THE Private Sector Commission (PSC) and Georgetown Chamber of Commerce and Industry (GCCI) have welcomed the Memorandum of Understanding (MoU) that was inked between Guyana and Trinidad and Tobago on Sunday.

President, Dr Irfaan Ali and Prime Minister of Trinidad and Tobago Dr Keith Rowley signed a Memorandum of Understanding (MoU) on Sunday to resolve trade restrictions between the two countries and to work together in various areas.

In a press release, the GCCI said that it welcomes the commitment by the Government of Trinidad to work with Guyana to remove trade barriers between the two countries.

The chamber said it notes that it is intended for a commission, as well as a timeline, to be established for the removal of these barriers and views this as a step in the right direction.

“The Chamber would like to encourage its private sector colleagues in Trinidad & Tobago to support its government in the work to remove trade barriers. Such support would engender a relationship based on mutual respect and usher in a spirit of cooperation between the territories for advancement of the regional agenda and private sector development. The Georgetown Chamber of Commerce and Industry would like to reiterate its role as a partner in the development of Guyana and its continued commitment to supporting private sector growth. The chamber also reaffirms its willingness to serve Guyana and the wider Caribbean, remaining disposed to offer support in the work to remove trade barriers in the region,” said the GCCI.

Meanwhile, the Private Sector Commission (PSC) in a separate statement said it recognises the commitment made by the leaders of both countries to collaborate in areas of trade and investment, agriculture and food security, security, energy, and infrastructure.

Through its Council which represents the interest of 23 Business Services Organisations (BSOs), the PSC said it will be taking steps to engage the private sector in Trinidad and Tobago as well as the governments of both countries to establish a roadmap to move these commitments forward.

“We therefore call on the Trinidad and Tobago private sector to work towards enhanced trade and economic relations and fully collaborate with Guyana’s private sector and the government in a manner that will allow for a higher level of efficiency in areas of interest to both sides,” the PSC said.

The commission also anticipates the establishment of the high-level bilateral commission and looks forward to actively participating in the process towards execution of the “historic MoU.”

The PSC also commended the Government of Guyana on its initiative to engage CARICOM member states, through the just concluded Agri-Investment Forum, not just on matters regarding trade barriers, but also on those affecting women and youth, regional transportation and food security.