Reduced cost and time as Guyana revamps trade processes

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Guyana is expected to experience a revolution in the way the country trades and conducts business with the launch of the Trade Facilitation Roadmap 2019 – 2024.

The roadmap, having been completed and now at the stage of implementation, will position the country to also garner much success and improvement in doing business through the benefits to be derived from the project.

The roadmap, although it boasts of several benefits for both the Government and private sector, will now be the common vision for all stakeholders involved in everyday trade and investment activities.

Among the benefits of the roadmap are; reduced costs and red tapes affecting trade, smooth movement of goods clearance and release, effective cooperation between customs and other authorities, reduction in the processing time for the entry and exit of goods along with a reduction in the time and resources expended by the private sector.

According to Bevon McDonald, Senior Foreign Service Officer, the roadmap will serve as a reference document for shareholders and the donor community.

McDonald also explained that included in the roadmap are several incentives for investors seeking to come to Guyana.

She is optimistic about the prospects to follow the implementation of the roadmap which includes the operation of the single electronic window and payment capabilities.

The roadmap was developed by the National Committee on Trade Facilitation in collaborations with the United Nations Conference on Trade Development (UNCTAD).

UNCTAD’s World Implementation Advisor, Terrence Leonard was present at the launch event on Friday at the Princess Ramada Hotel, Providence East Bank Demerara.

He was particularly happy about the good revenue improvement that Guyana will experience in the coming years.

Leonard said there is still room for improvement but praised the roadmap as a critical element for economic improvement, investment and changing lives of the people of Guyana.

He is particularly interested in how those involved in trade will respond to the changes that will take place because of the implementation of the roadmap.

“Many things will have to change and one of the things encountered is resistance to change… people are accustomed to doing things one way and we are faced with resistance to change,” he said.

He told the gathering that it is also important that the Government understands that it is a facilitator but it is the private sector that trades.

“It is important that the Government engage the private sector in legislative reform at every stage to hear the views and understand the concerns with regards to supply chain and take on board when doing legislative reform,” he added.

Foreign Secretary Carl Greenidge was present at the event and said the Government is fully committed to realizing the full implementation of the roadmap.

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