experiencing contraction. (Reference: IMF).
Our neighbour Brazil already has the highest share of this opportunity at approximately 8.5%. (Reference: European Commission). If Brazil can achieve this level of trade with the EU, Guyana should also be able to successfully grow our trade in agricultural products with them as well. CRG recommends focusing our efforts on developing our non-oil and non-mining sectors where the largest, most accessible, and most profitable opportunities exist.
Best regards,
Mr. Jamil Changlee
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