Guyana

Location : Northern South America, bordering the North Atlantic Ocean, between Suriname and Venezuela

Capital : Georgetown

Languages : English, Amerindian dialects, Creole, Hindi, Urdu

Area : 214,970 sq km

Land Use : arable land: 2.44%; permanent crops: 0.15%; other: 97.41% (2001)

Natural Resources : bauxite, gold, diamonds, hardwood timber, shrimp, fish

Population : 765,283 (July 2005 est.).

Labour force : 418,000 (2001 est.) 

Labour force participation rate : 54.62% of population (2001 est.)

International Organisation participation : ACP, C, Caricom, CDB, CSN, FAO, G-77, IADB, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, ISO (subscriber), ITU, LAES, MIGA, NAM, OAS, OIC, OPANAL, OPCW, PCA, RG, UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO

GDP per capita : U$3,800 (2004 est.)

GDP Real Growth Rate : 1.9% (2004 est.)

GDP sectoral composition : agriculture: 38.3%; industry: 19.9%; services: 41.8% (2004 est.)

Investment (gross fixed): 34.5% of GDP (2004 est.)

Industries: bauxite, sugar, rice milling, timber, textiles, gold mining

Industrial production growth rate : 7.1% (1997 est.) 

Agriculture - products : sugarcane, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish, shrimp

Exports : U$570.2 million f.o.b. (2004 est.)

Exports - commodities : sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber

Exports - partners : Canada 23.2%, US 19.2%, UK 10.9%, Portugal 9%, Belgium 6.4%, Jamaica 5.2% (2004)

Imports : U $650.1 million f.o.b. (2004 est.)

Imports - commodities : manufactures, machinery, petroleum, food

Imports - partners : Trinidad and Tobago 24.8%, US 24.5%, Cuba 6.8%, UK 5.4% (2004)

QUALITATIVE TRADE PROFILE  

Guyana 's trade policy is designed and implemented within the framework of its participation in the Caribbean Community and Common Market (CARICOM). Its relations with other CARICOM members are of prime importance to Guyana and much of what is done domestically is linked to the integration effort in CARICOM. In this regard Belize applies the CARICOM Common External Tariff (CET). The tariff generally applies a top rate of 20% for industrial goods and 45% for agricultural products. The structure of the tariff is based on the concept of the economic use of the goods, differentiated between inputs and final goods. Inputs are identified as primary, intermediate or capital goods, while for final goods, distinction is made between basic and non-basic categories of goods. Certain foodstuffs and other supplies are classified as basic, while all other final goods are non-basic.

In the Uruguay Round negotiations, Guyana has bound its whole tariff in the WTO at a general ceiling binding of 50% for non-agricultural products (with some exceptions) and at 100% for all agricultural products. The simple average MFN tariff in 2003 was 12.1%. The average MFN tariff for agricultural products was 21.6%; the average tariff for non-agricultural products was 10.3%. Duty-free treatment is accorded on 5.4% of tariff lines for MFN imports; 60.2% of lines are subject to rates of 5% or 10%; 24.8% to rates of 15% or 20%; 7.4% to rates between 25% and 40%; and 2.3% of the lines to rates between 45% and 100%, with 0.6% at 100%.

INSTITUTIONAL FRAMEWORK 

The Ministry of Foreign Trade and International Cooperation (MOFTIC) has portfolio responsibility for trade policy matters. MOFTIC is responsible for developing trade policy and coordinating with other agencies that participate in trade policy formulation and implementation. As a member of CARICOM, Guyana is committed to a regionally coordinated external trade policy for the group. The MOFTIC therefore coordinates closely with the relevant regional agencies on trade policy matters, including the Caribbean Regional Negotiating Machinery (RNM).

A number of other ministries are also involved in trade policy. The Ministry of Tourism, Industry, and Commerce retains an important role in the field of trade policy. This ministry contributes analysis on the domestic impact of trade issues, liaises with the private sector, and leads technical working groups on competition policy, trade remedies, and e‑commerce. It also administers import-licensing arrangements, is developing export-processing zones, and is the parent ministry for the newly established Tourism Authority. The Ministry of Agriculture has main responsibility for issues affecting the country's traditional agriculture sector, and works jointly with the New Guyana Marketing Corporation (NGMC) on matters affecting non-traditional sectors. The Ministry of Legal Affairs is the chief executing agency for intellectual property rights. The Guyana National Bureau of Standards is responsible for enforcing technical standards for both imported and domestic merchandise.

MOFTIC's interagency coordination responsibilities are facilitated by the National Advisory Committee on External Negotiations (NACEN). NACEN is intended to facilitate effective coordination and preparation for the region's economic negotiations and to provide national feedback to the regional body. Chaired by the Minister of MOFTIC, the members of the committee represent the public and private sectors, labour, and academia. Its technical coordinator is a high-level MOFTIC official.

In 2002, the NACEN created a National Trade Negotiations Committee (N-TNC), which is supported by a series of technical working groups. These bodies provide the institutional machinery to ensure that all relevant ministries, NGOs, and private-sector groups have a voice in the development and pursuit of trade policy objectives. The N-TNC functions as the technical arm of the NACEN. The National Coalition of Service Providers is the most recent addition to the array of consultative bodies.

TRADE AGREEMENTS

Bilateral

Guyana has signed bilateral agreements with Venezuela, China, and Brazil. Discussions are also under way for a bilateral Guyana-Argentina agreement, as well as agreements with Jordan and Thailand. It is a beneficiary of the General System of Preferences schemes of Australia, Bulgaria, Canada, the Czech Republic, the European Union, Hungary, Japan, New Zealand, Norway, Poland, Russia, the Slovak  Republic, Switzerland, and the United States. Through the Caribbean Community (CARICOM) Barbados has bilateral trade agreements with Colombia, Costa Rica, Cuba, Dominican Republic, and Venezuela. It is a beneficiary of the Caribbean Basin Initiative (CBI) and the Canadian Programs for Commonwealth Caribbean Trade, Investment and Industrial Cooperation (CARIBCAN). Through CARICOM, Guyana is currently negotiating a free trade agreement to replace CARIBCAN as well as a free trade agreement with MERCUSOR.

Regional

Guyana is a member of CARICOM . It is currently negotiating an Economic Partnership Agreement with the EU through the CARIFORUM configuration. It is also involved in negotiations to form the hemispheric Free Trade Area of the Americas.

Multilateral

Guyana is an original Member of the WTO and grants at least MFN treatment to all its trading partners. It has GATS commitment in 19 sectors.

NEED PRIORITIES

Priority areas for Guyana are; training MOFTIC personnel/negotiators; expansion of staff/technical experts at MOFTIC; conducting revenue-impact studies on the effects of trade liberalization; computerizing the valuation division of the Customs and Trade Administration, and assistance in operationalizing the appeals machinery of the Customs Tribunal; establishing an on-line sanitary and phytosanitary enquiry point; development of statutes and regulations in several areas, including intellectual property rights and technical barriers to trade.

Source: Commonwealth Yearbook 2005, World Fact Book, WTO Secretariat.