–to balance import, export values to support sustainable development amidst increasing external debt, Minister Indar tells WTO stakeholders

MINISTER within the Ministry of Public Works, Deodat Indar, on Monday told World Trade Organisation (WTO) stakeholders that small CARICOM states facing the challenge of ever-increasing external debt need to find the appropriate place in global value chains that allows for the balance of import and export values to support sustainable development.

He made those remarks on behalf of CARICOM, during the 13th Ministerial Conference (MC13) of the WTO Ministerial Conversations on Trade and Sustainable Development and Trade and Inclusiveness.

Those sessions, according to the Ministry of Public Works, were geared to allow ministers to share their views on critical topical issues.

The impact of adverse climate issues on small, vulnerable economies is more likely to be catastrophic in economic, environmental and social terms, Minister Indar said, noting the importance too of a significant degree of flexibility in the international trade rules.

Minister Indar observed that much more work needs to be done within the WTO, “To find the right balance of measures that support sustainable development for all our members in an equitable and inclusive way. We must continue our examination of all these issues, even if we restructure the way in which we address them.”

Regarding trade and inclusiveness, Minister Indar emphasised that the discussions must represent the start of a transformative process that informs all efforts at reforming the WTO to fulfil all of its functions. The aim of which is to ensure that no WTO member is left behind, and by a renewal of the collective commitment to an open, fair, inclusive and equitable multilateral trading system.

Minister Indar reiterated that at the macro level, the mantra of full integration of developing members, including least-developed members, into the multilateral trading system must go beyond the recitals in ministerial declarations and statements.

“At the micro-level, we must address the factors that marginalise small traders, including micro, small and medium-sized enterprises (MSMEs) in developing countries. Medium, Small and micro-enterprises (MSMEs) account for approximately 90 per cent of CARICOM enterprises; a significant portion of which operate in the informal sector. MSMEs account for more than 60 per cent of GDP in some [of] our countries and create about 45 per cent of jobs,” he said.

The sector is a key source of employment for women, youth and the rural poor, and it plays a leading role in the production and marketing of agricultural produce, construction, equipment repairs and maintenance, technical services, food and the retail trade, and dominates in some manufacturing sub-sectors such as wood products, garments and sewn goods and handicraft items.

MC13 is being held in Abu Dhabi, the United Arab Emirates from February 26 to 29, 2024, and it is the highest decision-making body of the WTO.

Minister Indar is accompanied to MC13 by Bevon McDonald, Chargé d’Affaires of Guyana’s Permanent Mission to the WTO; Paul Kalekyezi, Director of Foreign Trade (ag.) and Colin Luckie, First Secretary, Guyana’s Permanent Mission to the WTO.