President affirms Guyana’s commitment to BRICS/UNASUR engagement ahead of Summit 2014
President Donald Ramotar
President Donald Ramotar

IN an unprecedented move to establish global economic ties, Guyana and other UNASUR (Union of South America) member states will be attending a high-level meeting with the BRICS (Brazil, Russia, India, China and South Africa) trading bloc in Fortaleza, Brazil during July 15 and 16.

President Donald Ramotar made this disclosure, and noted that Guyana’s invited attendance at the meeting of the world economic superpowers will only strengthen its economic development even as it pledges to “broaden our relations” in that arena.
President Ramotar lauded the global recognition of the BRICS nations in thrusting forward the international economy. The BRICS represent almost 3 billion people in the world’s developing or newly industrialised countries, and has a combined nominal Gross Domestic Product of some US$16 Trillion and an estimated US$4 Trillion in combined foreign reserves.

UNASUR, created in 2008, is a multilateral organisation with membership coming from 12 of the 13 nations in South America.

The President stated that the Fortaleza Summit is the first such meeting between BRICS and UNASUR, and Guyana’s involvement is accordingly crucial. The agenda for the summit is “social inclusion and sustainable development.”
The President noted that the prospect of a BRICS Development Bank being created is a laudable one. He reaffirmed Guyana’s willingness to participate in, and support of, the upcoming Fortaleza Summit.

The conversation of the Summit will be carried under the theme, “Inclusive growth: sustainable solutions.” The launching of the much-anticipated initiatives, including a US$100B Contingency Reserve Arrangement (CRA) as well as the finalisation of the US$100B New Development Bank (NDB), might find their way on the tall order agenda.

In last year’s BRICS Summit, held in Durban, South Africa, the leaders had approved the reserve fund to combat currency crises. All the BRICS leaders except that of Brazil have signalled their willingness to establish the Headquarters of the Development Bank in their country.

It was noted in the press that the President Pro Tempore of UNASUR, His Excellency President, Desi Bouterse of Suriname, similarly expressing his support for the BRICS Development Bank by stating that the forging of stronger ties with BRICS countries is a step forward for the Region in expanding South-South Cooperation.

The Surinamese Government had hurled accusations against other Western governments for meddling in Suriname’s internal affairs. Guyana had similarly taken such a position.

Jump-starting his Latin America tour, Russian President Vladimir Putin, who is scheduled to make stops in Cuba and Argentina before heading to Brazil, has written off $32B of Cuba’s Soviet Union debt in a move approved by the Kremlin – Russia’s legislative body, according to Russia Today.

Guyana has benefited immensely from closer bilateral relations with the BRICS nations, especially China and India, and the summit will ensure that a stronger network of trade is established amidst qualms of neo-colonialism emerging from the Western governments.

President Ramotar, at a recent ceremony held to receive newly appointed High Commissioner of India to Guyana, Mr. Venkatachalam Mahalingam, underscored that the relationship between India and Guyana has grown since formal ties were established in 1966, “based on the promotion of economic interests and the strengthening of cultural ties.”

Guyana and China, in 2012, celebrated 40 years of closer ties since the first intention to do so in 1972. While President Xi Jinping of China will make his first visit to the Latin American Region; Indian Prime Minister Narendra Modi, in his first multilateral engagement since his ascent to power, is also expected to make a grand inaugural appearance with a much anticipated influential role in the summit.

President Donald Ramotar has not yet decided on his accompanying delegation, but has signalled that Finance Minister, Dr. Ashni Singh would definitely be part of the delegation.

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.