Several new companies from Trinidad and Tobago (T&T) are eyeing the Guyana market according to President of Trinidad and Tobago Manufacturing Association (TTMA) Tricia Coosal.
Guyana and T&T share long-standing relations, allowing numerous companies to establish a presence here over the years. But now, more companies are interested in the Guyana market.
“Now we are seeing a new emergence of new companies who want to enter the (Guyana) market, so we think that trade should be increased,” Coosal said during a recent interview with the News Room.
The TTMA President was keen on noting that trade interest in Guyana is nothing new. In fact, she said that frequent trade missions from the Manufacturing Association evidence just how interested Trinidadian private sector players have been.
The most recent trade mission was on March 22, and a new Memorandum of Understanding (MoU) for enhanced cooperation was inked with the Guyana Manufacturing and Services Association (GMSA).
Because of this evident interest, Coosal believes that efforts to remove intra-regional trade barriers are crucial. Once removed, it will be easier for more companies to intensify trade between the two countries.
As such, she highlighted that the TTMA has been lobbying the Trinidadian authorities on removing those barriers. The body is also working alongside its Guyanese counterpart to identify a list of much-needed goods whose trade is hindered by certain barriers.
But Coosal also believes that the removal of trade barriers should be a key focus of the wider Caribbean Community (CARICOM). The challenges are region-wide, she lamented.
“I think the Caribbean as a whole, if we deal with the barriers … we can overcome some of the issues including phytosanitary regulations.
“I think it will help us greatly in securing food security for the region,” Coosal posited.
Based on recent statements at an Agri-investment in Guyana and at the recently concluded Regular Meeting of the Conference of Heads of Government of CARICOM in Suriname, regional leaders appear keen on removing those barriers.
Specific focus has been directed towards non-tariff barriers such as quotas, embargoes, sanctions and levies. And this renewed focus comes amid an aggressive intra-regional agenda being pushed by Guyana.