MINISTER of Foreign Affairs, Carl Greenidge, along with a high-powered delegation on September 15-17 attended the 3rd trade policy review, to which all members of the World Trade Organisation (WTO) are subjected.

The review saw discussions primarily focussed on the treatment of public corporations as it pertains to procurement and subsidies, along with the environmental tax.
Based on the reports and updates given by Guyana’s Foreign Affairs Minister, the body seems satisfied, and has asked Guyana to honour its obligations which are mainly the reporting on issues and ensuring that the commitments they’ve made are honoured.
Guyana reported that since the new administration took office the legislation regarding the imposition of the environmental tax was repealed.
The WTO also heard that public corporations such as the Guyana Sugar Corporation (GuySuco)) while it receives subventions from the government, the subventions are made within the context of international trade law, therefore it is not a grant given to the company so that it can produce sugar at a high cost to sell for a much lower cost. In this regard companies will now have to declare the amounts that were transferred to them by the National Assembly.
The review body was also informed that Guyana has enacted new pieces of legislation that have incorporated suggestions and comments from the Caribbean Financial Action Task Force. The Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act of 2015, took into account the recommendations of CFATF.
“We told them we are aware of Guyana’s sliding position in relation to competitiveness, the World Bank’s global index of competitiveness which ranks Guyana extremely poor. We explained to them that we are doing our best to try and ensure that the points raised in those discussions could be dealt with,” Minister Greenidge explained.
He added that Guyana will notify the WTO of measures that have been taken which have implications for trade, and those measures that perhaps conflict with its obligations temporarily and what Guyana proposes to do about them. Towards this end, an undertaken was given to report by the end of September 2015. Specifically, these are measures that deal with government’s procurement, competition policy and the management of State-owned enterprises, along with its agricultural diversification strategies for non-traditional sectors.
Trade Policy Reviews are an exercise, mandated in the WTO agreement in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size. (GINA)